Feedback completes a reputable system.
Despite what Socialists say, free markets work due to price action. Science functions in the same manner. Data determines the results of a hypothesis. Dysfunctional systems like crony capitalism, our corrupt political arena, and partisan echo chambers lack feedback, resulting in chaos and distrust.
Our system of higher education falls under the same category. Colleges profit regardless of the prosperity of their clients, the students. A broken scheme leads to young people taking on all the risk while schools collect their tolls, irrespective of outcomes.
72.7% of college graduates are working in a field unrelated to their field of study.
Some are attempting to right the ship. Hedge Fund manager, Jeff Yass, donated a $100 million gift to the University of Austin. The school offers free tuition because it believes that successful outcomes lead to increased alumni donations. In other words, they are putting their money where their mouth is.
Yass lists three reasons he believes schools lost their purpose of instilling knowledge, skills, judgment, and character into their students.
First, students must pay almost all their tuition before knowing whether their education pays off. The school is paid regardless of student outcomes, while the students shoulder the risk.
Second, much of the tuition is paid up front by third parties through loans and grants from the government or foundations, whose stake in students’ success is indirect and diffuse. The graduate carries the debt whether or not the education delivers results.
Third, massive endowments insulate many of these institutions from healthy financial pressure to deliver results.
Schools focus on clout, not high standards. Characteristics of this perverse incentive include spotlighting national rankings, low admission rates, and prioritizing exclusivity over student outcomes.
Schools strive to keep their high-paying customers happy rather than challenge them. Soaring grade inflation is a direct result of this philosophy.
Did young people get that much smarter over the decades? If true, why is it that almost 10% of new students enrolled in the prestigious University of California, San Diego, are enrolled in remedial math?
North Carolina’s High Point University takes student comfort on a journey into the stratosphere.
According to the WSJ:
Dozens of manicured gardens adorn the lush grounds. Students are always within earshot of a fountain. Classical music plays throughout the campus, and there are six outdoor heated swimming pools, each accompanied by a hot tub.
“Most high-paying jobs and everything are in nice environments,” says freshman Alexander Kirchner. “Just being used to it, walking around it, helps the psyche a little bit.”
The school emphasizes Life Skills, so the idea is to acclimate students to the habitat of the rich and famous.
Also on campus is an airplane cabin interior, because sitting next to an executive could offer a golden opportunity-one that young people could rehearse for.
A dean noted that many parents are so impressed by all the pageantry that it makes them long to return to college.
You can judge whether living in the school’s 500-square-foot tiny home for 40k a year is worth it. The good news is that there are many affordable alternatives with evidence-based strategies for students’ post-graduate happiness.
Start by finding schools that offer attributes aligned with the Gallup-Purdue Index, which encompasses over 30,000 graduates across the decades, to determine the factors strongly associated with long-term student accomplishment, well-being, and workplace engagement.
All of these factors flourish at many state schools, which charge one-quarter the tuition of their elite counterparts.
- A Professor Who Cares. A caring professor is the strongest predictor of student achievement.
- A Mentor Who Encourages Their Dreams. Mentors dramatically boost job satisfaction and confidence.
- A Deep Long-Term Project. Students learn how to think, not just test.
- High Activity Involvement. Leadership, belonging, social well-being, and lifelong friends often result.
- A Supportive College Environment. Encouragement from staff and faculty availability makes students feel connected, not isolated.
None of these factors costs $100k a year. Schools need not offer steak houses and planetariums to guarantee future job security. AI is the ultimate job competitor for post-college employment. It’s wise to heed the words of Sam Altman, OpenAI’s CEO, when asked about his son’s future educational journey.
He offered: The meta skill of learning how to learn, of learning how to adapt, and learning to be resilient in the face of a lot of change…learning what people want. The problem right now is that colleges aren’t necessarily teaching those life skills.
The data is precise; it’s not about the name on the sweatshirt – it’s about the people in the building. The good news is that college isn’t for everyone. For those choosing this path, finding the right school doesn’t have to cost a king’s ransom or sabotage your financial future with exorbitant debt.
Prestige sells. Support succeeds. It’s your call.
One last thing: If you know someone about to sign on for significant debt because they falsely believe a 400k undergraduate education is the only way to secure a seat at the table for their child, PLEASE forward this post to them
They will thank you later.
