Interesting article...
How Much Is That College Degree Really Worth?
A new report estimates—to the dollar—how much a degree boosts your income and other benefits
Posted October 30, 2008
As the price of a college degree continues to rise, there's growing evidence that the monetary payoff isn't quite as big as often advertised. The best estimate now is that a college degree is worth about $300,000 in today's dollars—nowhere near the $1 million figure that is often quoted.
Graduation at Georgetown University.
"That $1 million number has driven me crazy!" says Sandy Baum, a Skidmore economist who studied the value of a college degree for the College Board last year.
Baum's research showed that college graduates earn, on average, about $20,000 a year more than those who finished their educations at high school. Add that up over a 40-year working life and the total differential is about $800,000, she figures. But since much of that bonus is earned many years from now, subtracting out the impact of inflation means that $800,000 in future dollars is worth only about $450,000 in today's dollars.
Then, if you subtract out the cost of a college degree—about $30,000 in tuition and books for students who get no aid and attend public in-state universities—and the money a student could have earned at a job instead of attending school, the real net value in today's dollars is somewhere in the $300,000 range, a number confirmed by other studies.
But, especially these days, that still makes a college degree one of the most lucrative investments a person can make, Baum notes.
Better yet, college graduates can go on to earn advanced degrees, which return even bigger payoffs. The average holder of a bachelor's degree earns about $51,000 a year, Baum calculates. But those who've gone on to earn MBAs, law degrees, or other professional degrees earn about $100,000 a year.
In addition, Baum found that there are plenty of other rewards for a degree. The quality of the jobs college graduates get is far better, for example. College graduates are more likely to get jobs with health insurance. And it is easier for them to find and hold jobs. The unemployment rate for college graduates was just 2.2 percent last year, half the unemployment level of those with only high school diplomas.
There are lots of other nonmonetary benefits as well. College graduates are healthier, contribute more to their communities, and raise kids who are better prepared academically, studies show.
Other researchers have found that the payoff of a degree is especially lucrative for students from low-income families, since the education and credential give them a chance to break out of low-paying careers.
Here is an article for which I gave an interview recently, done by Inside Higher Ed:
Nov. 4
Helping Out With the Short List
What with figuring out the economy and Iraq, drape-measuring and reaching across the aisle, Wednesday could be a full day for whoever is president-elect. In an effort to be of service to the new administration, Inside Higher Ed asked some experts of a variety of political persuasions who should make the short list for education secretary.
Our panelists were told they could offer names for either McCain, Obama or both; could offer the politically possible or impossible. Not surprisingly, we ended up with a not-so-short short list....
If the president-elect is either young or wants to demonstrate a connection to young people, he might consult with Walter M. Kimbrough, who was 37 when named president of Philander Smith College in 2004 and is among the youngest of college presidents. Kimbrough had three names to suggest: Johnnetta Cole, who had highly successful presidencies at Spelman and Bennett Colleges; Geoffrey Canada, president of the Harlem Children’s Zone, which promotes education and social services for children in Harlem, with unusual success that has been singled out for praise by Senator Obama; and John H. Jackson, who as president of the Schott Foundation for Public Education has focused attention on at-risk students.
What’s important to Kimbrough is that the next education secretary have “real experience in education,” not just political connections. “Most of the past education secretaries were politicians, and Spellings has no administrative experience in education, which made her attempt to lead reform in higher education somewhat laughable,” he said.
Others think politicians are inevitable for the short list. Sherman Dorn, who teaches education policy at the University of South Florida and blogs about education policy, suggests four former governors: Bob Graham of Florida or Jim Hunt of North Carolina for a Democratic administration and Lamar Alexander of Tennessee and Christine Todd Whitman of New Jersey for a Republican administration. For Alexander, currently a U.S. senator who has been influential on higher education policy, the role would be a reprise of his term working for the first President Bush. Donald Rumsfeld’s second tour of duty in the same cabinet job didn’t turn out so well, but Alexander has a lighter touch.
Also interested in an encore performance — although from a different administration — is Deborah Santiago, vice president for policy and research of Excelencia in Education. She’d like to see a return of President Clinton’s education secretary, Richard Riley. While the idea is “sentimental and biased,” because she worked for Riley at the Education Department, Santiago said that “he served as a thoughtful, respected and knowledgeable leader of the agency for eight years and has remained engaged in educational issues throughout the pipeline (not just K-12). His style of leadership has been sorely missed.”
For someone who hasn’t previously been in the cabinet, Santiago suggested Diana Natalicio, president of University of Texas at El Paso. Beyond her leadership of UTEP, she’s forged ties to community colleges and public schools, Santiago said. The next education secretary needs “this ability to unite the multiple stakeholders invested in education to create an aligned educational system,” Santiago added.
Cary Nelson, president of the American Association of University Professors, caucused with fellow members of the AAUP council and the group suggested two names, both with the idea of finding someone who understands both K-12 and higher education. The AAUP suggestions are Rep. Rush Holt of New Jersey and Anthony Marx, president of Amherst College. Of Holt, a physicist turned politician, Nelson said: “He supports early childhood education in key areas, while also understanding why university research must remain independent.” And of Marx, Nelson said: “He recognizes that inequality is a central problem with K-12, while also understanding the structural challenges confronting higher education.”
Anne Neal never hesitates to discuss problems in higher education. Neal, president of the American Council of Trustees and Alumni, suggested that KC Johnson, the Brooklyn College history professor whose blog and book documented the Duke lacrosse case, would be ideal because he “understands firsthand how the politically correct university is undermining America’s ability to understand and sustain itself as a nation” and as “a recognized scholar of American military and diplomatic history, KC inspires students at Brooklyn about topics and people that are ignored on many campuses and is an eloquent spokesman for how and why American higher education needs to reclaim its academic mission.” Johnson, a member of Historians for Obama, “should be secretary of education in any administration.”
Neal also suggested the current president of Tulane and former presidents of Harvard and Yale University. Tulane’s Scott Cowen, she said, “restructured Tulane to make it more student-focused and cost-effective” and “consolidated undergraduate colleges and promoted a common academic experience.” Neal also has hope that Cowen, from his years working in New Orleans, “understands the party culture that reigns on so many campuses.” Lawrence Summers of Harvard, Neal said, would fight “the lethal combination of overspecialization and political correctness” and “the reduction of general education to a collection of competing faculty interests rather than a shared foundation.” And Benno Schmidt, formerly of Yale, has also worked as a City University of New York board member, promoting “academic standards, academic responsibility and intellectual diversity.”
While Neal did not suggest herself for a short list, another person did.
Richard Vedder, like Neal a frequent critic of academe, directs the Center for College Affordability and Productivity and is distinguished professor of economics at Ohio University. For an Obama administration, he suggested Kati Haycock of the Education Trust as someone who “shares Obama’s concern about equity and equality, knows both K-12 and higher education, is realistic, and is bright enough to discern what is doable and what is not.” To assist Haycock, Vedder suggested Kevin Carey of Education Trust, who has written extensively about issues such as graduation rates and equity, for under secretary.
For a Republican administration, Vedder would like to see McCain “cause tremors in the establishment” by picking someone like Chester E. Finn Jr., president of the Thomas B. Fordham Institute and one-time assistant secretary of education under William J. Bennett. Vedder added that McCain “would turn the tremors into an earthquake” by picking Anne Neal as the department’s chief higher education official.
Margaret Soltan, a literary scholar at George Washington University known to readers of this Web site and others for her University Diaries blog, took a typically non-traditional approach to the question. If McCain pulls off an upset, she said, he will need one intellectual in his cabinet, and her nominee for the job is Hubert Védrine, a “titanically snobby anti-American” French thinker and politician. While a McCain administration might not seem likely to run to the French for policy help, Soltan noted that Védrine could “becounted on to deliver hyper-puissant jolts of disdain to American apologists for the mediocrity of our schools.”
In an Obama administration, Soltan would like the see the education secretary address the intellectual shortcomings of Texas, where she notes that one quarter of the population believes Obama is a Muslim. Texans would be angry about an Obama victory, Soltan said, so it may be time to “reconceptualize the position of secretary of education” to focus on Texas. Who better to lead this effort, Soltan said, than the actor/fictional character Larry Hagman/J.R. Ewing, who could talk tough and yet be reassuring at the same time.
Here are some of our other experts and their suggestions:
- Nancy L. Zimpher, president of University of Cincinnati, said she wants the education secretary to push for an “integrated educational pipeline of life-changing interventions from birth through career,” and to be someone who used “evidence-based decision-making.” Her choice is Charles Reed, chancellor of the California State University System, given his experience leading such a large system and his commitment to producing teachers and working closely with elementary and secondary schools.
- Gail O. Mellow, president of LaGuardia Community College, suggested Clifford Adelman, senior researcher at the Institute for Higher Education Policy, “for his ability to frame the complexity of the higher education system, his creativity and his ability to understand the global context"; Cecilia Cunningham, CEO of the National Middle College High School Consortium, for her work with at-risk students; Freeman Hrabowski, president of the University of Maryland-Baltimore County, “for his unrelenting ability to combine the highest academic standards with an unparalleled commitment to success for every student"; and Hilary C. Pennington of the Bill & Melinda Gates Foundation for “imagining how to build better educational systems that link to the workplace to produce successful lives.”
- Betty Young, president of Asheville-Buncombe Technical Community College, in North Carolina, also suggested people who mix political and education backgrounds. She recommended Erskine Bowles, the University of North Carolina president who was once chief of staff to President Clinton, or Gaston Caperton, the College Board president who was once governor of West Virginia.
- Michael Dannenberg, a senior fellow at the New America Foundation, also focused on governors. He suggested Roy Romer, who in addition to being the former governor of Colorado was also superintendent of the Los Angeles public school district. Dannenberg called him “smart, political, well-versed, intellectually curious.” An alternative is Gov. Tim Kaine of Virginia, who made Obama’s short list for vice president. “Kaine would bring executive experience and missionary zeal to the signature issue of his campaign for governor and what might prove the largest education deliverable in an Obama presidency: universal pre-kindergarten,” Dannenberg said.
- Marc Bousquet, a professor at Santa Clara University and author of How the University Works, offered a wide range of options. Among them: Jonathan Kozol, who “for decades described the way that class war from above maintains savagely unequal public schools” and Zeke M. Vanderhoek. The latter is “not a household name,” Bousquet said. He offered this rationale: “Obama, sadly, loves charter schools, and he’s started the one charter school concept I like — a Washington Heights school where the starting wage for teachers is $125,000. The principal’s wage? Just $90,000. You want to reduce costs in higher education? There’s all the budget planning you need.”
- Finally, Wick Sloane, one of our columnists, has nominated himself for the job in his open letter today to the transition teams.
One person we asked for views declined to provide names, but did offer some general qualities that may be important. Gerald Graff, a University of Illinois at Chicago professor who is president of the Modern Language Association, sent these thoughts: “Whoever is elected president, my choice for education secretary would be someone who would move us beyond the disabling conflict between Traditional and Progressive views of education. For me this would mean someone who combines a belief in national standards and accountability with a feeling for the curricular and pedagogical approaches that can best reach students. We also need someone who can get the schools and the colleges working together as one culture. Finally, we need a person who understands that improving math and science programs won’t make a difference unless we give equal priority to the critical literacy and language practices taught in the humanities.”
A tall order. Your ideas for the short list?
— Scott Jaschik

Tuesday, November 4th, 2:35 p.m.
7 pounds, 8 ounces
21 inches
Yesterday we hosted hip hop icon, Diddy's former personal assistant, the brother who danced in the Big Boi video with the umbrella, Mr. Swagger himself, Fonzworth Bentley. Actually, we hosted Bentley AND his dad, who serves as his manager. So we had a ball with the Watkins family in the city. Their first stop was Hot 96.5 where on air personality Toni Seville is a Philander Smith College alumnus. Fonzworth gave some good words of wisdom and talked about his projects.

Next, we took him to Hall High School, one of five high schools in the Little Rock School District. He spoke for about 30 minutes to a group of over 100 students, answered questions, and took pictures. Of course, I noticed the excitement when he walked through the halls and the students did a double-take (they didn't know he was coming to visit). Thanks to Principal Rhonda Hall for allowing us to come through.

They then checked in for a short rest, and then to our campus for autographs with the Bless the Mic Street Team. We like to make sure that there are opportunities for them to get autographs and pcitures early since they work the events. Facebook is now loaded with their pics from yesterday, and they each received a copy of Bentley's book. He then did an interview with the Arkansas Democrat-Gazette newspaper and writer Helaine Williams, and then had dinner with about 45 people, the vast majority of them men.
By 7 we were in the auditorium and starting the program. Over 500 people packed the hall ready for the speech, and he did not disappoint. He shared the wisdom of his parents (who know my people very well- we are all from Atlanta). He said, "Start where you are, use what you have, and do the very best that you can." He shared with the students so many of the strategies he has used, often showing them that they just can't start at the top- they need to work their way up. I know this was a reality check for most of them.

One of my favorite comments was that he wants to redefine cool, since we are living in what he calls "the golden age of disrespect." So he talked about being smart, having manners, faith in God, going to college, all as things that are cool. After about an hour and 15 minutes of his speech plus questions, he signed books, took pictures, and gave autographs for another hour. This was a great program and I was glad so many high school students were able to attend as well.
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My colleague Zenobia died recently. I just got a call tonight from another colleague in Baltimore, and a PhD student at Virgina Tech sent me the campus announcement. We met at a chief student affairs conference in 2002 at NC A&T and became good friends. She was seen prominently on the news in 2007 after the shootings there. She was cool people- a former Miss Spelman College as well.
Here is the information from the Virginia Tech website:
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BLACKSBURG, Va., October 27, 2008 -- Vice President for Student Affairs Zenobia Lawrence Hikes, whose strength and leadership helped unite the Virginia Tech community—most notably in the hours and days following the tragic events of April 16, 2007, has died from complications following cardiac surgery. She was 53 years old.
“Dr. Hikes was a deeply dedicated, charismatic, and inspirational leader who brought successful new ideas and leadership to the Division of Student Affairs,” said President Charles Steger. “Her passing is a terrible loss to our community. She will be deeply missed by the students whom she served daily and by colleagues who were inspired by her dynamic thinking and creative ideas.”
It was Hikes who organized the University Convocation held April 17, 2007, in Cassell Coliseum. The event, broadcast around the world, offered comfort and hope to a grief stricken university community as well those who watched the event.
Hikes was named vice president for student affairs at Virginia Tech on Sept. 1, 2005, having previously served as vice president for student affairs and dean of students at Spelman College in Atlanta, Ga.
In her three years at Virginia Tech, Hikes made numerous contributions to improve the quality of student life on campus. Among these were “Hokie Camp,” which began this summer and afforded 300 new students an opportunity to learn more about university traditions, respect for diversity, and the community-oriented spirit that thrives throughout the Virginia Tech.
In 2006, Hikes launched “SafeWatch”, a program that promotes individual and collective responsibility among students, faculty, staff, and guests, and encourages them to incorporate the Virginia Tech Principles of Community into their interpersonal and intergroup relationships. Patterned after the “neighborhood watch” program, SafeWatch promoted understanding of university policies and community expectations related to harassment, discrimination, or similar behaviors, and provide a way to report instances when policies and expectations are not followed.
“In addition to her many programmatic contributions, Zenobia cared deeply about the students she served,” said Edward Spencer, associate vice president for student affairs. “She often held open forums for students, for example, simply to know what they were thinking and to hear their concerns. Students connected with her because they could see the compassion she felt for them.”
As the chief executive officer for Virginia Tech’s Student Affairs division, Hikes oversaw 14 university departments, including student life, housing and dining programs, career services, student health, and recreational sports.
With more than 20 years of administrative and leadership experience in the areas of enrollment management and student support services, Hikes has written and presented papers on race-specific student recruitment and retention, first-generation college admissions, and leadership development.
In addition to her professional experiences, Hikes has been active in both the civic and higher education arenas. Her civic involvement has focused on building multi-racial coalitions and empowering disenfranchised women and children. She has served on the boards of the Georgia Breast Cancer Coalition and the Governor’s Tourism Advisory Board for the State of Delaware.
Prior to her position at Spelman, Hikes was at the University of Delaware, serving as the assistant to the vice president for student life from 1996 to 1999 and associate director of admissions from 1992 to 1996. She also was assistant director of admissions and recruitment at Louisiana State University, Shreveport, from 1986 to 1992.
In addition to her career in student affairs, Hikes has been a high school English teacher in Georgia and media specialist for the Navy/Marine Corps Family Service Center in Okinawa, Japan, where she led public relations programs and media campaigns.
During her career, Hikes’ professional affiliations have included the National Association of Student Personnel Administrators, Southern Association for College Student Affairs, The College Board, National Association of College Admissions Counselors, and the American Association of Collegiate Registrars and Admissions Officers.
Hikes received her Ed.D. from the University of Delaware, a master’s from Georgia Southwestern University, and a bachelor’s degree with honors from Spelman College
Last Thursday for our social justice chapel, we hosted Yasmin Gabriel. Yasmin came to national attention after Hurricane Katrina when she made a documentary about how the storm impacted college students. She was interviewed several times on CNN about the movie, "Picking Up the Pieces." I caught an interview one Sunday afternoon at the gym and tracked her down. She's now a law student at Howard.

Yasmin was great. Instead of trying to give a speech (she's 24 and wanted to connect with the students), she had them develop several ideas of issues they face and then work through how students at PSC could improve those conditions. The ideas ranged from the rate of HIV in Black women, to creating a hotline for students to call when they have problems. She challenged the students as well- calling out a couple of guys as appropriate! The students swarmed her after her presentation. I really wanted them to see her because there isn't a huge age difference, and she presented a very polished, young professional for the students to emulate.

Later, she met with a smaller group of students, again to share ideas and to provide them with a project to work on. So promised to make it back through to check on the students. I hope she continues to speak on campuses as she really did a great job.

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In 2004, the Chicago Public Schools, along with Siemens Corporation, sponsored the first HBCU scholarship fair for CPS students who generally have a 3.0 and 20 on the ACT. I was just selected as president in 2004, but attended the next year and have attended every year since then. This is always a good event as 300 to 400 students, parents, grandparents, counselors and teachers holler and scream when they receive their scholarship awards.

This year 24 HBCUs participated. I was the only president, and the only one who has been at everyone one over the past 4 years. I like to meet the students and parents, and since many don't know us, I have to work harder to compete with the "brand name" schools that get lots of applications, but are not progressive at all! I told them to check out the schools and see who has blogs by the president, or a president on Facebook. That ends it right there.

After all the schools make the announcements, we spend several hours meeting students getting additional applications. This is always the game changer for me because every year a student says they didn't know about us, but now wanted to know more. Every year, I have gotten students from this event- very good students, so it is worth the trip (especially since Siemens and CPS cover the costs).

I told the students I would blog about the night- and I am keeping my word.
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Yesterday we hosted Dr. William Jelani Cobb, associate professor of history at Spelman College, for Bless the Mic. All of our new students are reading his book, "The Devil and Dave Chappelle" for class. The book is a collection of essays, ranging from Three 6 Mafia winning a Grammy, to the Million Man March. The discussions in class have been very rich, and in my class we rarely get through enough of the readings in those 50 minutes.

So that afternoon he had a chance to do a Q&A with the students. He told me later (I was on my way back from Indianapolis) that he really enjoyed that conversation and that the students really challenged his ideas, even going to the page of the book for parts they wanted to discuss. That definitely made me proud!

That night he spoke from his upcoming book on the Barack Obama run for presidency. He discussed the challenges he faced within the Black community and especially the Black establishment which solidly opposed him at first (except for Rev. Joe Lowery). But that his model, winning the Black vote versus being seen as the black protestor, may be a new model for Black politics.

Although most folks are not knowledgeable about him, we had a great turn out (even on a debate night), which is a good sign that the series continues to grow. As one of my friends told me last night, Dr. Cobb was very scholarly, but that his discussion was "wet" (meaning, not dry). He is a true academic but was able to really make some good insights for the crowd. I enjoyed the little time I spent picking his brain. I am sure we'll be reading more of his work in the near future.
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