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Surprising

Statistics

Surprising

Statistics

Episode 1: The Old College Try

Ah, college. That bastion of improving one’s mind.

Photo credit: Greatdegree (Flickr.com). Used Under Creative Commons License

I’m a big believer in higher education myself.

But I’m also a fierce opponent of many kids going to college right out of high school.

Photo credit: The Daily Illini

This is how I spent one of my college days instead

of going to class.

Sean circa Spring, 2001

Like a lot of my classmates, I didn’t take my collegiate experience too seriously.

On my first try, I made it three and a half years before I dropped out.

At that point in my life, going to class wasn’t high on my list of priorities.

Photo credit: lethaargic (Flickr.com) Used Under Creative Commons License.

It took me ten years to finally finish my undergrad.

Around two thirds of high school graduates go on to college in the US.1

(And thankfully, a lot less for my

master’s degree.)

But only 31% of 25-29 year-olds in the US have achieved a bachelor’s degree.2

Statistics source: 1January, 2005 report by the Education Trust2National Center for Education Statistics

Photo source: Microsoft Office images

Nearly 12 million 18-24 year olds were enrolled in

college in October, 2008.1

Only two in five finish their degree within 4 years, and three in five within 6 years.2

Statistics source: 1Pew Research Brief October 29, 20092January, 2005 report by the Education Trust

But nearly half are unlikely to finish their degree.

Photo source: Microsoft Office images

The dropout rate is particularly problematic when you consider the costs of going to college.

Public 2-year Public 4-year (in state)

Public 4-year(out of state)

Private 4-year

$2,713 $7,605 $11,990 $27,293

Average Annual Tuition and Fees, 20101

Statistics source: 1CollegeBoard.com2Pew Research Center Article

The average 2008 grad borrowed over $23,000 to finance a bachelor’s degree.2

Photo source: Microsoft Office images

Assuming cost of living expenses of $1,613 a month (a low-end budget)1, a 4-year college degree in-state at a public university costs an average of $107,844,

and a 6-year degree costs $161,766.

And while college grads are eventually likely to make more, they are not likely to pay off their tuition bills

and make up for lost time until they are 33 years old.2

Sources: CollegeBoard Living Expense Budget 2010 CollegeBoard Education Pays Report 2010

I’m really glad I went back to college and finished.

Sean at his Master’s Degree graduation

ceremony, 2009

But my advice to high-school kids?

“Go work for a year or two, and then go to college when you’re

ready to take it seriously.”

(Of course, at that age, I wouldn’t have listened to me, either!)