We have written several posts on this blog regarding the “value” of elite colleges. We have discussed the hype of Ivy League schools and the cost vs. value of a pricey private school education. I have also discussed how many of the families I work with are often concerned about whether or not their student will be able to get a job after graduating from X college.
The debate about the value of an elite college is nothing new, but last month, The New York Times published an article on an updated study that argued that elite colleges did not give graduates “an earnings boost”. Two economists, Stacy Dale and Alan Krueger, produced the original study a decade ago. The new version looked a wider variety of schools while taking a look at the earnings of people in their 40’s and 50’s in addition to recent graduates.
The article quotes Mr. Krueger in summarizing his findings: “My advice to students: Don’t believe that the only school worth attending is the one that would not admit you. That you go to college is more important than where you go. ”
I don’t think I could have said it better myself.