One of the first decisions we make toward our professional lives is the college we wish to attend or the degree we set our sights on. To do so would often mean sifting through all the elite colleges to have their names imprinted on our resumes as an early sign of success. Most people believe that the brand and the alumni networks of Ivy League schools give graduates an advantage that is reflected in initial earnings and throughout life.
We are also made to believe that elite or Ivy League colleges equal success. It is often the tagline for most prestigious institutions. However, many of our famous idols today, within our technological era, either went to public school or were college/high school dropouts. So this reasons the question as to whether elite schools equal success.
Are Ivy League Degrees Worth Their Cost?
College Tuition Compare estimates the average cost of tuition at an Ivy League institution is roughly $57,509. Factoring in inflation, this can cost upwards of $250,000 for a four-year degree. While many may take up jobs during their course, not all do so. This means that while parents may assist with initial payments, many pay off their college tuition once they start working.
Investopedia recorded data from Payscale which collated starting salaries from Ivy League and public colleges. It noted starting salaries in 2020 to be $77,500 for those who attended public institutions and a lower $73,575 for those coming out of Ivy League colleges.
Considering these factors, it seems that an Ivy League college has lower returns for possibly the same curriculum as a public college. Additionally, paying back the fees with hefty interest rates can further dampen the return on investment for Ivy League graduates.
We also need to factor in other variables within public education versus an Ivy League education.
Students experience more pressure to perform within Ivy League institutions versus a public school. In 2017, five Columbia University students had killed themselves since the start of the school year. At Harvard, rates of suicide attempts are twice as high as among the general population, and 35 percent of Princeton students said in 2020 that they developed a mental illness after arriving on campus. While more focused attention might be paid, due to smaller class sizes, the expectations are monumental. The fear of failure is higher. Even after graduation, the label of belonging to an Ivy League college can also play a role in how one is perceived, along with the continual expectations to perform within professional arenas.
What Has Changed In Terms of Education In the Last Decade?
Today there are many careers that one can enter without needing a degree. Additionally, career options require shorter course curriculums or in-house training, which makes the requirement of Ivy League education (in these instances) obsolete.
For the most part, even today, college degrees are required to get into most professions. Not only on the technical aspects do colleges provide valuable knowledge, but colleges also assist in shaping personalities and building human connections. These are some valuable lessons that work great to further one’s professional goals.
However, a college with a high price tag is not always required for these valuable life lessons.
Public colleges take in large volumes of students, which offer a more eclectic student culture. With incoming students possibly coming from different backgrounds, it is likely to increase exposure to diverse cultures, which is essentially what the real world consists of.
Students who attend public colleges are also likely to have a wider choice in course curriculum. This works great for those who aren’t sure what they should major in fresh out of school. Larger colleges also mean a higher likelihood of having wider extra-curricular activities available for students. Local colleges are also well known in their specific state areas, making it easier to find jobs right after graduation.
Today, students can avail specific subject courses online, often free of cost. Many subject experts have taken to online portals, such as Youtube, to provide free knowledge within their respective professional fields. Additionally, new avenues of education, such as the University of the People, offer bachelor’s degrees as low as $4,860. These programs are made possible through educators who take some time to encourage education for all at a low cost.
Who Are Some Successful People That Opted Out of An Elite Education?
Warren Buffet, one of the greatest investors of our time, went to public school and then opted for public college and university for his higher degrees. He was not very keen on further education following school. But his father encouraged him to pursue higher degrees. He studied under Benjamin Graham (author of The Intelligent Investor) at Columbia University, where he received a Masters in Economics.
Tesla and SpaceX founder and CEO, Elon Musk came to the US as a student. He started at Queen’s University and transferred to The University of Pennsylvania, an Ivy League program. He graduated majoring in economics and physics. He later enrolled for a doctorate in physics at Stanford but left the program in two days. For him, the motivation for this leap came from the internet boom. He didn’t want to see it go by without having a piece of it. Having recently become a large shareholder of Twitter, Musk doesn’t seem to regret his decision.
Two famous Harvard dropouts are Mark Zuckerberg and Bill Gates. Today they are synonymous with the greatest technological advances both through Facebook and Microsoft, respectively. While they were part of the long list of Ivy League dropouts, both received honorary degrees from Harvard years later.
Conclusion
In a study of over 11,000 US leaders, which included federal judges, CEOs, billionaires, and politicians, approximately 94% attended college, but only a small percentage went to elite schools. Education is vital as the next step toward understanding interests and marking future professional goals. It’s good to have an elite college diploma, However, it may not always be necessary. Above all, human beings with quality of education matter, not the school’s brand printed on the diploma.