There’s a myth that expensive colleges are always better than the cheaper ones. As if higher college costs means that you’ll automatically get a great job, you’ll have an extremely high salary, and more.
Well, that’s not always true.
According to an article in The Wall Street Journal:
From the academics [who have studied whether students from elite institutions outperform their peers or not] we know that in terms of future earnings, 1) your choice of field matters more than your choice of college, 2) after controlling for ability, the earnings differences of graduates from elite and non-elite institutions are small at best, and 3) any earnings advantage that may emerge over the long run is difficult to concretely tie back to the effects of one’s college choice.
According to Forbes, tuition for an in-state public college averages around $28,000. Private college tuition was double that amount at an average of $59,000.
For a four year elite university, the cost jumps to $68,000. [Read more…]