585 College vs. Cottage of Straw

You've heard of the strawman? Apparently, I own a straw cottage that some educators have tried to huff and puff and blow down, but I didn't notice it until yesterday when it came up on a search.

Here’s what I wrote in February about the dollar value of a college education.

“I thought I would die of a broken heart when BOTH my children decided not to go to college--actually, refused is a better word. I was the third generation in my family to go to college--and I was on the faculty at a fine university. OK, I thought. A few years in the market place and they'll come around. Didn't happen. So we spent the college money on a summer cottage--no kidding--and eventually they'll reap the benefits of that since it has appreciated from $53,000 in 1988 to about $200,000 according to our latest tax assessment.”

But here is what Joanne Jacob’s gleaned out of that paragraph for her education blog and titled the subject line, “College vs. Cottage.”

“Norma's kids skipped college, and the family is richer as a result. The college money went to buy a summer cottage, . . “ Nothing about my dreams, hopes and fears for my children--just a sharpened pencil and a bank book.

In my blog I went on to estimate what the dollar cost of a college education at a state university would be worth in 45 years had I invested it and held for them--far more than the $600,000 life time advantage an education is supposed to provide, and she quotes that.

“Say we had invested $20,000 (the cost in the mid-80s of a state university education) in the stock market for 45 years, until their retirement age. Would they have that $600,000 to cushion their golden years? No, they'd have $1,604,000 using the conservative figure that over time, stock investments level out at about 10% a year, even factoring in the wild ride of the 90s.”

Sixteen people weighed in. Most missing the point (as did the people who e-mailed me directly). I never said I was talking about anything except the dollar value the “experts” apply to a college degree. One reader said, “well college costs more now. It was a state university.” How does that change the formula or argument?

Another said, “if you’ve got a college degree, then you have more to invest.” Obviously, one of the things, in theory, you obtain with college, is the smarts to invest wisely (a huge leap, I know), but I think that is factored into the $600,000 advantage college grads have over high school grads.

Another reader said, “what about all the other things gained by college--appreciation of the arts, flexibility, portability of skills, etc.” even though I’d said at the outset I was not addressing anything but the $600,000 figure that is PROMOTED as one of the primary advantages of a college education.

Someone else said, “why didn’t she put the money in the market instead of a cottage.” Wow. Some people don’t get the point do they?

After reading through all the comments, I realized many of the commenters hadn’t clicked to my blog to read it, and if they did, they didn’t actually really read it or understand it. It is terribly threatening to educators to suggest some of their favorite theories need a second look (and since I was one, and admit I was wrong, I can say that).

Strike two against a college degree. Causes faulty and incomplete reading.