U of M's North Quad
I am re-posting a series of posts in its entirety that I previously wrote for the Epipheo Underground blog a few months ago. I am motivated to do this because of a couple of new events this past week that only serve to reinforce my original premise - that higher education as we know it is dying and will look dramatically different within 10 - 15 years.
Those events include:
- The expansion of the federal government's "Pay As You Earn" program
- The continued march towards the five 'power conferences' breaking away from the NCAA
With these two current events as the backdrop, I present to you the original post originally published on the Epipheo Underground on March 10, 2014:
I have three kids ages six and under, and I am not saving for college.
Sounds irresponsible doesn’t it? Probably sounds even more irresponsible considering that I have an undergraduate business degree, an MBA in Finance, and currently lead the Finance/Accounting team at Epipheo.
What if I also told you that I am not pushing my children into some type of AAU sports program in the hopes of driving them to an athletic scholarship? You might still call me crazy. But, before you stop reading, I have a logical and possibly even sane rationale for these financial choices.
The primary reason is that the return on a college education — for most people — stinks. In fact I might even say that it is fast becoming one of the worst investments you can make. I would even argue that, by the time my children are old enough to graduate college, it could be a worse investment than buying a brand new automobile — and we all know that you lose 40% of that investment as soon as you drive it off the lot.