Is it worth studying abroad? Which universities have higher returns?

The relationship between higher education and career achievement is a thorny issue, which is difficult to solve and deserves our attention. So what is the return rate of studying abroad in today's society? How to choose a university to achieve the highest rate of return? Come with me to learn about it. Welcome to read.

Foreword: As the student loan debt is out of control, it is more important than ever for future college students to help them decide where and what to study, and how much debt they can bear according to their possible career prospects. To this end, PayScale has published two annual reports on higher education, PayScale College ROI Report and PayScale College Salary Report. However, the problems surrounding the value of university degrees go far beyond alumni's salary and return on investment. The following are the details:

Question 1: Is it worthwhile to study abroad? Yes, it's a complicated question.

This has always been a problem. As an economist and a researcher of higher education, I can wholeheartedly say yes. The data is clear: at least some people with foreign university education earn more money than only others. Let's not forget non-monetary rewards, such as better working conditions, lower disability rate and higher citizen participation. However, as the research points out another important fact, the conversation becomes more complicated: yes, it is worthwhile to study abroad, but it is not always the case. We no longer think that all education is a good financial investment. Any student's answer depends on three important factors: college attendance, field of study, and the cost or debt spent.

First of all, as we can see from Payscale data, the universities students attend are different. But these recent data emphasize long-term trends. In a study in 1999, a co-author and I recorded an increase in inequality among college-educated workers by 1. Although people close to the top of the income distribution (i.e. the 9th percentile) have experienced higher educational returns over time, after considering inflation, the income of those close to the bottom of the distribution (i.e. the 1th percentile) in 1995 was lower than that in 1972. Our investigation of the reasons behind these changes highlights the important role of strengthening the isolation of higher education, and outstanding students in higher education are increasingly concentrated in institutions with more resources.

However, individual selective ratings may not necessarily predict which schools have the highest student success rate. A study in 29 recorded that the graduation rate was not only affected by university selectivity, but also appeared in the selective group. For example, among universities rated as "extremely competitive", the six-year graduation rate averages from 3% in the lowest 1 schools to 82% in the top 1 schools. Selectivity does not necessarily guarantee a high level of degree completion.

a large part of the problem of understanding which universities are good investments is the lack of good university quality measurement standards. Most existing measures rely heavily on students' academic achievements before entering the university campus. At the same time, there are almost no standards to measure the quality of higher education learning experience or the added value to students. Therefore, we rely on indicators such as income and loan default rate. Although it is helpful to use this information to determine the minimum threshold of education that may be of economic value, it is not enough to help students compare possible universities and decide where they can maximize their interests as individuals.

the second thing that is becoming more and more important in university investment is the field of study. Although many students don't work in university majors, students majoring in engineering and science usually get the most benefits. However, income is not the only factor that varies by major: as the Great Depression emphasized, the unemployment rate also varies by field of study. Interestingly, although education majors may not make the most money, they have the lowest unemployment rate.

The first two factors, namely the chosen university and major, focus on the potential benefits, but these benefits must be compared with the cost to determine whether a university education is worthwhile. We focus most of our attention on price and debt burden as indicators to measure the cost burden of universities. Debt is the reality of higher education today. If it is possible to realize beneficial education investment, some debt will do. However, the reasonable debt level depends to a great extent on the school and major. People may judge that the total debt of an engineering degree is $1,, but the opposite is true for a six-week certificate course.

Unfortunately, considering their plans, students are usually properly consulted about how much debt they have, and due to a large number of unmet economic needs, many people turn to various sources of debt, such as credit cards and private loans, without fully understanding how this will affect them in the long run. In addition, recent graduates (or dropouts) hardly realize that their investment may be paid off in 1 years, because they are living with their parents at present. In other words, when the cost is weighed so heavily, it is difficult to internalize the long-term benefits.

ultimately, knowing whether a university is a good investment depends on which university and at what price (or debt). Considering the importance of matching individual students with specific interests, talents and resources, it is no longer meaningful to look at the average. Although I emphasize the fact that for the vast majority of students, most student/major/debt portfolios are worth investing, we have reached the point that the benefits of university may not exceed the cost of increasing costs. Even if only a small part of the investment is "bad" investment, the success rate of studying in universities is very low, and the value provided by students is very low while taking out a large amount of debt, we have reached a small percentage of admission level, which translates into thousands of students every year. This is a problem that cannot be ignored.

Question 2: Compare your college choices before making a decision

As they plan for the future, American students and families have been asking whether universities are worth spending money. Hundreds of studies, a strong evidence base and countless recommendations from millions of graduates across the country tell us the same answer: education after high school enables Americans to have more lives than ever before. So why do we keep asking the same question? Because all higher education institutions are not equal: they differ greatly in quality, cost, breadth and depth. There are huge differences in standards, evaluation, overall performance and results.

too many of us were thinking in the 2th century. In the past few decades, getting a certificate or degree is a stopping point. However, in the 21st century, there is no finish line for higher education. Today's society, degrees, certificates, and even a new wave of "badges" in public and private higher education departments should mark what people have learned and support what they can actually do at work, their communities and their lives through demonstration and combination. We should not only educate students about today's work, but also educate them about their contribution to the civil and social health of our country and the well-being of our democratic society.

The data set for measuring university achievements does not take into account four important factors: students' different levels of preparation when they enter the university, the financial resources they can apply for university fees, the time they work and the time they invest. Their study. Several other factors increase the complexity of measuring the results of various institutions. Most college students are busy with work, family and community obligations, so many of them are part-time students. However, historically, the results reported at the federal level only tracked first-time full-time students. Moreover, today, two-thirds of students receive higher education in more than one institution. Many students don't realize that if they spend more time comparing and contrasting their choices at the front end, they can actually go to universities with higher graduation rates at lower cost. Many students look down on themselves, thinking that they are not smart enough, too expensive or that higher education is aimed at others, not them.

Students and families should "stretch" their thinking and observe the performance of different higher education institutions: compared with a community university, a state university is compared with a private four-year university, and a major research university is compared with a for-profit university as a vocational school. Graduation rate in higher education institutions, tuition fees (net price, not marked price) and student debt. Although these are rough measures that do not consider quality, it is essential that students and families should at least spend time comparing several institutions before choosing which one to join, and when doing so, they should consider as many results as possible. Quality, cost and attention to various students' needs are the criteria to replace location, convenience and "where friends go" to determine the best choice for students to investigate.

I studied the career ladder in nursing for five years, and worked in the labor investment committee of Silicon Valley. Our team learned that registered nurses who graduated from community colleges are equivalent to their counterparts who obtained BSN degrees from university courses. Few people will quibble over the fact that we need more trained nurses, bachelor's degrees, master's and doctor's degrees and associate's degrees. But this is a rather confusing place. Time, cost and effort are the key factors that future nursing students should consider when deciding whether the best choice is university, community college or training plan. In addition, many students do not distinguish between health care training programs that may provide certificates, and do not distinguish between degrees or preparations for licensing examinations, such as the National Council Registered Nurse Licensing Examination.

in the example of health care, the registered nursing board of California released how many graduates participated in NCLEX-RN and how many passed, which is of great reference value for future students. They should also consider the graduation rate, cost, average student debt after graduation and the possibility of employment, and make wise choices to help them make progress in their careers. We have a variety of ways and channels, from entry-level skills training and job-specific training to higher-level knowledge and skills, so that critical thinking, reasoning and analytical skills have developed from a strong general education foundation and professional research. All kinds of subjects. When deciding the time, money and energy to invest in higher education, it is more important than ever to compare and contrast the concrete results of different institutions, because their differences far exceed their similarities.

Question 3: Five questions about the potential choice of universities

These are all questions that should be asked. However, in every parent's mind, the question has not been answered enough: what is the value of this university in four years? For a four-year undergraduate college of arts and sciences, such as college of the holy cross, tuition and room and board are close to $6, a year, this question deserves a detailed answer.

1. A liberal arts degree can't bring high-paying jobs?

First of all, don't think that a liberal arts degree can't bring high-paying jobs. I guarantee that people can create more degrees through skilled manufacturing or trading, not art history. Instead, please consider the findings in the report, such as "How do humanities and science majors succeed in employment?" The survey results show that majors in liberal arts can and do get successful and paid jobs in various occupations: "Liberal arts may start slower than other majors on the career path of graduate students, but with the passage of time, there is a big gap between their wages and unemployment. By the mid-195s, on average, those who majored in liberal arts earned more money and the employment rate was similar.

2. Will I graduate in four years?

According to the annual survey of US News and World Report, according to the data of 1,27 ranked colleges and universities, on average, only about 41% of undergraduates begin to enter the graduation stage within four years. (This figure reflects the full-time students who entered the freshmen in autumn of 26 and graduated in spring of 21. ) One year, two years or three years of obtaining a diploma means more tuition fees and tuition fees. Students should check the graduation rate during the university search, and they should consider the timetable when entering the university to control the cost.

3. What will happen if I decide to change my major in college? Will I lose precious time?

some students know exactly what they want to do. Many people are not sure. Others may not realize that their passion really lies in music, not engineering, until after the second grade, for example. University is a period of exploration, but depending on the time and credits required for the major, a dramatic shift to another career direction may mean extending these four years. According to the survey, most college students changed their major at least once, and some even changed it several times. During the university search, students should be familiar with the suggestion system of each school. How accessible is the student adviser? Did he/she stay with her students for four years? How flexible or organized is the course selection of academic courses you are interested in?

4. Will I improve my writing, critical thinking and analytical skills? Do I have the opportunity to work efficiently in a team?

These skills are immediately transferable and will lead students to complete any uncertain future. In fact, when the National Association of Universities and Employers asked them to give priority to what they were looking for among college graduates, they were one of the top skills cited by hiring managers. Whether you major in French or computer science, your ability to achieve excellent results in these fields and show these skills to potential employers will become a different world.

5. can I access a loyal and supportive alumni network?

one way to identify this important issue is to measure the satisfaction of alumni with their college experience. Check the alumni donation rate on the college website. If it is higher than 5%, it is a good sign that graduates are happy there, not only eager to donate money to their alma mater, but also keen to give them time and advice to help, guide and even hire other graduates.

6. What financial aid and scholarships are available?

It is not easy to study financial aid, loans, grants and scholarships. Parents, students and even some members of the media do not fully understand the words "need blindness", "need awareness" and "excellent scholarships". It is very important to understand the definition and the policies of each university. Opportunities for assistance and scholarships vary widely. It is wise to start thinking about aid before your senior year, so that your family will be familiar with the types and requirements before applying. And look for sources of professional scholarships outside the campus. The research you are doing now may be a life-changing investment. Students and parents must raise their hands and learn about gyms, dormitories and restaurants when traveling in universities. However, deciding whether a university is really worthy of you and your family means a deeper understanding.

Question 4: How to choose the right field of study

The ongoing public debate on the value of a university degree in humanities reminds me of an old horse racing joke: a boss took his injured animal to the vet. "Can I take this horse to participate again?" He asked. The vet answered his question literally: "Of course you will. You might win! “