There is an interesting topic to discuss. The question, "Is college education valuable?" is not easy to answer. There are two main reasons for this: the problem of where to place value, and the role of universities as educational institutions. As an institution of higher education, universities are supposed to explore and learn about academics, and to study them more deeply or suggest new paths. However, universities have recently become more like military academies for employment or resting places before employment. Who are you to say such things?
In fact, this debate is not a Korean story. It is a voice that has been coming out of the United States recently. This debate began with the Biden administration's large-scale college tuition forgiveness, and it has surfaced as a result of policy and political criticism.
In particular, high tuition fees, which have been considered problems since long ago, and curriculum that does not match market demand, have been factors that have reduced trust in universities. In addition, there is criticism that a college diploma does not necessarily guarantee high income and can act as a tool to reproduce the privileges of a certain class. This is not a problem unique to Korea, as what is called academic background in Korea also exists overseas. (School ties, regional ties, and blood ties are strongly affected in any culture.)
According to a 2023 Gallup poll, Americans’ trust in college has fallen to historic lows, from 57% in 2015 to 36% in 2023. The decline is particularly pronounced among Republicans, who have seen a 20-percentage-point drop in trust since 2018, to 19%. A majority of survey respondents believe that college is too expensive, not worth the money, and that it’s headed in the wrong direction.
Another survey, the Chronicle of Higher Education Survey, found that while most respondents would recommend a bachelor's degree to friends and family, they advised that they should choose a degree that is worth the time and money. In addition, less than a third of respondents thought that college and universities were effective in providing equal opportunities for a successful life in society. In addition, majorities said that all five alternatives to college, from vocational schools to apprenticeships to military service, were equally or better than college degrees in achieving a successful life.
Finally, a recent feature article published by Bloomberg satirizes this situation in a very interesting way. It lists the return on investment (ROI) based on college tuition and income after 10 years. The median is $100,000, and the average annual salary is about 100 million won. In the case of prestigious universities and elite private universities that we commonly call Ivy League, they show considerable cost-effectiveness(?), and in the case of universities with ambiguous reputations, they are evaluated as not so good from an investment perspective. This shows that if you only consider economic value, unless it is an Ivy League or a public state campus, college is really an option.
As mentioned earlier, the beginning of this debate is the Biden administration's policy of drastically reducing student loans. The college enrollment rate in the United States is around 60%. For reference, Korea is around 70%. In the case of the United States, the college enrollment rate has been decreasing since the COVID period, so this is a critical voice asking what the meaning of such welfare policies is now. We need to think about how to evaluate the value of universities in our country.
There is QS University Evaluation worldwide, but I personally participate in this survey every year, but I have some doubts about its significance. The questions and content are designed to be significantly biased, and I even get separate emails asking for evaluations from the universities I graduated from. Of course, I think QS will adjust it well... Well, rather than ranking, I think it would be good to think about what role the university as an institution plays and what values you pursue.
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