return on investment

by Mark Hofer Mark Hofer No Comments

Professing vs. Teaching

As an educational planner I work with teens who are contemplating their next important academic and life step, college. We work diligently—sometimes for years—to identify the college experience they want and the types of programs and opportunities they hope to experience. Much of our time is spent qualifying important college attributes such as school size, location, programs, classes, and school culture. But there is one salient school attribute that we rarely discuss: professors, and the quality of their teaching.

Doesn’t that seem backwards?

First, there is a vast difference between professing and teaching. Most high school teachers—especially those who are Nationally Certified—have rigorously trained in and practiced practical pedagogy skills. Often, college professors have little or no training or background for effectively conveying information or how to authentically assesses a student’s understanding of information. This isn’t the fault of professors, most were hired because they are effective researchers, not teachers. High school students do not realize this…until they get to college. Shifting the responsibilities for understanding information from the teacher (in high school) to the student (in college) can be a shocking and unexpected revelation for many college freshman.

In addition to acquiring academic and practical experience, one would think—possibly even assume—that college professors must also have a background in cognitive development, teaching models and methodology, curriculum design, and even authentic evaluation with rubric/syllabus design. They have a position of great influence and power over the development and future paths of hundreds, if not thousands, of students. Surely, they have been trained in the craft of teaching and learning, right? This is actually quite rare. Ask any college student, especially those who attend large research universities. Some schools, however, have professors that are much more prepared to, and invested in, effectively sharing their expertise, experience, and understanding with students. This invaluable and important quality should be at least as valuable as the quality of the dorms and variety of cuisine, shouldn’t it?

I provide students and families with a “College Tour Tip Sheet,” that includes who to talk to and questions to ask. These questions are specifically developed to tease out the culture, rigor, and attributes of a school. However, I have recently added a few questions to my list for students and families to ask students on campus:

  • How many of your classes are taught by professors, rather than assistants?
  • How many of your professors have you spoken with personally?
  • Do your professors appear to have an authentic interest in your education?
  • How many professors do you think know your name?
  • Do your professors actually care about you and your growth as an academic and person?

In many cases, professors are researchers first, and mold students’ minds second—sometimes, far second. Many talented and passionate researchers are pressed to lecture and may even resent having to spend time away from what they love. For that reason, lectures, preparation, and students’ learning and understanding are not a priority. And, at some schools, professors are not required to take vested interest in student academic success. However, this highly significant variable in student learning, understanding, growth, and progress is rarely discussed in the college identification and application process.

Although there are many resources for knowing tuition, financial aid metrics, numbers of campus clubs, and even school traditions, there are few reliable measures of professor effectiveness available to students searching for colleges to effectively prepare them for the world. While there are some reliable resources that accumulate and aggregate students’ evaluations of professors (e.g. Niche.com), these are first order approximations at best. In order to get real feedback about professors requires a real conversation with students. This is just one more important reason to tour college campuses and talk with end users (students) about the product (education) they are receiving.

by Mark Hofer Mark Hofer No Comments

How Much Is Too Much?

I recently spoke with a senior attending a prestigious film school in southern California about tuition and student loans. He told me, “My $109,000 college loan debt is just the price of a good education.” Then, I asked him if he knew what compound interest was; he wasn’t quite sure. Actually, he had no idea how his loans were structured, the relative impact this debt would have on his lifestyle after graduation, or why it was or was not a good investment. With a national student loan debt surpassing $1.6 Billion as evidence, I don’t think this knowledge gap is unusual for most students entering college.

There is a simple rule that many college admissions counselors suggest students and families us when considering student loan debt. Do not graduate with more debt than the average starting yearly salary of the occupation you pursue. If you pursue a computer science degree with an average (national) yearly salary of about $65,000 for new graduates, you can afford to take on some debt with some confidence you can pay it back without extraordinary or undue stress. Conversely, if you are getting your teaching degree, a new graduate can expect to earn about $38,500in the first year after graduation. Why is this important? If the boat is leaking faster than you can bail water, you don’t want to be the captain. This is also how compound interest can quickly drown new graduates and their future ambitions.

In addition, students must realize that all degrees—and later, jobs—within a discipline, such as “engineering” or “finance” are not the same. For example, some engineering degrees, such as aerospace, command a significantly higher starting salary ($72,000) than a civil engineering degree ($59,000). In addition, some degrees are worth more in some states than others. A teacher, for example, may have a starting salary of $51,000in New Jersey or Washington D.C., but only $30,000in Montana. That 40% difference is critical when trying to pay back student loans.

As students contemplate undergraduate education it is crucial they consider the amount of debt incurred relative to the earning potential of the skills they will obtain. This valuation is often referred to as the Return On Investment, or ROI. However, to fully establish the ROI for a specific school and specific student, other variables must also be considered. Is the student considering graduate school (and the associated loans/percentages) after receiving an undergraduate degree? Is a graduate degree in the specific area of work sought actually needed? How much will a graduate school degree in that area of study cost? All of these variables create a complex dance between debt, earning power, and time. However, choosing an undergraduate school before considering these questions can quickly create a loan burden that determines a lifestyle for decades.

The current average debt for a student graduating with an undergraduate degree is over $37,000. The average salary of a new graduate is just over $50,000. While this does not seem to present a national crisis, the current national college loan debt is over $1.5 Trillion and that is more than the national credit card or auto-loan debt. Much of this debt is driven by the pursuit of higher education at schools where the high costs of attendance require students to take out large loans to attend. According to the research collected by Frank Bruni, taking on inappropriate debt for undergraduate education has been shown to be a bad investment. Getting the best possible undergraduate education at a school you can afford (through personal finances or through grants and scholarship), getting high grades, and graduating with as little debt as possible is the smart decision and is supported by research and evidence. If you follow this path, graduate with little debt and with marketable skills, you have the choice to enter industry or taking on some debt for graduate school—and graduate school increasingly pays off in most, but not all, professions.

Do the preliminary work and reflection to identify the best college for you and your family and don’t be misled by unsubstantiated pressures to attend brand name, expensive schools. Your future will thank you.

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