Is a College Education a Good Investment?

The costs of a college education keep increasing while wages earned after graduation are stagnating or decreasing.  Some students (and their parents) may wonder if getting a college education is a good investment.  The good news is that data from the Bureau of Labor Statistics and economic analysis show that a college education continues to be a good investment.  

The Bureau of Labor Statistics has published data on earnings and educational attainment for 2014:

$1,015,560           Lifetime earnings with a high school diploma

$1,212,120           Lifetime earnings with an associate’s degree

$1,728,480           Lifetime earnings with a bachelor’s degree

  

To put these figures into perspective, a person with a bachelor’s degree earns $712,920 more over a lifetime than a person with only a high school diploma.  So, what is the value of a college education?  It is $712,920 on average. 

We can do some further comparisons to help students understand the value of a college education:

                Completing one course is worth $17,823 over a lifetime.
                ($712,920 divided by 40 courses in a bachelor’s degree)

                Going to class for one hour is worth $371 over a lifetime.
                (17,823 divided by 48 hours in a semester course)

You can ask students, “Would you go to class if someone paid $371 per hour?”  Of course these are benefits of working over a lifetime of 30 years. 

Another interesting conclusion from the Bureau of Labor Statistics data is that college graduates are less likely to be unemployed.  In 2013, the unemployment rate for persons with a bachelor’s degree was 4.0% as compared to 7.5% for persons with a high school diploma. 

Another way of looking at the value of a college education is return on investment.  This takes into account the cost of a college education, lost wages while attending college, and future earnings.  According to economists Jaison Abel and Richard Deitz of the Federal Reserve Bank of New York, the rate of return for a bachelor’s degree has been about 15% over the last decade, and for an associate’s degree around 14%.  These economists note that since 1950, investing is stocks has yielded an average annual return of 7%; therefore college is a good investment because it has a higher return than investing in the stock market. 

While the average rate of return for a bachelor’s degree is around 15%, not all college majors are equal investments.  Here are some rates of return for different majors:

               

    Engineering                       21%
                Math and Computers        18%
                Health                                18%
                Business                           17%
                Communications               15%
                Technologies                     15%
                Social Sciences                 15%
                Sciences                            14%
                Architecture                        14%
                Liberal Arts                         12%
                Agriculture                          11%
                Leisure and Hospitality       11%
                Education                             9%

Again the good news is that all majors have a greater return than investing in the stock market and are well above the average for what economists consider a good return on investment.  In addition to the financial reasons for attending college, let’s not overlook personal growth, job satisfaction, quality of life, and the other less tangible rewards of becoming a college graduate. 
   

Students may wonder if going to college is worth it.  You can reassure them that it is still a wise investment.   You can increase their extrinsic motivation by saying, “Go to class today and do your homework because you are earning $371 an hour (over a lifetime.)”   

Notes:

Bureau of Labor Statistics are from:  http://www.bls.gov/emp/ep_chart_001.htm

“Do the Benefits of College Still Outweigh the Costs” by Jaison Abel and Richard Deitz: http://www.newyorkfed.org/research/current_issues/ci20-3.pdf

Setting up Your Online Course for Maximum Student Success

Investing some time at the beginning of your online course can maximize student success.   Here are some items to consider in getting your online class off to a good start.  These suggestions are based on my 10 years of successfully teaching college success courses online, including good student success, retention and satisfaction.  Modify these suggestions to match your own teaching style, use of technology, and the needs of your students. 

1.        Get Organized

When your course is well organized, your students will be able to easily navigate your course and you will have fewer students with problems and questions.  The following is a suggested basic checklist:

The Welcome Letter

Once your class is filled, send your students a welcome letter that outlines the course content, benefits, myths about online courses and time required.  This helps students know what to expect before the class begins and to make sure they are ready for online learning.  For a sample online letter, go to: http://www.collegesuccess1.com/WelcomeLetter.htm

The Course Syllabus

The course syllabus is different from a face to face course in that it includes links to all your online material.  As you gain experience in your course, revise your syllabus to clarify any questions you received in the previous semester.  For an example of an online syllabus, go to:  http://www.collegesuccess1.com/ScheduleFA14.htm

The Course Calendar

The course calendar is one of your most important organizational tools.  It contains all the assignments on a weekly basis.  For an example of an online calendar, go to:  http://www.collegesuccess1.com/ScheduleFA14.htm

The Course Management System

Your course management system (such as Blackboard) is usually provided by your college and has your course content and grading.  Attend professional development sessions at your college to learn your course management system and have it set up and available before your class begins. 

Communication

Having a website with all your course information is helpful to begin communication with students during the registration process.  List your web address in the college course schedule.  Here is my page:  http://www.collegesuccess1.com/online.htm

Set up a system to send text messages to your students.  A phone app called Remind enables you and your students to communicate via text messages without students being able to view  your cell phone number or the phone numbers of other students.  You can send text messages from your computer to all students or individual students in your course.  Set up your faculty account at: https://www.remind.com/ 

Your college probably provides a way to send emails to your students, but realize that text messages are more likely to be read than emails.

Set up Your Assignments and Grading System

Use your course management system to set up your assignments and grading system.  Provide clear directions on how to complete the assignments with outlines or student examples if available.  Plan to provide immediate feedback on assignments.  Make a column for “Current Grade” since it is important that students know their overall grade in the course each week.   

2.       Make it personal.

Take steps to help students get to know you and other students.  This will help students maintain interest and involvement in the course. 

The Course Blog

I use a blog in my course instead of a discussion board.  I can begin my blog before the class begins and it is independent of my course management system.  In the welcome letter, students are invited to my blog to begin their introductions before the course begins or during the first week.  My first blog has a brief video introduction of myself and the course.  I ask students for a 100 word introduction and a 100 word description of their educational journey.  I do the first postings as an examples. 

Here is my blog for Fall 2014:  www.couns120fa14.blogspot.com 

Here is my completed blog for Spring 2014: www.couns120sp14.blogspot.com

You can set up a blog for free at:  www.blogger.com

Establish Positive Rules for Conduct

It is easy to criticize others online because of the lack of proximity and personal involvement.  However, students learn better in a supportive environment and I set this up before the course begins.   I spell out the rules for conduct in my blog.  Students are encouraged to be supportive of other students.  If they disagree, they are asked to simply state their opinion without putting other students down.  I closely and quickly monitor student interaction, especially in the first postings. 

Provide Personal and Supportive Feedback

Grading assignments is a good opportunity to provide personal feedback and to be supportive to your students.  Of course, include suggestions for improvement.  

3.        The first 2 weeks are critical.

Once your course has begun, pay particular attention to the first 2 weeks which are critical for student success and retention.  If students are on track the first 2 weeks, they are more likely to have fewer problems in the course and to successfully complete it.  By the end of the second week of school, all students must:

·         Log into the course management system.

·         Connect through the phone app, Remind, for text messages.

·         Introduce themselves on the blog.

·         Complete the online orientation. (See http://www.collegesuccess1.com/ScheduleFA14.htm)

·         Complete the first assignment.

I look at the first two weeks as a trial period where it is possible that students may not understand how the course works and the requirements. If any of the above items are missing, I follow up with students and allow them to make up the work without penalty. My follow up is quick and I am persistent. Students are then required to turn their work on time after the second week.

4.       Make it interactive. 

Students are more likely to stay interested in your course and finish it if it is interactive.  Think about ways in which you can encourage interactivity with the professor, other students, the textbook, the Internet and how you design your assignments. 

·         The blog encourages interaction between the professor and other students.

·         Text messages help remind students of assignments and how to stay on track. 

·         Select one of the new generations of textbooks that are interactive as well as online.  To see a sample of an interactive online textbook, take a look at this short video demo of CollegeScope, the interactive online text used in my course. For more information on CollegeScope, go to:  http://www.collegesuccess1.com/CollegeScope.htm

·         Design assignments that make use of the Internet and encourage critical and creative thinking.  

Many of the followers of this blog use my interactive online textbook, CollegeScope.  Here are a few reminders to get started with CollegeScope at the beginning of the semester:

·         Delete your students from the previous semester.

·         Delete your previous groups and set up groups or classes for the new semester.  In this way, when students register for CollegeScope, their accounts will appear under “My Students.”

·         Have students register for CollegeScope the week before class begins.  Registration is free. Students do not pay until they begin Chapter 2.

·         Compare your class roster with “My Students.”  If any are missing, use the search function to locate them and add them to your account. 

Does this seem like a lot of work?  It is more work in the beginning and less once you have passed the first two week critical period.  All your hard work will pay off when your course is running smoothly and students are enjoying and benefiting from the course.  Keep in mind that how you begin is how you will end, so invest your time at the beginning of the course to make it the best it can be.  I wish you much success as you teach your online course.