Money Versus Rankings
It is that week, the week that deposits are due. What choice should a parent make? This biggest problem for most of the families I work with is cost over rankings. Most families really want to go to that school they have heard of, that they have friends, or a colleague from. However, as a counselor I would always suggest making a sound financial decision over attending a ranked school for a number of reasons.
First, money is really and ultimately the most important thing we need to get a university degree. When I talk to parents their biggest worry is that their child will find a great job and be secure in the future. No parent has ever told me that they want to go to a college because they can brag to their friends about it or that they feel admiration from others because their child went there. They go because they worry about job security. A quick use of the Georgetown University Rankings based on return on investment would quickly show you that US News rankings aren’t ranking schools based on future income levels.
Second, and related to the first is that liberal arts schools, on average, produce higher future income. A 2014 study by Georgetown University Center for Education and Workforce found that graduates from liberal arts schools had higher lifetime earnings than those that attended other types of schools. A similar study in 2016 by Vanderbilt University reported higher job satisfaction and a higher likelihood of finding meaningful work from those who graduated from liberal arts schools versus other types of schools.
Third, students getting into the best graduate schools statistically come from liberal arts colleges. A study published by the journal Research in Higher Education in 2015 found that liberal arts schools and students who studied at liberal arts schools disproportionately attend top graduate schools and PhD programs over their counterparts who attended large public universities.
Fourth, there have been several studies done showing that smaller, lesser known schools provide more personalized and supportive help to students than do large public or private research institutions. For example, a study published in the Journal of College Student Development in 2016 found that smaller institutions had a higher engagement and mentoring rate then larger institutions. Another study published by the Journal of Higher Education in 2017 found that students in smaller colleges and universities were more likely to engage in high impact educational experiences such as undergraduate research and community service which have been proven to enhance student learning outcomes.
So when thinking through rankings versus cost my answer is almost always pick value over reputation. As long as you are attending a college or university ranked somewhere in the top 10% of US and Canadian Colleges and Universities you are going to be fine. In fact, as you can see from the multiple studies above you are actually getting a better educational experience that will produce better future income for your child. Ultimately, each family must make their own choice based on their and their child’s specific needs. However, it is very hard statistically to convince me that ranked schools produce better outcomes than high quality but slightly lower ranked one’s do. Again, really find the place that your child will thrive, find the friends and support they need in an environment that they like. This is the most important thing you can do for your child. So when making your deposit decisions today don’t let fear and emotions dictate your decision but make the statistically and scientifically sound choice.
Famous Alumni
Larry Sanger, Co-Founder of Wikipedia is a graduate of Philosophy in 1991 from Reed College in Portland, Oregon. Larry went on to receive his Masters and PhD degrees in Philosophy from Ohio State University. Wikipedia is one of the most important and widely used research tools in the world today.
