The Larger Issue in the College Scandal
The recent indictment alleges crazy stunts — like having a stand-in take a college entrance exam, large bribes to coaches and faculty, and even photo-doctoring to paste a student's head onto the body of an athlete! But the prestige of the college you attend may not matter at all! Take a look at the qoute below from a recent Wall Street Journal Article:
"We’re told ad nauseam that college is the key to success. Is it any wonder that some parents broke the law to get their child into the best? And yet from an economic standpoint, this makes no sense.
The evidence shows that a college degree delivers a large and sustained income premium over a high school diploma, but a selective college doesn’t make the premium bigger.
There are exceptions, but most people who prosper after graduating from such a college would likely have prospered if they had attended a less prestigious institution as well." Wall Street Journal
Added 03/20/2019 by Jason Siperstein, CFA, CFP®