Tuesday, February 24, 2009

Ivy League Dreams Shattered (Because of Economy)



http://www.cnn.com/video/#/video/us/2009/02/24/am.carroll.affording.college.cnn

They even do a tuition comparison with Columbia.

I feel bad for these kids, but there's good to come of this: smarter people will go to good state schools, and this in turn will make state schools a better value. The difference between good and bad schools isn't what's taught. The difference is in how motivated students are. Most schools more or less use the same small set of text-books for undergraduate classes. The distribution of geniuses is what changes from school to school. If more geniuses land in state schools over the short-run, the value in state schools will increase over the short run. (I say the short-run because, theoretically, the Ivies will always be in a position to make their pricing more competitive.) The real issue at the moment will be trying to find the ideal state school that offers the most bang for the buck and isn't destroyed by state government budget problems.

Plus, there's always the old argument that the undergraduate school doesn't matter as much anymore anyway. Undergrad education usually offers little to no edge in the marketplace for specialized skills.

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