By Aman Singh
Our higher education degree often defines our sense of self, just like the house we live in, the clothes we wear, and the car
But does the world’s #1 college have to be our #1? No. Because just like our clothes and our car, education has transformed into a consumer product. As Sajay Samuel, Professor at Penn State University, aptly pointed out in his 2016 TED Talk, “Education is now viewed as an investment, a product one can purchase to enhance one’s human capital.”
So, how should students and parents navigate this consumer-driven education landscape? Samuel proposes treating higher education as any other consumer product. When individuals invest in education, they should demand transparency and clarity on what they are paying for. Just like buying medicines comes with a list of side effects, purchasing higher education should entail a warning label, empowering consumers to make informed choices.
Replace Rankings with ROI
The allure of prestigious names may be strong, but blindly following the crowd can lead to unwanted consequences. The first and most important criteria for shortlisting your dream colleges should be Return on Investment. Choosing a #1 college in the hopes of a high-paying job could land you in a debt trap. In fact the value of Rankings is fast depleting even for the universities themselves.
Last year even an Ivy League like Yale Law School that consistently bagged the top spot in the U.S. News & World Report Ranking called out its tyranny by deciding to withdraw. Dean Heather K. Gerken issued a statement saying, “U.S. News rankings are profoundly flawed — they disincentivize programs that support public interest careers, champion need-based aid, and welcome working-class students into the profession.” Following this, 13 other top schools also withdrew.
Recognize that the value of education extends beyond the prestige of a brand. Relevant skills and practical knowledge are increasingly valued by employers. Look beyond rankings to identify programs that align with your interests and career aspirations.
Use Data-Driven Decision Making and Leverage Community Insights
Use data and information to research and make choices based on why you want to pursue a Master’s, your academic profile, and your financial profile. It’s essential to align your educational investment with your long-term goals.
Poorly made choices of college education, coupled with rising tuition costs has led to a student loan crisis in the US. Latest data from the U.S. Department of Education shows that Americans owe $1.78 Trillion in student loans, second only to mortgage debts.
A public university in the US for instance may give you a better return than a private university because they do more teaching than research and rankings could carry a disproportionate weight on research.
A great way to get relevant data is to engage with existing students and alumni. This can give you valuable insights into the university’s culture, support systems, and the real-world applicability of the education provided. This community-driven knowledge can offer a more authentic perspective than glossy brochures or rankings.
While education was once seen as the great equalizer, it has now become a potent generator of a caste society and club culture. It’s crucial to break free from the constraints of a caste society perpetuated by academic distinctions.
Higher education should be a tool for empowerment, not a contributor to societal divides. By treating education as a consumer product, demanding transparency, and making choices based on individual goals, we can redefine the narrative and ensure that the pursuit of knowledge remains a catalyst for equal opportunity and personal growth.
(Author is Co-founder and CEO, Gradright)