Book Review and Summary: It's the Student, Not the College by Kristin White
"No man should escape our universities without knowing how little he knows."
This month’s book is all about college since October is FAFSA month. I wish I had the foresight to read about the college admission process when I was applying to college way back in the early 2000s. Back then, the internet was still very new so it wasn’t the place for information as it is now. While it’s been over 15 years since I’ve graduated from college, college continues to be lauded as needed and necessary to advance your financial well being and while it’s true that college grads make more in the long-run than those with only a high-school diploma, but college now comes with high costs which lead to high debt and its not as academically rigorous as before making it ever more difficult to justify its costs and importance.
This book, It’s the Student, Not the College, by Kristin M. White, an educational consultant is a well-thought out book on the realities of college, of the college admission process, the future of college and what students should do in order to fully become successful in college and all future endeavors. Tons of great resources in this book, which is why it’s part of the Book of the Month series. Highly recommend for parents and students. While there are certain sections specifically geared for the parent and some for the student, reading it as whole provides good context on what both parties need to understand and must do to ensure both parents and students find college success without going broke or crazy. I’ll break down a few of the sections to give you a sense of what’s in it, but for $10, this book will probably be the best investment you will make for yourself and your child.
College Myths: Selective colleges are inherently better
“Attending an elite college has very little impact on a student’s career success, future earnings or well being.”
Research has shown that selective colleges aren’t inherently better. There’s two reasons for this. The first is that “Students who attend elite colleges may be likely to have higher earnings regardless of where they attend college for the same reasons that they were admitted to the selective colleges in the first place.” Elite colleges like the Ivy Leagues don’t necessarily make successful workers, instead they collect successful students. The same qualities that will allow you to get accepted into an elite college can also be the same qualities that will you to succeed in an elite college.
The second reason is that a selective college may look selective on paper. Remember that college is a business - for profit institutions. Many colleges pay to market their own institution. Many buy data to specifically microtarget students that would have a higher chance of applying. Colleges may also waive the application fee or join the Common Application thus increasing the number of applications. The more students that apply the better. They can then reject majority of the applicants, get a low acceptance rate making them seem very selective.
In a paper by Krueger and Dale - Estimating the Payoff to Attending a More Selective College, they found “that students who attended more selective colleges do not earn more than other students who were accepted and rejected by comparable schools but attended less selective colleges. However, the average tuition charged by the school is significantly related to the students' subsequent earnings. Indeed, we find a substantial internal rate of return from attending a more costly college. Lastly, the payoff to attending an elite college appears to be greater for students from more disadvantaged family backgrounds.”
Realities of College Life Today
White also goes on to describe that today’s college isn’t what it was a few years back. She lists the following realities that is contributing to a different college experience than before.
Decline in student engagement
Lack of academic progress
Academic Dishonesty
Social stress
Mental health and depression on campus
Sexual assaults
Alcohol abuse
Financial distress
Post-graduation woes
There’s also the leisure culture of college, which I remember all too well. Students can sleep til noon, skip class, play video games all day long, dine at the hall stocked with your favorite foods and then dance/drink the night away. This means a whole day without learning a single new thing. “…for many students, college is one long, expensive vacation from which they gain very little…” This is very much a reality of the American college experience.
I’ve just recently visited my alma mater, Rutgers University - New Brunswick, and marveled at the new, high-end building they’ve constructed. The new dorms looked like luxury apartment buildings with anything and everything on site…and the price tag to match. In-state on-campus tuition is $28,482. That’s pretty hefty for a public university. With no scholarships or grants or savings, a student and parent could be looking at over $100K in loans. Imagine that loan payment on an income of less than $50K a year. That’s a hard life.
Success Profile
In the book, It’s the Student, Not the College, White offers the “Success Profile” which is a set of personal qualities that lead people to great success: grit, curiosity, “growth mindset”, proactive attitude, and leadership to name a few. This is where the student reading this book needs to take notes and take action. It’s no longer enough to have the highest SAT score or GPA, a student that shows potential and interest in what they are learning early on will find more success and happiness in the long-run.
Take for instance, Neil DeGrasse Tyson. He has admitted that he was not the best student if that criteria was based on grades alone, but his willingness to pursue other learning opportunities is what made him love to learn and study. You can learn more about how Tyson got into astronomy over at Tim Ferris Blog/Podcast.
As a student, your grades likely aren’t as important as you believe them to be
“What matters is: Are you a good problem solver? Are you moral? Are you a hard worker? Are you a good leader? Do you have insights into the field? These are the questions that matter.” —Neil deGrasse Tyson
Instead of focusing on grades, pursue your interests with extracurricular activities
As a parent, do your best to realize and encourage this
Remember that college represents just 4 years of coursework in an area of interest. Work to instill long lasting skills that you can take with you to various roles, companies, passions, etc. Learn to build skills in problem solving, critical thinking, networking and communication. The world of work and learning is constantly changing, those who can adapt well to it will be better equipped to handle the change and find success in it.
Future of Education
White also does a great job covering the future of education. We absolutely cannot continue down this path of increasing college tuition with stagnating wages. It doesn’t make sense. She offers that education will change and will have to change with the latest internet technology. Online education is now gaining more traction, more accreditation and over time generating students that are as well educated and versed than those that step on campus. Online learning portals such as Khan Academy or Stanford Online allow you access to some of the best teachers and professors at a much lower cost than a private tutor or enrollment in a college program. The future of education could be remote and on a per class basis allowing anyone access to great education anywhere without the need to accrue major debt.
I’m also a big fan of online classes like Treehouse, General Assembly, Udemy, Pluralsight, or “Google” ‘coding academy’ for quick learning. Coding academies are great for those that want to jump right into learning a very useful technical skill. Perhaps, you don’t need the bells and whistles of an on-campus experience so consider tapping into these focused programs.
It’s also important to note that college may not be the right path for everyone. Many people sometimes pursue a degree, incur some debt and not finish a degree, a double whammy. Look into other ways of supporting what interests you. Take for example the Thiel Fellowship, which gives young people $100K and 2 years to build something great instead of sitting in a classroom. For those with a unique idea and the ability to put it into action, it could be a worthwhile learning experience. After doing so, you can still go back to school, but this time in your own terms.
Helpful Resources
Even if you don’t end up reading the book word for word, it’s worth picking up for the action worksheets the author provides for the student to build their own Success Profile. The back of the book also provides LOTS of resources, websites, awards, honors and unique experiences for a student to apply and take part in. Having one of these in your resume will not only allow you to stand out amongst a see of applicants, but will provide an experience that can be parlayed into future achievements.
When selecting a college, it’s important that both students and parents find one that fits the student’s learning style, his/her academic goals, his/her economic capabilities and the lifestyle and campus culture that will allow them to thrive. It’s scary to know that many students will leave 4 years of college without learning much, be in thousands of dollars in debt and will face a job market with stagnating wages. It’s time that we all wake up from the dream.
Before also applying to the school that is listed in the Top 10 Lists, it’s important that students also understand the ROI (Return on Investment) of their chosen school. Doing so can allow a student to carefully choose the right school and major. PayScale publishes a College Value Report each year if you want to take a look if your chosen school will provide you the necessary returns on your investment. Here’s the 2019 list.
PayScale 2018 College ROI Report - BEST VALUE COLLEGES
It’s never too early to start saving for college. Here’s my reason for why I started a 529 Account even before having kids.
Read this if you want alternative ways to pay for college and reduce student loan debt.
If you also think student loan deductions will save you, think again.
And if you or your student aren’t sure what to study yet, then check out the video below to find a career that pays.
Book Review and Summary: It's the Student, Not the College by Kristin White
