James Altucher's 8 Alternatives to College
Posted Feb 08, 2011 08:00am EST by Aaron TaskIt's been nearly a year since Formula Capital's James Altucher discussed his theory on why sending your kids to college is a bad idea. The segment proved to be one of Tech Ticker's most popular...and controversial of 2010. (See: Rethinking College as Student-Loan Burdens Rise)
More recently, a report based on the book Academically Adrift: Limited Learning on College Campuses found that after two years of college, 45% of students learned little to nothing. After four years, 36% of students learned almost nothing. (See: Brain Drain: Most College Students Learn Next to Nothing, New Study Says.)
Meanwhile, the cost of college keeps rising -- 20 times the rate of inflation and much faster than say healthcare costs -- and student loan debt keeps growing. As of mid-2010, U.S. student loan debt totaled $850 billion vs. $828 billion for credit card debt, according to the Federal Reserve.
So with more people coming around to the idea that maybe Altucher is onto something (vs. being on something), the money manager and author is back with a follow-up: The 8 Alternatives to College:
In the accompanying video, Altucher "repartees" with Henry and me about his alternatives to college and addresses the most powerful thing working on behalf of higher education: The huge gap in employment between those with and without college degrees.
Meanwhile, the cost of college keeps rising -- 20 times the rate of inflation and much faster than say healthcare costs -- and student loan debt keeps growing. As of mid-2010, U.S. student loan debt totaled $850 billion vs. $828 billion for credit card debt, according to the Federal Reserve.
So with more people coming around to the idea that maybe Altucher is onto something (vs. being on something), the money manager and author is back with a follow-up: The 8 Alternatives to College:
- -- Start a business.
- -- Work for a charity.
- -- Travel the world.
- -- Create art.
- -- Master a sport.
- -- Master a game.
- -- Write a book.
- -- Make people laugh.
In the accompanying video, Altucher "repartees" with Henry and me about his alternatives to college and addresses the most powerful thing working on behalf of higher education: The huge gap in employment between those with and without college degrees.
Aaron Task is the host of Tech Ticker. You can follow him on Twitter at @atask or email him at altask@yahoo.com
With top-tier colleges charging as much as $50,000 per year, the idea that students may spend their first two years learning next-to-nothing is enough to make parents pause. How can you make that investment worthwhile? And does going to college really make you smarter?
It depends on what you study—and whether you study enough.
A "Room for Debate" discussion at the New York Times earlier this week tackled the issue, with several academics weighing in on whether college is worthwhile, and whether schools are dumbing down their curricula to appeal to more people. In their new book, "Academically Adrift," sociologists Richard Arum of New York University and Josipa Roksa of the University of Virginia found that 32 percent of the students they followed did not take "any courses with more than 40 pages of reading per week" in a typical semester, and half of the students didn't take any course in which they had to write more than 20 pages for the class." Using these criteria, they determined that 45 percent of college students make little academic progress during the first two years of a four-year degree.
Their research raises a few red flags. On the one hand: Is it any surprise that a public school system forced to "teach to the test" churns out students who are averse (or flat-out unable) to thinking analytically, learn on their own, or write a research paper? On the other: Does the number of pages read + the number of pages written = an accurate assessment of academic progress? A literature or history major, for instance, would have far more reading to do than a math major, but the math workload isn't lighter lifting just because it involves reading fewer pages per week.
And yet, the case for students learning less is a compelling one: A March 2010 report by two University of California researchers found that the amount of time students spend studying has dropped drastically over the past 40 years, from 40 hours a week in 1961 to 27 hours a week in 2003. One possible reason? Colleges are spending less of their budgets on instruction and more of it on recreation and student services, according to a July 2010 report by the Delta Cost Project. Most colleges are businesses after all, and the pressure to attract new students (and more money) is intense.
So, if colleges are focusing on building spa-like rec centers and luxury dorms instead of improving their academics, is a college education even worth the money anymore? Many academics and experts still think it is.
"Yes, college is worth the money—if you choose your classes wisely, take advantage of campus activities that teach you hands-on, transferable skills, and attend a school that gives you the strength and courage to focus on what you enjoy doing," says Steven Roy Goodman, an educational consultant and admissions strategist at Topcolleges.com.
"Going to college brings other important benefits, such as more developed analytical, numerical and communication skills, that will help you perform in the workplace and progress up the career ladder," agrees Danny Byrne, an undergraduate specialist and content manager for TopUniversities.com "College will introduce you to intelligent people from a huge range of backgrounds, and as your career progresses the value of this network of contacts may prove to be immeasurable."
Those types of things are difficult to assess in a survey or on a test, though. Which may be why so many educators and students take issue with the idea that college freshmen and sophomores are slacking off instead of studying.
"Even if a student enters college with no career goals, college is the best place to discover those goals," points out Robert Neuman, former Associate Dean for Academic Development in the College of Arts and Sciences at Milwaukee's Marquette University and the author of "Are You Really Ready for College: A College Dean’s 12 Secrets for Success." "The more education anyone has, the more advantages he or she will have in the job market."
Some point out that the skills you gain matter more than the degree you earn.
"For me, college is about a life experience," says Jim Joseph, president of independent marketing firm Lippe Taylor. "Is it vital to getting ahead? Not sure anymore. With entrepreneurialism at an new high, you just need a good idea and some determination to make a name for yourself. Or if you have a specific skill set, there are many ways to build and exploit that."
University of Florida graduate Candy Keane now runs a business ( Three Muses, a clothing store) that has nothing to do with her degree (in magazine journalism). But still, "I could not have done all that I have without what I learned from college," she says. "I learned graphic design, layout, photography, Photoshop, PR, writing, web design—all the things that I was able to use and build on to start my business myself."
So what courses should a college-bound kid take in order to make the most of his or her (or your) time and money? The experts and students we talked to suggested that all students take these types of classes, regardless of their majors or grad-school plans:
- Public speaking or acting
- Sales
- Marketing
- Public relations
- Entrepreneurship
- Computer programming, especially HTML
- Introduction to psychology
- Introduction to economics
- Communication/Writing
- Internships that offer hands-on experience in a field
"Yes, college is certainly worth the money!" says David Reynaldo, co-founder of College Zoom. "Had I not gone to college, I never would have found the network, inspiration, or know how to make my dream come true."
Top 10 Most Loved Schools
by Katy Hopkins
Thursday, January 27, 2011
Thursday, January 27, 2011
More alumni give money to these schools than to any other institutions.
College typically lasts just four years, but a student's ties to his or her alma mater endure much longer. Because alumni status lasts forever, applicants should take a moment to consider the level of satisfaction among graduates when selecting a school.
| More from USNews.com: • 25 Highest Application Fees • Which Colleges Get the Most Applications? • The Colleges That Made Them CEOs |
Alumni school spirit can manifest itself in many ways -- from sideline support at athletic events to networking with current students -- but a more objective gauge of enthusiasm is the percent of graduates who give money back to their school. Each year, U.S. News surveys more than 1,700 colleges and universities, which report the percent of alumni who made a recent financial donation, among numerous other data points.
Of the schools surveyed, 1,283 reported undergraduate alumni giving information for 2007-2008 and 2008-2009. (The rate published by U.S. News is an average of the two years.) The amount of alumni support varied greatly; the Webb Institute, which tops the list, reported that more than 70 percent of graduates donated some amount of money, while the University of Arkansas -- Fort Smith reported receiving a financial gift from just .1 percent of alumni. (Keep in mind that the size of a donation does not make a difference. An alum who donates $5 is counted the same as a graduate who gives $500.)
Donation rates tend to be much higher at private institutions. In fact, every school that made the top 10 list below is private. The public school with the greatest percent of gift-giving alumni, Virginia Military Institute, has the 56th highest percent of all public and private schools that reported the statistic. About 37 percent of their graduates donated money, the school reported.
Alumni donations do more than gauge school satisfaction; the funds can benefit current students, too. Money from alumni is often contributed to scholarship funds, athletic teams, student organizations, and new campus buildings. (Alumni can usually donate directly to the fund of their choice.) Alumni giving rates also account for 5 percent in the U.S. News Best Colleges 2011 rankings formula. Here are the schools that receive funding from the largest percentage of alumni, based on a two-year average:
| School Name | % of Alumni Gift-Givers | U.S. News Ranking & Category |
| Webb Institute | 70.9 | Unranked |
| Carleton College | 61.3 | 8, National Liberal Arts Colleges |
| Princeton University | 60.3 | 2, National Universities |
| Middlebury College | 60.1 | 4, National Liberal Arts Colleges |
| Amherst College | 59.5 | 2, National Liberal Arts Colleges |
| Williams College | 57.6 | 1, National Liberal Arts Colleges |
| Centre College | 56.7 | 47, National Liberal Arts Colleges |
| Indiana Institute of Technology | 55.1 | Unranked |
| Davidson College | 54 | 9, National Liberal Arts Colleges |
| Thomas Aquinas College | 52.5 | 71, National Liberal Arts Colleges |
Don't see your school in the top 10? Access the Premium Online Edition of the U.S. News 2011 College Guide to find alumni giving rates, complete rankings, and much more.
U.S. News surveyed more than 1,700 colleges and universities for our 2010 survey of undergraduate programs. Schools self-reported a myriad of data regarding their academic programs and the makeup of their student body, among other areas, making U.S. News's data the most accurate and detailed collection of college facts and figures of its kind. While U.S. News uses much of this survey data to rank schools for our annual Best Colleges rankings, the data can also be useful when examined on a smaller scale. U.S. News will now produce lists of data, separate from the overall rankings, meant to provide students and parents a means to find which schools excel, or have room to grow, in specific areas that are important to them. While the data comes from the schools themselves, these lists are not related to, and have no influence over, U.S. News's rankings of Best Colleges or Best Graduate Schools.
