I went to an elite university on fully paid financial aid.
I don’t think the university made me much wiser than I would had been at a less expensive public school. And I think I could have learned many things on my own based on my abilities at the time.
However, having a degree from an elite university is an effective signal that you made it through the filter of their college admissions process. This is what companies like to see.
Since those admissions were based on SAT and other metrics, the students they select are among the brightest and regardless of the quality of education, they will do well in the world. This reinforces the value of attending an elite university and feeds more competition for the spots. This is similar to a shoe company sponsoring an athlete. The custom shoe might be better than what the athlete had before and maybe they even provide training from world class coaches, but they’re not just sponsoring anyone. You’re not getting that shoe without already proving something.
My earnings have benefitted from the school network and at the price charged the network is probably still a net benefit for me, without accounting for the financial aid.
So overall, it’s a game, but worth playing. There’s likely a better system we could devise to signal intelligence and ability that didn’t rely on diplomas from 4 year schools. However, the network effects of colleges cannot be replaced in the same manner. For that we have to consider whether these effects are disadvantaging others and worth perpetuating.
No, it would not have beat the cost in my case. I did know others who got academic full scholarships to state schools but little financial aid to private colleges.
I don’t think the university made me much wiser than I would had been at a less expensive public school. And I think I could have learned many things on my own based on my abilities at the time.
However, having a degree from an elite university is an effective signal that you made it through the filter of their college admissions process. This is what companies like to see.
Since those admissions were based on SAT and other metrics, the students they select are among the brightest and regardless of the quality of education, they will do well in the world. This reinforces the value of attending an elite university and feeds more competition for the spots. This is similar to a shoe company sponsoring an athlete. The custom shoe might be better than what the athlete had before and maybe they even provide training from world class coaches, but they’re not just sponsoring anyone. You’re not getting that shoe without already proving something.
My earnings have benefitted from the school network and at the price charged the network is probably still a net benefit for me, without accounting for the financial aid.
So overall, it’s a game, but worth playing. There’s likely a better system we could devise to signal intelligence and ability that didn’t rely on diplomas from 4 year schools. However, the network effects of colleges cannot be replaced in the same manner. For that we have to consider whether these effects are disadvantaging others and worth perpetuating.