Which nets the higher salary: a cybersecurity degree from a public school, or a humanities degree from Harvard?
The college-admissions scandal — which led to a 14-day prison sentence for actress Felicity Huffman — exposed a group of wealthy parents’ obsession with getting their kids into the “right” school. Prosecutors say the families paid bribes, faked test results and pretended their kids were athletes to get them into selective colleges.
In reality, the colleges your kids attend matter far less than the majors they choose, and multiple studies have shown elite schools don’t offer any extra payoff for most graduates. Inflated expectations can even lead to worse outcomes, including higher dropout rates. Looking at 2017 data, Pew Research Center counted just 46 schools with admission rates under 20%. Only 17 schools had single-digit admission rates. By contrast, 80% of the 1,364 colleges and universities Pew studied admitted half or more of those who applied. And 53% admitted at least two-thirds of their applicants.
Selective doesn’t mean better outcomes Elite schools don’t produce happier or more successful people. A 2014 study of nearly 30,000 college graduates found no correlation between a college’s admissions rate and future job satisfaction or well-being. Earlier studies by the late Alan Krueger of Princeton and Stacy Dale at Mathematica Policy Research found students who were admitted to highly selective colleges but who attended schools elsewhere usually did just as well financially.
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