Forget Harvard and a 4-Year Degree, You Can Make More as a Plumber in the Long Run, Says Prof. Kotlikoff

Mr. Kotlikoff is probably correct that a plumber may earn more in hard dollar income since he/she won't be burdened with student loan debt. However, this analysis ignores the physical cost. Working as a plumber can be very physically demanding and expose you to accidents with tools as well as the hazards of being in construction sites. Many, perhaps most, jobs requiring a college education don't have these issues. This doesn't matter much when you're 25, but it will matter a great deal when you're 55 and even more beyond that. I'm not saying that there's anything wrong with being a plumber, because we need them for sure. It's just that one should consider the big picture before choosing which direction to take.

My father did both, plumber with a college degree from U of Penn;
of course, that Penn degree was more cost effective in 1950.

Give a person a one/two year, intensive academic boot-camp, intensive (equiv to 60/120 units) science and liberal arts curriculum, where the graduate can be able to read grad level literature in every field, so they can then truly be lifelong learners in every field, college might actually be worth it. We just have to cut the useless sports/social/beer&circus activities. I have a business admin accounting degree, a subject I could have learned on my own through CPA prep guides. What I really would have loved to learn is a base knowledge that allows me to learn about other specialties. Specifically, this would involve instructing the prospective student in vocabulary and conceptual skills to be able to learn such specialties involving things such as programming languages, financial engineering literature (advanced math background), online detailed medical and pharmaceutical literature (chemistry, especially organic chem/physiology/biology), cutting edge engineering articles (math and physics) and human cultural world (a mega history/philosophy/aesthetics combo course). I think the service academies come closest to this, since, for instance, an English Lit major is still required to take calculus, calculus based physics, chemistry, and basic engineering courses. Not sure their biological science requirements. I think ultimately I'm leading to the idea of science, in part, as being an essential liberal art. The next issue, if this can be accomplished, is how one might squeeze this to two years. It could be done.

Loans, Loans, Loans thats what's killing todays society.

There are several ways in saving a ton of money when it comes to college education; first, take all lower division courses from a Jr. College who also will have a good transfer option to the Higher Education Colleges a person wants to attend to. Do not waste your time lolly gagging once inside a HIgher Education system; know what you want, your direction, purpose, and career choices. Take the appropriate courses, stay in touch with a counselor, and get the heck out of there as fast, but as successful as possible.(Most majors should only take a total of 4-5 years on AVERAGE to complete). If having to get a loan; know all the possible options as well as interests,etc and borrow ONLY THE AMOUNT YOUR NEED for College Education.(Not for other expenses!!). A lot of people don't believe that education is a beneficial aspect in life, but I believe else wise; Not only does it help a person to receive a better paying job in the long runof their future, but it also helps to construct better persons when it comes to being a well rounded person who is knowledgeable and is able to discuss on diverse topics with the showing of somekind of educational background, not by gossip or any other way of cheating to get to the top. Some careers from college education may not pay like that of a famous rock star or model, but if you compare the intellect level and conversational pieces between one who has gone to school vs. the other has not; anyone will see a big difference when it comes to MIND set and knowledge.

I think a huge factor is how exactly you are paying for your education. I went to community college for 2 years (even tho I had a 3.7, 30 ACT in high school) and then transferred to Michigan State University. The money that I made while going to community college (which was extremely easy) was used to pay for my time at Michigan State. Next May I will have a degree in Nutritional Sciences and then I will head back home to get a masters from Oakland University in Public Administration while working again. In the end i will have a Masters, be 24, and be free of debt. On another note, I really did consider joining the Coast Guard for a 20 year career and retiring with that huge pension. The Coast Guard is great if you enjoy that line of work and lifestyle.

I have masters degrees and a fairly successful career. My advice to a young person now would be to become the best they can be in one of the trades. People will always need plumbers for examle and if you are the best you will never need to worry about making a living.

Anyway,we all know that education is expensive but ignorance can only be eradicated by it.As matter of fact the degree course or discipline does not determined success in life,so therefore we can not conclude that people that studies arts related discipline in an expensive school actually waste their investment.it only chance that happened to been successful life.

Some degrees and universities are good investments, and some are not. Studying engineering, computer science or nursing at a state school, for example, are all good investments. Studying art history at an expensive private school is not a good investment Of course, some may think it's personally worth it, if they enjoy it enough, but in this article this economist is strictly discussing the financial investment of higher education.

I finished my Bachelor's Degree a year ago, and still no job. 40k in loans for what? I don't speak fluent Spanish, so my degree means nothing.