Last week the website www.policymic.com published an article titled, “These 10 Colleges Are the Biggest Waste of Tuition Money in the U.S.” Their source of data for the post was from www.payscale.com, which used self-reported salary information from alumni and calculated it with the overall four-year, face-value tuition cost of a particular college or university through 2013.
Plug in the numbers, hit compute, and you get your list. A couple Indiana institutions performed quite well with that method. Rose Hulman in Terre Haute, for instance, ranked No. 7 for best return value based on tuition paid (2013 levels) and projected salary earned over the next 20 years. The University of Notre Dame, just up the road in South Bend, ranked 52nd.
HERE IN THE MAPLE CITY, the calculation wasn’t very flattering as Goshen College ranked No. 1,304, or ninth from the bottom. According to the www.payscale.com data, a 2013 graduate would have paid $154,800 for his or her Goshen College degree. The estimated value of that degree over 20 years would be negative-$87,500 for an annual return on investment of minus-4 percent.
We have no real clue on how accurate these numbers and conclusions might be. We really don’t care. From a simple eyeballing standpoint, the process seems flawed to us. Financial aid doesn’t appear to be taken into consideration. Nor does inflation. It’s hard to image those who self-reported salary income actually paid nearly $155,000 for their degree from GC, as the list suggests.
Now, we don’t know too much about www.policymic.com, which seems to be well-built website. Other important articles posted there last week include, “What Superheroes Look Like in 14 Countries Around the World,” “9 Reasons Why Russell Brand Is the Perfect Children’s Book Author” and “Your Favorite Beer Doesn’t Even Exist Yet.”