Economists, as well as the public in general, have long debated the issue of whether or not it really matters where a student attends college. Statistics clearly cite the financial impact of attending, and graduating from, college as increasing one’s lifetime earnings by approximately $1 million. But there is often controversy as to the importance of an “elite” degree.
An article published this month in “The Atlantic” reports that parents in the U.S. currently spend about half a billion dollars each year on independent education consultants whom they hope will help their children gain admission to the country’s most elite institutions of higher learning. (This figure does not include money spent on SAT prep, private tutoring, or travel to visit colleges.) These parents are targeting the eight renowned Ivy League colleges/universities, as well as a handful of other extremely competitive schools, for their offspring.
After raising the question, “Does it really matter whether you attend an elite college?” the article’s author answers, “Of course it matters!” What’s the evidence? Reportedly, about 45 percent of America’s billionaires, and more than half of the individuals on Forbes’ list of most powerful people, attended colleges where the average SAT score of incoming freshmen was in the top one percentile.
Just this month, economists from three highly reputable institutions – University of Virginia, Tulane and Virginia Tech – published a study stating that a degree from an elite institution is particularly beneficial to women. The study cited that, for females, “attending a school with a 100-point higher average SAT scores increased earnings by 14 percent and reduced marriage by four percent.”
A study completed last year by economist Raj Chetty found that attending a highly selective school made a big difference in the lives of minority students and those whose parents did not have a college education. He stated that such students who graduated from Columbia University, or a school of that caliber, had a much higher chance of reaching the top one percent of income earners than those who graduated from an excellent public university, such as SUNY – Stony Brook in Long Island.
“The Atlantic” article concludes that the simplest answer to the question, “Do elite colleges matter?” is the answer “It depends who you are: elite colleges don’t seem to do much extra for rich white guys. But if you’re not rich, not white, or not a guy, the elite college effect is huge. It increases earnings for minorities and low income students, and it encourages women to delay marriage and work more.”
Susan Alaimo is the founder of SAT Smart. For the past 25 years, SAT Smart’s Ivy League educated tutors have prepared students for the PSAT, SAT, ACT, Subject Tests, AP courses, and all high school subjects. Visit www.SATsmart.com or call 908-369-5362.
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