Government Releases 'College Scorecard' Ranking Schools on Loan Debt

Art school grads have it the worst, data shows

Even critics of government intervention can concede that the state may occasionally act as a useful information clearinghouse. With that said, the Department of Education has released its "College Scorecard," with the aim of informing would-be students of the average debt levels, graduation rates and loan default numbers for thousands of campuses nationwide.

One non-surprising outcome is that arts-centric schools saddle students with the most post-graduation debt, reports the Wall Street Journal:

"Median debt loads at schools specializing in art, music and design average $21,576," the report states, "which works out to a loan payment of about $248 a month."

As for surprising findings, see this: the highest average debt load went to an arts school in Nebraska, and not the trendy mecca of New York City where you'd expect it (though the #2 slot did in fact go to a Manhattan music college). Attendance at the Creative Center in Omaha came with the hefty price tag of $52,035 for students earning a bachelor's in fine arts.

The American Interest's Walter Russell Mead gives his take on the importance of the College Scorecard:

For years, schools have been able to raise tuition while expecting students to take on more and more loans, and hard facts about the value of various degrees were difficult to come by. The Scorecard should help prospective students weigh the merits of various schools, and put more pressure on schools to compete on the price of their degrees.

Via the Wall Street Journal and the American Interest.

Will the "College Scorecard" help bring down the price of college?

[bsking]

If you're going to be considering debt load vs employment rate of graduates you might as well just go to truck driver school

[jaybebo84]

Don't think I haven't thought about that a few times...those could be the most profitable jobs in the future...stuff has to get from point A to point B...trains are another option...

[culinary]

Schools contine to raise and raise tuition. Students continue to get loans to cever it because they have no choice. Its a heartbreaking, backbreaking, never ending cycle.

[JoinCCA]

I'm all for following your dreams, but college students need to understand what degree they are getting and how realistic it will be when they enter the workforce. The scorecard could potentially do good. Trying to tell a college student they can't get a degree in something they are passionate about, is a battle not won easily.

[Tralee]

Not easily won, but at least they would be taking on massive debt with information. Too many designer degrees out there, cost a bundle, but basically worthless toward a career. They spend all that money, take out all those loans and basically know no more than they did when they left HS. But, they probably had a very nice time. We paid for our kids school, no problem since we did the insurance thing when they were born, but we definitely had a say in just what major and minor they took. No basket weaving, no Female Studies, etc.

[LGRepublican]

@Tralee I just had this very conversation not to long ago. The best thing that can come out of this is that parents and their children will sit down and have a SERIOUS discussion about where to go and what to study before enrolling. The days of getting that Art degree and going about life are over. If a kid is that passionate about art, tell them to get a degree in one of the health, science, or business fields and after they have a job, they can pursue their love of art as a side job or hobby.

[JoinCCA]

@Tralee I agree! I think many college kids just don't want to put in the work to learn "boring" subjects. When I was in college I hated my accounting class and loved my elective history of rock n roll class. I always had the, when am I ever going to use this mentality. I was/am an artist, but knew my chances were small to make it with an arts degree. Changed my major to business and now I have a great job and able to support my family. Not everyone has realistic way of thinking. Laying the information out and letting them choose is great. But they will complain after graduation saying they can't find a job because they have no skills and a worthless degree. Blaming everyone but themselves.

[LGRepublican]

I think some of those kids need to be reminded that passion and a buck will get you a cup of coffee......

[martydotcom]

You can handle you passion and dreams as a minor or independent study. There are no jobs for Art History, Philosophy, English Lit, etc. majors. These courses of study are a luxury, a finishing school, a way to loll away 4 years for the trust fund kids only.
Want to land a job: If you like languages lean Mandarin with a math or comp sci minor, Like arts:? take computer sci. with an emphasis on graphic design.
not those anticipating the need to earn an income. Like metal work scupture etc, take Metallurgy, Materials Sci., but learn how to weld.
College must be viewed these days as a training school for the workforce and anyone not studying the demands of the workforce is just indulging their fantasy and can anticipate nothing but debt upon graduation with little chance of obtaining employ

[Gtiallday]

That's why chose to not go to college after high school. It was pretty simple decision, 30,000 dollars in debt with horrible job chances after schooling or work hard and make triple that amount by the time my friends graduate.

[Antony]

Horrible job chances? It would entirely depend on the degree you have chose. I am $20k in debt at half a year from graduation, but I have several $60k+ a year employers willing to hire me on graduation. I will not use my new income as a shopping spree. I will pay off my loans immediately, then live relatively comfortably for the rest of my life.$30k in debt over a life time isn't bad at all.

[Gtiallday]

@Antony Yes, I completely agree it all depends on your degree, but with the percentage of college graduates that can't find a job in their field, I'd be hesitant to go into 20k-30k debt.

[Gtiallday]

@Antony Yes, I completely agree it all depends on your degree, but with the percentage of college graduates that can't find a job in their field, I'd be hesitant to go into 20k-30k debt.

[thatgirl]

...and a decade from now, some are going to wonder where all the doctors, etc are.

[justapirate]

That's what we needed. Put it out there for the world to see. Enough of the sugar coating. I ain't got enough thumbs for the thumb ups I wanna give that report.

[MarkJM]

It won't do a thing to bring down college prices. And there will still be idiots out there who will choose (yes choose) to pick a major that will have no relevance in the real world.

[DerivePI]

Parents should require their kids to perform an economic analysis prior to going to college. The analysis should consider:
- How much will a degree cost (all four+ years tuition, room and board, misc...)
- How much will you make in your field (average starting salary in field x (1-unemployment rate for field and age))
- How much of what you make can you expect to put towards paying down your debt
- Debt financing costs (7%+/-)
- List of things you will be putting on hold due to debt

Consider a base line study of what can be done without a college education.

[DrNickels]

We need to refine our education process. Cut out the fluff of the liberal arts degree. Streamline courses. If you want a pre-med degree you shouldn't have to take courses like environmental geography, Greek history, Japanese language and culture, etc. to get your degree. I completed 3 degrees in undergrad. It took me a little over 5 years. I could have done it in 4 if I didn't have to take such courses as those listed above.

Also if they keep pushing socialized medicine. The only way we can cut costs and keep the same quality of education is we do fast track programs. If someone has the grades and the drive then they should be admitted to a pre-med fast track program like some schools do for pharmacy. You would take 3 years of undergrad courses and your 2 years medical school with a 1 year rotation and be finished with your medical degree in 6 years. They do this with pharmacy and you can become a nurse practitioner in 3 year fast track programs.

In most other countries you do not have an undergraduate education requirement before you are admitted to medical school. So they have less debt and more focused education.

[MongoAPillager]

i agree,my wife was attending college to study for nursing,she was required to take to courses in algebra,something she has not used in 10 years of nursing!!none of her peers have found a use for it on or off the job,there were also some other prerequisite courses forget what at the moment,,,there are required for one reason $$$$

[AntiPorcheria]

College tuition will remain high as long as they maintain focus on athletics over academia.

[Hoosierdaddy]

Not unless the government cut down on student aid, which would force schools to lower tuition rates. Or at least make you apply for student aid based in the merit of your studies

[Tralee]

I think it's a good idea and I would also like to see a ranking of not just schools, but MAJORS! It has been made very clear that a degree in "Gender Studies" "Art History" "Fundamentals of Exercise", the "Art of Dance" and other designer studies lead to absolutely nothing, these kids paid a bundle of $$$$ and graduated with a nice GPA and no skills worth hiring. Truth is advertising and more college counselors to steer these kids to marketable majors. If you graduate with a degree in History, ALL you can do is go to grad school. Period.

[whataGOVwehave]

Don't bring down the price for school, RAISE THE EMPLOYMENT RATE FOR GRADUATES.

[Bobolinsky]

Whatever you do Americans... Don't pay attention to the similarities between the Big Ed Bubble and the Housing Bubble... In fact... Who said anything about a Higher Ed Bubble? Forget I said anything.

[HughAkston]

The only way to reduce the cost of a college education is to reduce the number of grants and reduce the ability to get student loans. Could you imagine the price of a car if you could get obtain car grants and a guaranteed car loan? Colleges need to shed silly courses and degree programs such as gender studies and get back to their original focus, educating people in programs that produce value such as engineering or medicine. Salaries for some professors are absurd. The soon to be Senior Senator from Massachusetts, Elizabeth Warren, received $350,000 for teaching one course. The only way to bring college education costs back to reality is to reduce or eliminate grants and student loans.

[lochlomond]

Financial aid, which is also misleadingly called "scholarships" is almost entirely based on income. When I was still teaching, I witnessed the dismay of students who were ranked in the top 10% of their classes, stellar SAT's and impressive resumes when they learned that their academic scholarships were "honoriums" of perhaps $1000 because their parents income made them ineligible for more substantial recognition. Many chose cheaper options, staying home, attending two year schools and then transferring. The cog in the wheel here is that not all classes are transferable due to individual university requirements and the students end up paying for a five year bachelor's degree at much the same cost as that which they tried to avoid. Their parents are also expected to borrow through PLUS loans which wreak havoc on.the family budget for years to come. We have just finished paying back the $47,000 that we borrowed between 1998 and 2002. Our older child still owes but she also obtained a master's degree which was to her benefit in terms of career advancement and salary. The younger one has an associate's degree then entered an apprenticeship with the building trades. He is a journeyman now, has paid back his loans. He is in better financial shape than many of his friends who are underemployed and struggling to pay back their loans. The reason the repayment os school loans is becoming a serious matter is that there is an overabundance of college graduates and a shrinking pool of jobs commensurate with their educations. Earning a bachelor's degree today is the equivalent of graduating from high school fifty years ago. A former student of mine, an African American, quit a four year school where he had been recruited to play basketball at a D-2 school which did not give athletic scholarships. He took a job as an orderly in a hospital specializing in rehabilitation for people with motor difficulties. His supervisors recommended that he earn a CNA in their career program. Upon achieving his certification, he was recommended for the LPN program. After he was licensed, he was referred to the RN program at the local extension of the state university. I met him when a family member was recovering from a fall. He had just been "capped" and was the happiest kid I'd seen in a long time. It was always obvious that he had an uplifting cheerful personality and he found a path that was uniquely perfect for him. My recommendation for students entering college today to look long and hard at costs, likelihood of remunerative employment and potential and cheaper alternatives.

[Knight80]

If you want to lower the cost of college, then quit making students take classes that are useless. My son who is getting a political science/homeland security major and minor took golfing as a class just to fulfill a requirement. He went and played 3 holes at a par three golf course twice a week for class. Really!????? I myself had to take a psychology class for a degree in CADD. WHY? Stuff like this is what drives the cost of college up.

[jaybebo84]

I believe most colleges at least require three hours of physical education credit to complete their degree program...but I could be mistaken...

[Knight80]

@jaybebo84 I am not saying that. I'm saying that classes that don't have anything to do with your major are a cost that is not necessary. He goes and plays for free on his own so why should he (or I) have to pay the University for something like this?

[seedtick]

As long as the government backs these loans the price of a college education will rise because they know kids will pay it....with someone else's money...and the government will foot the bill when they don't pay it back.

[Chromalord]

we never were a nation of much culture to begin with, even in times when we used to be the most solvent. Seriously, what are currently know around the world as these days in this respect? Hip hop and Fast Food. Art and music is not nearly as respected here as it is in other countries.
You rip off a song here, and its only going to pay the winner the money that was earned by the scam. In most of Europe, you'd got to prison for the same offense. The a-hole who created Napster got a fine and that was it. And why? Older and more homogenized countries understand the importance of the roll art plays in their society. But not here. We are eliminating it from our schools, and forcing structure, control, and conformity onto developing and creative young minds. Its one of the saddest tragedies I can think of in terms of waste and lost potential. As a result we are getting much higher drop out rates, and students less interested in learning. The brain is a muscle too and for it to develop the best is to expose it to variety, just like a bodybuilder does. If you only work out the same way everyday, the results are never as good as the ones where the routines are mixed up. Change is essential in all growth facets of life.

[JGaltAS]

If we really want to be serious about student loan debt we would stop issuing student loans. Student loans and other forms of "aid" are what is driving up the cost of tuitions. Since the prices are based on how much a student can borrow and not what the student and their parents can afford to pay in installments out of pocket the costs will continue to rise.

I'm not anti college but too many parents and students are way too naive thinking college is the best solution to ensure financial security. It is for some but others would be better off learning a trade or some type of vocational skill. Unfortunately there is a stigma that those programs are inferior to college when it couldn't be further from the truth.