Wait, was I serious about this one? Yeah, more or less. If I were advising a friend’s son or daughter facing Decision Day, I’d tell them to pass on the Ivy League and go to a high-quality state school instead under some conditions. Let me articulate some exceptions:
- If the student’s identity were deeply tied up into being a Princeton Man or a Cornell Woman or whatever, then I’d think that was a little weird — but by all means I’d tell them to go, I’m not here to kink-shame.
- I’d also tell them to go with the elite private college if (i) they had a high degree of confidence in what they wanted to do with their degree and (ii) it was in a field like law that regards the credential as particularly valuable.
- And I’d tell them to strongly consider going if they came from an economically disadvantaged background and had been offered a golden ticket to join the elite. I’m not super familiar with the literature on the selective college wage premium, but it’s among this group of disadvantaged students where the benefits seem to be concentrated.
But if this student was just going to school to “find herself” — and she or her parents were footing most of the bill? Yeah, probably go with the top-flight state school — especially if she’s in a state with a very good in-state public school where the cost savings are much greater. Better that than to emerge with a mountain of debt and a degree from an institution that is likely to be viewed as highly polarizing. Public perceptions of higher education have declined rapidly, and I expect the problems to get worse.