Odds are - whether you are approaching your 50th reunion, climbing the ladder of corporate America while balancing a family, mortgage, and seemingly endless other tasks, fresh out of college and finding your way, or in the thick of your studies, you’ve wondered if that degree received upon graduating is worth it. The constant questioning does not come without merit - according to the Federal Reserve Bank of New York, outstanding student debt at the end of the third quarter of 2019 stood at a staggering $1.5 trillion dollars. In 1982, before financial aid, the cost of tuition plus room & board and tuition to attend Saint John’s University and the College of Saint Benedict stood between $5,000 and $7,000 per year. For the 2021 and 2022 academic year and before financial aid, the full room and board plus tuition costs to attend St. Ben’s and St. John’s are $61,700 and $61,434 per year, respectively. Now, I could spend the next 5-10 minutes talking to you about how very, very few people pay the upfront price to attend CSBSJU and it is in fact much lower than that after assistance from items like financial aid and scholarships, but even after those items are factored in, 4-year college attendance today is exponential, like 5-10x more costly, than it was only 40 years ago.
So, what is the value of that degree - how do we know it was worth it, how can we make it worth it, and how do we ensure that we (and our children) make the right decision that will ensure value for them? Moreover, in what ways is our college experience and degree worth it that we may not have thought of before? In this month's episode, we are joined by Jon McGee to discuss these questions. Jon is a 1984 graduate of Saint John’s University, and currently serves Saint John’s Prep as Head of School. He previously served as the vice president for planning and strategy at the College of Saint Benedict and Saint John’s University (CSB/SJU) for nearly 20 years, is the author of two books, Dear Parents: A Field Guide for College Preparation and Breakpoint: The Changing Marketplace for Higher Education. He has also served as a trustee of the College Board and serves on the faculty of the Harvard Summer Institute on College Admissions.