College is a waste of time

CNN Editor's note: Dale J. Stephens is a 19-year-old entrepreneur leading UnCollege, a social movement supporting self-directed higher education and building RadMatter, a platform to demonstrate talent. He is among the first recipients of the Thiel Fellowship, an initiative by venture capitalist and PayPal co-founder Peter Thiel that gives 20 entrepreneurs under 20 years old $100,000 to fund their projects.

UnCollege.org

Dale Stephens
CNN

I have been awarded a golden ticket to the heart of Silicon Valley: the Thiel Fellowship. The catch? For two years, I cannot be enrolled as a full-time student at an academic institution. For me, that's not an issue; I believe higher education is broken.

I left college two months ago because it rewards conformity rather than independence, competition rather than collaboration, regurgitation rather than learning and theory rather than application. Our creativity, innovation and curiosity are schooled out of us.

Failure is punished instead of seen as a learning opportunity. We think of college as a stepping-stone to success rather than a means to gain knowledge. College fails to empower us with the skills necessary to become productive members of today's global entrepreneurial economy.

College is expensive. The College Board Policy Center found that the cost of public university tuition is about 3.6 times higher today than it was 30 years ago, adjusted for inflation. In the book "Academically Adrift," sociology professors Richard Arum and Josipa Roksa say that 36% of college graduates showed no improvement in critical thinking, complex reasoning or writing after four years of college. Student loan debt in the United States, unforgivable in the case of bankruptcy, outpaced credit card debt in 2010 and will top $1 trillion in 2011.

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Revealed: Crippling 30-year graduate debt trap will see parents paying installments as their children go to university

James Coney and Liz Phillips
Daily Mail

Graduates on modest incomes face an effective tax rate of 45 per cent and crippling debts for most of their working lives, a Money Mail investigation has discovered.

Radical reforms to the level of tuition fees and the way loans are repaid will leave many in debt until their mid-50s - by which time they'll be wrestling with putting their own children through university.

Tuition fees are set to rise to as much as £9,000 a year while living costs can be up to £8,210 a year, according to the NatWest Student Living Survey.

That's £17,210 a year or £51,630 over three years. The maximum government loan is likely to be £43,500.

Debts to the government will be reclaimed by deducting 9 per cent from any salary above a £21,000 threshold, but interest will be added to the debt. This will range from the retail prices index (RPI) to RPI plus 3 percentage points, with higher earners paying the most.

For those on modest and middle incomes, the amount of interest is likely to be greater than the amount they repay, meaning the debt will balloon through their life until, after 30 years, it is written off by the government. 

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