Marty Nemko, “education consultant to 15 college presidents,” says that the most overrated product in America is the bachelor’s degree.  He starts with a startling statistic: “Among high-school students who graduated in the bottom 40 percent of their classes, and whose first institutions were four-year colleges, two-thirds had not earned diplomas eight and a half years later.”

Even worse, most of those college dropouts leave the campus having learned little of value, and with a mountain of debt and devastated self-esteem from their unsuccessful struggles. Perhaps worst of all, even those who do manage to graduate too rarely end up in careers that require a college education. So it’s not surprising that when you hop into a cab or walk into a restaurant, you’re likely to meet workers who spent years and their family’s life savings on college, only to end up with a job they could have done as a high-school dropout.

I could keep on quoting the whole essay.  In summa, he reminds us that, according the ACT test results, only 23 percent of graduating high school students last year were actually prepared for college.  You can bet more than 23 percent got in, though.  Nemko argues that colleges don’t really teach much worth knowing, at least not for the time and money spent there.  He ends with this:

[Y]ear after year, colleges and universities turn out millions of defective products: students who drop out or graduate with far too little benefit for the time and money spent. Not only do colleges escape punishment, but they are rewarded with taxpayer-financed student grants and loans, which allow them to raise their tuitions even more.

Amen, brother.  I love college.  Higher education made me who I am.  I’ve attended four universities.  I have three degrees.  I’ve been employed by six.  And I can tell you, the system is broken.  The idea of college is the closest thing to paradise on earth, but it’s got something rotten in it that needs fixing.  Read the rest of Nemko’s essay here, where he offers some solutions to hold colleges more accountable to parents and students.  Wonderful.