By Bill Quain
If you’ve been a reader of this column over the summer months, you might be surprised to see this week’s “Six Words on a Boardwalk Bench.” My summer postings are more likely to be about shore memories than serious issues. However, as we swing into fall, I’m going to use the “Six Words” platform to address some timely and pressing issues. This week’s six words begins a five-part series on the rising costs of going to college. In the coming weeks, you’ll learn not only how to save money on a college education, but also improve the Return on Investment (ROI) that you’ve already made for college. Stay tuned, because this is an important series for anyone who went to college, is in college right now, or who is planning on sending a child to college in the near future.
College success for less: Insider’s advice
I’ve been a college professor for more than forty years. During that time, I learned a lot about how colleges work, and why they are so expensive. In addition, I paid for my own undergraduate and graduate degrees, as well as my two daughters’ undergraduate educations. So yes, I’m an expert on the costs of college and the real secrets of how to save money – no matter which school you or your kids attend.
Secret #1: All colleges mean business.
Okay, let’s get started by going back to this week’s six words — “College students: Thanks for your business.” The first thing you need to know about colleges is that they are seriously big business. This applies to every community college, Ivy League school, State University, and private college, whether nonprofit or for-profit. No matter what school you are considering, read these words very carefully: “We mean business!”
Let me use Stockton University, where I am employed as a professor, as a good example. Stockton is a great school and a wonderful place to work. I have many fine colleagues there. The administration is top-notch, and the students are the best people in the world. Okay, I’m a bit prejudiced. The faculty is super dedicated to creating a great experience. All of that said, however, everyone who works at Stockton is in it for the money! It’s our business.
Now, I’m sure there are Stockton employees reading this column and screaming, “No way, Bill! We are in it for the students.” I know a lot of college faculty and staff really believe this. However, I wonder how many of them would work there if they were not getting paid. I know I wouldn’t do it for free – no matter how much I love the experience.
Stockton employees are represented by unions.
Are colleges big business? Yes! Most college faculty and staff are represented by unions. What is the chief concern of most unions? Salaries! Who pays for faculty salaries? Students! (That’s actually understated. Since Stockton is a state University, everyone who pays taxes in New Jersey pays our salaries!)
You know that unions mean business.
So, there you are, an 18-year-old kid. You’re trying to decide on which college to attend. Here we are, university employees. What are we thinking about? The bills we have to pay. We have mortgages, loans, credit cards, taxes – you know, all the things that adults need money for. Like everyone else, our cost of living goes up every year. For many college employees, the only way to get a cost-of-living raise is through the union. That’s what unions do: they negotiate for more money. Sometimes they even go on strike to get it.
Last spring, the faculty union at Rutgers University went on strike – three weeks before the end of the spring semester! What did they go on strike to get? A salary raise. Why would they do this three weeks before the end of the semester? The answer is simple. If they waited until the semester ended, they wouldn’t have gotten their raises. Did it inconvenience the students? Absolutely. Did the students get a discount from the university because their classes (that they had already paid for) were canceled? No, they did not.
Does all this make universities bad?
Absolutely not! Universities are great places. However, they are businesses, just like any other business. They take money in, and they spend it on buildings, employees, utilities, etc., just like any other business. Colleges perform an outstanding service for all their stakeholders. However, they are expensive places to run, and they take their fiscal responsibilities equally seriously.
And you – the 18-year-old student who agrees to pay us $100,000+ over the next four years – have no experience with business. Most of you may have had summer jobs, but let’s face it: you didn’t learn much about how businesses conduct business. You are about to commit to the second-largest sum of money (next to a house mortgage) that you will ever spend in your entire lifetime, and you are just 18 years old! You need help! In the coming weeks, I’m going to deliver it to you, Six Words on a Boardwalk Bench at a time!
What most students want from college
In 2014, Purdue University teamed up with the Gallup Polling Company to identify exactly what people wanted from a college education. They boiled it down to four words: “Better job, better life.” We’ll talk more about that in a later column.
If you want a better return on your college investment, then start by paying less for it. There are ways to reduce the costs of college! I’ll share these insider secrets with you in the coming weeks.
So stay tuned. Email your questions to bill@quain.com. I’ll answer each one – either in this column or with a personal response. As I say each week: I’ll see ya in the papers!
Bill is a Professor in Stockton University’s Hospitality Management Program. He is the author of 27 books, and a highly-respected speaker. Even though he is almost totally blind, Bill is a long-distance runner and runs the Ocean City Half Marathon each year. He lives in Ocean City with his wife Jeanne, and his Guide Dog Trudy. Visit www.billquain.com or email him at bill@quain.com.
