A Million Dollars More? Only for Some
We’ve all heard the refrain: “college graduates make a million dollars more in their lifetimes than high school graduates.” The “college premium,” as it is called, is used to justify a wide variety of personal and policy decisions. But the real college premium is an exceedingly complex concept that cannot be captured by a single number. As Margaret Spellings takes the leadership role in the University of North Carolina system, let us hope that she does not fall for the simplistic rhetoric concerning the benefits of college attendance that has led her predecessors to push for expanded enrollment—and that she has at times fallen for as well.