COLLEGE SHORTS

Author: KATHRYN FLAGG

Bachelor's degree payoff takes a hit

While it still pays to earn that college degree, the financial benefits derived from earning a bachelor's degree are beginning to falter. In a market where the percentage of college-educated young people has never been higher, the wage premium is slowly shrinking for Americans with college degrees.

Following the 2001 recession, the typical pay for workers with bachelor's degrees took a hit for the first time ever, and since 2001, the wage premium has decreased five percent. The surge in demand for high-school-educated workers in fields like construction and health has soared, and their median weekly pay is up 3.6 percent since 2000 - four times the pay increase for college-educated workers. However, with college graduates earning, on average, 40 percent more than workers with only a high school degree, a college education remains a solid investment.

With more college graduates in the field than unfilled jobs requiring their credentials, new criteria and patterns are emerging in hiring practices. Increasing numbers of college graduates are taking jobs in occupations that do not seem to require a college education, including theater ushers, derrick operators and typists and word processors.

The surplus of college graduates and the downward pressure on the wage premium are also encouraging a "sorting process" among employers, in which college graduates are ranked according to potential. Underperformers, those students who did not develop skills in college desired by employers, are increasingly being ranked with high school graduates. While others are sorted by school attended, field of study and postgraduate degree.

- The New York Times



Students seek

alternatives in Teach for America

With college graduates in their 20's seeking to put off major life decisions until later, Teach for America - the do-good non-profit that is generating buzz these days - is an exciting alternative for many college students. The competitive program places bright college graduates in poor rural and urban public schools across the country - offering them an opportunity to contribute to society before attending graduate school or transitioning into the more permanent workforce. This year, Teach for America reported a record 17,350 applications, up nearly 30 percent from last year.

Nathan Francis, a Yale graduate who was accepted by the program but ultimately decided not to teach, said, "I don't think very many of my peers know what they want to do. It seems very appealing to have something to do that's worthwhile and short term and vies you two more years to think about your career."

The group recruits on more than 500 campuses and spends nearly a quarter of its $40 million budget on recruitment. But Teach for America also boasts an impressive track record. According to an evaluation by the Mathematica Policy Research Fund, Teach for America teachers produce slightly higher math achievement and equal English results when compared to other teachers.

The program remains intensely competitive and ultimately accepted just one third of its Ivy League applicants and approximately one sixth of all applications last year.

- The New York Times