The value of a college education

I heard an interesting comment on Tuesday evening about the value of a college education: "Education used to be a growth stock.  Now it is an insurance policy."

There is no question that the state of the economy is posing very real challenges to people's ability to pay for college. And yet, it seems to be clearly understood that if an individual wants to get ahead long term, they must earn a college degree. 

While there is general agreement on the need for the "insurance policy," the question is, at what price? Frugality is the prevailing attitude. This attitude is accompanied by diminished wealth (if you had it), an increased savings rate (if you can), and a general resistance to taking on any unnecessary debt. So, while the marketplace may understand that a college education is an insurance policy, there will be serious questions about the price of the insurance premium. 

This brings us back to the crux of any persuasive marketing conversation going on today: What is the value of the college education provided by your institution? If you cannot answer that question persuasively, then your insurance policy just became worthless.