Freakonomics Podcast Writing Assignment

-Rajwat Singh

When I read the title for the podcast “What college is for?”, it got me thinking; what exactly is it
for? Higher education? Secure future? Technological enhancement? Then I started listening to
this podcast and got to know the harsh truth of the higher education arena of the US.

The podcast begins by talking about the decline of college education in the US, especially
among low income Hispanic and blacks. The interesting take is that especially after a recession,
people lose jobs and during this time they seek college education. However, after the COVID-19
pandemic, the opposite trend was observed. The decline of college education became more
drastic. This indicates that the cost of attending an US College is high, especially if it is a top tier
college. Another interesting trend is that students from very wealthy families make up most of
the student body of top tier colleges. The top 38 colleges have more students coming from the
top 1% of the income pyramid than they come from the bottom 60% (study by economist Raj
Shetty). The reason behind this is that the families of the rich students pay the full college fees,
and they donate money to the college. This in return drastically increases the chances of their
child getting into college. The upside of this is that the wealthy are giving their money away for
research and technological advancement, but the dark side of it is the inequality created in the
US education system. To slowly mend this gap comes the middle tier schools and community
colleges. These colleges lack the infrastructure of the top colleges, but they create a path for the
low-income families to mobilize their money. Then the podcast goes on to talk about the HBUCs
(Historically Black University/College). The podcast highlights the importance of HBUCs in the
educational growth of the black population in the US. The low number of HBUCs play a huge
role in educating a huge portion of the black American population.

The economic benefits provided by top colleges are in its place, and respect should be given
where it is due. However, top colleges play a big role in creating the inequality between the
riches and the poor. By accepting students from the rich families, the college is only making the
riches richer. Not only that, but because the college scene is very competitive, colleges will try
to stall the growth of other colleges too. Since the 1880s, top colleges have been poaching top
faculty members from growing colleges. This then attracts top scholars. This is the reason why
top tier colleges stall the growth of these growing mid-tier colleges. This is further enhanced by
the Federal Research Grant provided by the government. The difference between the grants
provided to top colleges and mid, low tier colleges is significant. All of these factors are creating
a monopoly at the top. A monopoly that allows only a small, and well-off students to attend to.

For a bridge to be built between this inequality, expansion of the top tier colleges must take
place. The top ivy league schools make only 0.8% of the US college student body. The lack of
funds is not an issue, and the lack of motivated minds too aren’t. So why not? Harvard receives
55000 applicants every year and it only accepts a meager 1200 of them, and this is the same
case with all the top colleges in the US.

The argument you could make for the above-mentioned case is that more resources can be
concentrated on students that are brilliant and motivated. Thus, efficiency and prestige of the
college is kept intact. And, because more resources are being invested in brilliant minds, the
result and yield of the research also increases. This benefits the nations. I agree with all this,
however, my argument is that we are putting in more money for brilliant minds, but what about
the brilliant minds we are missing out on? The student body of these top colleges are so small
that we miss out on so many top students who have the ability but not the resources and
opportunity to succeed. This overall has a negative impact as unemployment, inflation and
poverty skyrockets. The results can be seen currently in the US.

I also wanted to touch on the HBUCs. I did not know the impact they have on educating the
black population of the US. Despite not being the best of colleges, HBUCs play a major role in
helping create a bridge between the inequality of the rich and poor. This is because they are
mission driven institutions rather than a competitive base. Graduation and acceptance rates will
be the last of their concerns, they want to provide the best education so that their students can
be successful. This should be the goal of all colleges: Help foster the minds of the students, so
that they can grow to their full potential and give back to society. More of this happens, the more
the society and the economy benefits from it. Adding, HBUCs across the US are known to be
providing good aid and scholarship to a lot of their students. Thus, making college experience
affordable to the low-income families. This in the long run also increases the income mobility of
the families.

Now, I want to talk about community colleges. The community colleges house 50% of the US
college student population, most of them are from low-income families. The community colleges
are hugely underfunded; thus, they lack the infrastructure to provide even decent education.
The effect of underfunding is exposed by the fact that only 20% of the people go on to get a 4-
years bachelor’s degree after community college. Education is a human right, meaning that
education must be free and is not a want. The irony here is that as we move up the price ladder
for education, the quality increases. This is something we expect to happen in everything in our
modern world. However, the truth is that education should not be one of them, and it never
should be.

To conclude, college is for education. It is a haven to reach your highest potential. Now, in the
modern era we must take this with a pinch of salt as now money plays a significant factor in
determining the quality of your education. Colleges are slowly turning into a place where the
riches become richer. Despite the growth of mid-tier colleges and HBUCs, the monopoly of top
colleges still prevails causing inequality to get more significant day by day.