Book Review: “Is College Worth It and the Myth of the College Premium”
This article is part of NASFAA's occasional book review series, where members share their reflections on books, published within the past five years, on higher education themes of interest to financial aid professionals. The opinions offered and statements made do not imply endorsement by NASFAA or the authors' employers and do not guarantee the accuracy of information presented. Would you like to suggest a book for a future review? Email us at [email protected] with your recommendation.
Is college worth it? Just four words, but one enormous question. The book Is College Worth It and the Myth of the College Premium, by Richard Ohmann and Ira Shor, examines in depth the widespread belief in the “college premium” — that is, the difference in income between those with a high school diploma and those with a college education. The authors, both English professors — Richard Ohmann, formerly of Wesleyan University, and Ira Shor, emeritus at CUNY — draw on their extensive academic experience, as well as historical and analytical research, to examine this question. They argue that the notion of college as essential is largely mythical and serves the interests of neoliberal commercialization of higher education. Rather than an opportunity to level the playing field amongst social classes, they contend colleges have become instruments of reinforcing existing class hierarchies, reproducing inequality, and serving political and social agendas.
Review by Jessika Smith, principal consultant on the Financial Aid Management and Student Services team at Attain Partners.
Throughout the book, Ohmann and Shor present two central arguments that run together like the yellow lines on the road: Higher education often reproduces or perpetuates societal inequalities, and universities have reshaped their priorities, focusing on the commercialization of higher education and their own return on investment (ROI). These arguments come together in the final chapter, “At the End of the College Rainbow.”
The authors present a formula that calculates the college ROI by subtracting the full cost of attending college from the earnings premium:
“The premium is understood as the higher earnings of college graduates compared to non-graduates, minus all college costs for the degree (tuition, fees, books, loans, etc.) and wages lost while in class instead of on full-time jobs after high school (opportunity costs)” (p. 190).
Ohmann and Shor go on to describe how over the last century there has been a “premium wage” in the job market for graduates, “first for the high school diploma, then for two-year, four-year, and post-graduate degrees” (p. 191). However, they emphasize that beyond the college premium are rising tuition and soaring student debt (notably “about $1.7 trillion weighing down some 26 million graduates and dropouts as of 2022”). While not dismissing education’s intrinsic worth, the book urges readers to look beyond financial metrics as the sole measure of higher education’s value, using data on wage premiums, tuition costs, and student debt to call for progressive reform.
As a financial aid professional with more than 15 years of experience, I found “Is College Worth It?” especially timely. Its critique of higher education resonates with today’s political landscape, marked by the recent changes in the Department of Education, sweeping student loan overhauls, and new reporting mandates.
As I read the book, I couldn’t help but compare it to Malcolm Gladwell’s “Tipping Point.” Both books explore whether success, educational or social, is shaped by individual agency or predetermined circumstances, and offer a lot to ponder. Do birth, class, and systems determine all of life’s outcomes? Can education act as a tipping point for change? I wanted to answer yes to the latter question, yet I found myself agreeing most with this quote from Ohmann and Shor:
“College pays off for some but not for most, making the college premium both true and false, real and illusory, accessible and restricted at the same time, depending primarily on race, class, and gender” (p. 192).
Given my own personal experiences with the college premium and the arguments the authors presented, I found myself ultimately agreeing: A college degree alone cannot act as a tipping point. While I don’t fully agree with the notion that a college degree is of no value, how can we ignore the personal and social experiences that shape the lives of so many?
I certainly agree with Ohmann and Shor that the college premium is elusive and somewhat neoliberal. I see two separate agendas: the value of a degree and the political desires and influences. Consider a job posting, qualifications section. Over time, the idea that a degree is the ultimate measure of intelligence, job readiness, and value has become the way of higher education, thus perpetuating a market demand and a vicious cycle. Given this belief, rising costs and decreased funding threaten equal opportunity in postsecondary education. While I agree with the authors’ high-level argument, I contend that the value of college cannot be reduced to economics alone, as its personal and social benefits remain profound.
“Is College Worth It?” challenges the popular belief that college offers equal opportunity for all, showing instead that advantages tied to race, class, and status persist well beyond the classroom. The book’s examination of these inequities can be of value to a wide range of readers, who may each take away something different from it. Higher education staff may find it an engaging perspective on institutional operations, while faculty might connect the critique to their own educational experiences or even see it as a useful text to incorporate into their classes. Policymakers are likely to be drawn to the book’s sharp examination of the political and economic forces shaping higher education, and educational advocates may find inspiration in its call for progressive reform.
Ohmann and Shor succeeded in showcasing the disadvantages in education based on race, class, and status while also bringing to light some of the politics influencing the agenda of colleges and universities alike. I would encourage reading this book and considering the new climate in higher education to draw your own conclusions to the question: Is college worth it?
“Is College Worth It and the Myth of the College Premium,” by Richard Ohmann and Ira Shor, 2024, Johns Hopkins University Press, pp. 288.
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Jessika Smith is a Principal Consultant at Attain Partners, specializing in financial aid management and student services consulting for higher education institutions. With deep expertise in federal aid programs, student information systems, and regulatory compliance, they support colleges in streamlining operations and meeting regulatory requirements. Jessika is passionate about helping institutions serve students more effectively through thoughtful, data-informed solutions.
Publication Date: 11/25/2025
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