Many studies have documented the long-term economic payoff from a bachelor's degree. But they have tended to lump such degree recipients together, comparing the average incomes of all people with bachelor's degrees to the average annual incomes of all people without them.
Reality is a lot more complicated than that. The truth is that the economic payoffs from a bachelor's degree vary greatly depending on parental wealth, according to study findings recently presented by Marvin A. Titus, an assistant professor of higher education at the University of Maryland, at the American Educational Research Association conference in New York.
The study is discussed in greater depth here on The Chronicle of Higher Education news blog. It's bottom line is that, while people from poor backgrounds greatly increase their earning potential by getting a bachelor's, they're unlikely to earn more than people from wealthy backgrounds, including those who never went to college.
Titus calls for more research on how people acquire the "social capital" that keeps the rich ahead of the poor and influences long-term earnings.
What people say about Color and Money-
"Anyone interested in the inequities of the selective college admissions process will find Color and Money clear-eyed, hard-hitting, enlightening, and informative."--Rachel Toor, author of Admissions Confidential: An Insider's Account of the Elite College Selection Process.
"For those concerned about why the march toward social justice in America has faltered badly for nearly forty years, Peter Schmidt's Color and Money is a highly instructive--and greatly disturbing--guidepost." --Richard Kluger, author of Simple Justice: The History of Brown v. Board of Education and Black America's Struggle for Equality.
"An indispensible guide to the debate over affirmative action in the United States."--Michael Lind, author of The Next American Nation.
"This book is a must read for anyone concerned with access to higher education, especially to the nation’s elite universities, as well as with larger questions of social policy and social justice."--Terry MacTaggart, Former Chancellor, University of Maine System
"Books on the highly-charged issue of affirmative action are usually one-sided and inflammatory. Peter Schmidt's Color and Money is a wonderful exception. It provides an honest and fair examination that is also passionate and illuminating."--Richard D. Kahlenberg, Senior Fellow, The Century Foundation, and author of The Remedy: Class, Race, and Affirmative Action
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Peter Schmidt is available as a speaker
Peter Schmidt is available to speak at colleges, bookstores, schools, churches, and at gatherings of education associations. His past speaking engagements are listed at the bottom of this Web site. If interested in having him appear, e-mail him at schmidt_peter@msn.com. He also is available as an expert source for journalists covering affirmative action. Those on a tight deadline should email him at peter.schmidt@chronicle.com.
Hear interviews with Peter Schmidt
Jack Lessenberry of Michigan Public Radio talked to Peter Schmidt about Color and Money in August. You can hear the interview here. Reading the book inspired Jack to write an essay on it, which you can read here. You also can hear Peter Schmidt talk about his book on the NPR program Justice Talking and in a Chronicle of Higher Education podcast.
Color and Money Is a College Course!
Many college professors are now using Color and Money in their classes, but Jack Dougherty, the director of the educational studies program at Trinity College in Connecticut, has gone a big step beyond. He has decided to name a freshman seminar "Color and Money" and to structure the class around the book. He has graciously agreed to share his syllabus, available here, for faculty members at other colleges who may have the same idea.
