Mark Cuban believes college is worth a shot for everyone, even if you don't graduate. It's not about the name on your diploma or even your major, he says – it's about learning how to learn and expanding your perspective.
In a recent interview with social media personality Jules Terpak, Cuban advised, "Go to a cheap school." Affordability is key for those concerned about student loan debt or unsure of their long-term goals.
According to the Education Data Initiative, the average cost of a four-year degree at a public college for in-state students is $27,146 annually, including tuition and living expenses. Private colleges are even pricier, averaging $58,628 per year.
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Cuban suggests students consider community colleges, where tuition averages just $3,990 annually, according to the American Association of Community Colleges. These institutions provide an affordable foundation, allowing students to transfer to four-year programs later.
Cuban, who began his education at the University of Pittsburgh before transferring to Indiana University, says he picked Indiana for its affordability. "At the time, it had the cheapest tuition among the top 10 business programs," he shared. Today, Indiana University's tuition for in-state students is $11,447 per year, well below the national average for public universities.
The financial argument for college is compelling. A Pew Research Center analysis of U.S. Census Bureau data highlights the significant impact of educational attainment on earnings among young adults.
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According to the analysis, Millennials aged 25 to 32 with a bachelor’s degree working full time earn a median annual income of about $45,500. In contrast, those with some college education earn approximately $30,000 and high school graduates earn around $28,000 annually.
Over a lifetime, this can translate to a significant earnings gap. However, Cuban acknowledges the risks of high debt, which the Federal Reserve’s 2023 data indicates show that the median student loan debt among borrowers was between $20,000 and $24,999.
For Cuban, college offers more than just earning potential. "It's about getting excited to learn and exposing yourself to all kinds of different people [and] ideas," he says.
He also highlights the practical skills that can be gained, such as accounting, finance and marketing, which are invaluable even if you don't finish your degree. Cuban applied these lessons to build two successful companies, including Broadcast.com, which sold to Yahoo for $5.7 billion.
The idea that a school's prestige matters less than the student's experience is echoed by Jennifer Breheny Wallace, author and parenting researcher. Wallace told CNBC Make It, "There's no such thing as a ‘good college.'"
A Gallup-Purdue survey of 30,000 U.S. college graduates found that engaging in internships, building strong mentor relationships and participating in extracurriculars more significantly impacted future well-being than attending a highly selective school.
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