100 Reasons NOT to Go to Graduate School is a blog I recommend for anyone insane enough to consider staying on at university beyond a bachelor's degree. It's a splash of cold water in the face that I wish I'd received when I was younger and stupider.
I spent nine years of undergraduate and postgraduate work before I got my PhD and I can categorically state that with the exception of one class on logic I would have been better off using my tuition money at a good book shop. Indeed, I've often argued that university actually held back my education because it cut into my reading time. If I needed one word to sum up my twenty years in academe, I'd use "disillusionment". I went in expecting a mind-expanding world of study, argument and hard work pulling back the veils of ignorance and instead I encountered a nightmare of time-wasting, egomania, empire building, totalitarianism, political posturing, featherbedding, corruption, graft, sexual misconduct, intimidation, exploitation, and toadyism. And that was just among the cafeteria staff. As for "scholarship", it's a wonder that the shade of Aristotle wasn't howling through the corridors demanding blood given what utter crap was being passed off as serious work. The only bright spot was that I spent 14 of those years in field research, so the damage wasn't too bad.
Mind you, I retired from all of this fifteen years ago and from what I've seen, things have got increasingly worse with lives of thousands of graduate students being destroyed as they give years to the locust in exchange for a squandered youth and a blighted adulthood. Given the cost, the exploitation, the time, and the appalling chances against getting a job, it's a wonder anyone goes for anything beyond a BA these days.
Indeed, I even doubt the value of an undergraduate degree. If things don't improve by the time my daughter is old enough for university, I plan to tell her flat out to forget it unless she plans to go into medicine, engineering or one of the hard sciences. She currently wants to be a marine biologist, so there's some hope there. If she plans to go for a liberal arts degree, I will do such things–what they are yet I know not, but they shall be the terrors of the earth! Or at least I'll tell her to bank her tuition instead of handing it over to a ponzi scheme posing as an institution of higher learning.