The Higher Education Bubble is ready to burst, so many students are clamoring for advice on how to get the most bang for their college buck.

Walter Russel Mead, editor-at-large of the American Interest Magazine, offers 7 helpful tips:

1. The real world does not work like school.

…As you go through college, think about ways you can fight the pressures of institutionalization. Work or volunteer — not just for money, but to keep your hand in the real world.

2. Most of your elders know very little about the world into which you are headed.

…Most faculty members, especially the tenured ones, have worked and lived in a world that is passing away. In many cases it’s hard for them to imagine the kind of lives you will live, and you need to keep this in mind.

3. You are going to have to work much, much harder than you probably expect.

I’m sorry to bring you bad news, but your generation faces the toughest competition any American generation has ever known….Those of you who spend your college years goofing off in the traditional American way are going to pay a much higher price for this than you think.

4. Choosing the right courses is more important than choosing the right college.

Choosing the right college is over-rated…Choosing the right courses, on the other hand, is under-rated… your generation is going to have to scramble and you need every edge you can get.

5. Get a traditional liberal education.

A summary of Mead’s key items: 1) Get literate in math and one science; 2) Study basic ideas of the West; 3) Study US history, geography, politics, culture, and economy; 4) Study a language and culture that is alien to you; 5) Learn to write well (which is a talent that is going to be extremely important to the next generation);  6) Find great teachers in areas of greatest interest.

6. Character counts; so do good habits.

One of the weaknesses in contemporary college education is that many teachers and administrators don’t think enough about the need that students have for moral education… [NOTE – See Harvard Cheating Scandal for related story].

7. Relax.

If you take this advice, you may still come out of school with too much debt — and the fields that interest you may be hard to break into, and the financial rewards less than you may have expected. But you will be able to cope …