You left out the money quote:
“The one thing if I were to sort of leave the profession with a wish...it would be that my college in the future and the institutions that support them focus on family financial planning—getting families to start planning for their college expenses early,” he said. “Money saved early is so, so more valuable than money saved late. Families can make a staggering difference if they will begin early.” He said that the “new systems” don’t penalize parents for saving, but encourage it.
He added that paying for college is a team game and “but the player that’s perhaps most important in the long run is the parent.”
“Everybody can save on a little something and a little something saved over time can really make important differences.”
In other words, the solution to soaring college and university tuition is for parents to make and save and invest more money so that they will be better able to support the institutions’ revenue streams when the kids reach age 18.
That is such helpful and encouraging advice. I can see now that my duty is to shut up and pay up, so that this carnival of unreality called college will welcome my own fine children in to see the sights, ride the rides and leave with a beautiful souvenir diploma.
Ok, I better get back to work so I can pay for this.
Okay. But here is the racket; there is no incentive for the schools to reduce their tuitions because they know that goverment financial aid will continue to cover the gap.
Also, look at the size of various endowments!?!?! I think that these big schools are over flowing with cash.