Notice that at one time, “room and board” at a private college was actually slightly MORE than tuition.
I’ve said for years that if you look at the three areas that had skyrocketing costs, they all suffered from enormous government distortion of market forces.
Government enterprises backed bad loans—Housing prices shot up
Government funds or backs student loans—College costs soar
GOvernment pays for and regulates large sections of the health care sector—Health care costs rise
If the government would simply keep its hands on courts, security and securing liberties it would be amazing to see what things REALLY cost and what new ways our society would change.
I can say as someone who will be finishing up at a major state school (after many years of off time) that the degree is just a credential. I’ve met people with advanced degrees that were as versed in Dostoevsky as high school dropouts.
I agree with this writer’s proposal. I think the government should step away from all student loans and let’s see what happens.
It’s not that I don’t think someone should learn about something more than their field (especially since so many people change their mind after exposure) I just think they overdo. All the little curriculum requirements that vary from university to university and even schools in the university are all directed at separating students from their money by making them waste more time.
4 years is entirely too long for what is NOW essentially a high school diploma when it comes to the job market.
I may finish in another year and a half but I expect I’ll have to head to grad school not too long after to see any REAL return on investment.
There’s not more outrage because many don’t really pay for their college (or if they do they have a loan and so it’s not until they are paying it off later that they feel the pain).
susie
I don't know either, but it could be because so many students get either a free ride, or low-cost, taxpayer-subsidized tuition so they don't see the true price. The increase in price has far outstripped the actual cost, and the rate of inflation.
A little competition would help, but the major accrediting agencies have a monopoly these days. And like any monopoly, price will not be controlled.
Most private colleges I have looked show a total annual price tag of around $46K to $48K including housing and meals. Many state schools come in at about half that range for in-state tuition. Also, costs at private institutions don’t seem to correlate with prestige or selectivity all that much.
I don’t doubt that every penny of the tuition and fees is spoken for on some line item of the institution’s budget. But that doesn’t mean that cost plus is a sustainable business model for most of higher education. Something has got to give.