I went to UC Berkeley in the early 2000s and was a pretty different world. Something like $7K/yr for in-state residents. Today it would be more like $13K at a minimum, $28K for a freshman year in the dorms.
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A friend told me their financial advisor told them that based on current projections it will take $1 million USD to send their baby to college. I don't think that's gonna happen... something's gotta give.https://twitter.com/AustenAllred/status/981723572665274373 …
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My parents saved about $10K for both me AND my sister to go to college, and we made it work. My parents had middle-class jobs, some savings, and both me and my sister worked as undergrads to help defray costs. I graduated a semester early to help. We both graduated debt-free.
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I don't say this as a moral argument. It is because of my parents and the differences in costs associated with college, and it wasn't SO long ago (I graduated in 2002). It's completely mind-blowing to me to imagine paying $50K/year.
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The fact that I graduated debt-free meant that I could kind of pursue whatever made sense to me. I ended up making the (not very economical!) decision to go to graduate school in the history of science and to study nuclear weapons history.
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Would I have done such a thing if I had a large debt burden? I doubt it. What would I be doing now? I have no idea. I think my current career path would have been impossible for me if I was an undergrad today, unless my parents had been substantially more wealthy.
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$1 million just to send their baby to college, or the total cost of raising a child and sending him or her to college? The latter sounds more likely.
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Tuition and fees for a 4-year private school can easily be >$200K right now; that is ~600% growth since 1980, about ~7.5% per year. If that continues then in 18 years it would be $680K. So not too far off from $1M...
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(But I don't think that's going to happen; I think we're near, or approaching, some kind of tipping-point of one form or another. )
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The internet is going to take away those prices. Students are migrating to online video as the source of knowledge. The knowledge industry will follow the eyeballs.
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I am dubious TBH — I don't think education and content are the same thing at all. I don't teach students facts as much as I teach them ways of thinking. The latter is hard to do without in person interaction in my experience, esp. for skills like how to write/research/design.
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I am dubious too. I'm just saying that's what market forces are doing, whether its a good idea or not.
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Easy to fix: make all student debt dischargeable.
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Not so long as the Fed and others and keep shoveling virtually unlimited amounts of money into the college's collective maws.
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My friend needed more financial aid to cover her Art History degree at American because $18K in Stafford loans don’t cut it (tuition = ~$50K). The banks turned her down, saying her academic path was not financially viable... she’d never be able to pay them back.
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Most parents now are crowdfunding time machines so there children can A: go to school in the 70s with cheaper tuition B: travel to a distant future where savings bonds have matured to entire planets of wealth which are burned in a black hole to power learning engines.
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Here is why. The government guarantees the loan. More money is available - risk free - for the lenders.
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It is called the National University of Singapore. Or go to school in the U.K. Or learn Mandarin and try for Tsinghua University.
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