Granted there’s been inflation over 40+ years, but the fact my son’s tuition for a semester, in ONE COURSE at a public college, is more than my entire four years of tuition for a Bachelors, is rather dramatic inflation. However, incomes have also increased, so managing your money, or lack thereof may be the real problem.
A friend with PhD just complained to our Senator at a public meeting about her student debt, and the high interest rate she was paying, and committed to for the foreseeable future, still. Current rates are less than half what she committed to. Interesting those glory days of high interest were under Bush and Republican “heavy hands” damaging the banks???
My Bachelors Degree in 1983 cost me cash waiting tables and babysitting $18,000.00 for 5 years. (I had to work during school). My husbands Bachelors degree was $21,000.00 at 4%. His Physicians Assistant Degree PA was one year at $10,000.00. His Doctorate was $300,000.00 for 7 years and it took us 15 years paying extra every April to pay it back. Now he has worked 20 years and our kids (5) are in varying stages of education. My 28 year old payed for his Bachelors Degree from the UW at $55,000.00 Then went to work for Boeing and they are paying for his Masters. My 25 year old has been in school for 7 years has two degrees and has paid cash for all of it. He works on Computers and has his degree’s in computers. My 22 year old daughter has 4 years towards a Doctorate. She is in debt $92,000.00 so far and has decided to get through school and just pay back her loans while she is working as a Dr. My twins, one special needs is 19 and gets another 2 years as a super senior in the K-12 system. Her brother spent one year earning money as a grease monkey to earn money to go to a Community College. Because he can’t qualify for any loans because he lives with us and my husband has an income. What I’m saying is, there are many ways to get through school. It’s not a free ride and everyone should remember that the loan companies that support the schooling of our nation are a business and do not owe us anything.
Now that said, my husbands Doctorate Degree is ours. We paid for it, we earned it and now we won’t get paid for it.I think we should all take a lesson, go into banking, it does not cost much for a degree and you get to screw people all the time and make millions while you do it. If you are a Dr. you are now going to be giving your time and experience away. Kid’s don’t go into medicine.
Student debt is a bit of a red herring.
I’m a full professor at a major, publicly funded, west coast university. Tuition at public universities is still relatively affordable though private universities are much less so. However students (and often their parents) often think “cost be damned I’m going to the prestiges PRIVATE university”. The cost and debt associated with these private universities, as well as the often ill-chosen degree programs, will not really aid the majority of the students in finding financially rewarding employment.
Moreover, at four year university only a small percentage of students actually work to help with the costs. A much larger percentage of students willingly take out exorbitant amounts of school LOANS without thinking about the consequences down the road. Many of these student buy TVs and cars with the money and think nothing of eating out 5-7 days of the week plus the morning Starbucks. I admit that the banks are a major culprit in encouraging student to do so. However, there is also a strong sense of entitlement on the part of the students; I’m owed this (e.g., newish car), I deserve that (good grade for minimal work)… Most of these students would not even consider working in lieu of taking out additional loans. We would be best served by actually LIMITING the amount of money a student can take out and actively encouraging the student to work part-time to meet their financial needs. If you need $20,000 a year, we can loan you $10,000 (max) and you must work for the rest….