The cost of college

[alarmguy]

The federally subsidized education loan program started in 1958 - the cost of college started sky rocketing 20 years ago a full 42 years after the start of student loans.

Ummm.. but that isnt the story. The cost of college really took off once government took over the student loan loan program from banks in 2008/2010.
So everything was dandy for 45 years until the government took over.

https://www.sfgate.com/business/net...r-student-loan-program-from-banks-3193888.php

https://www.forbes.com/2010/05/10/student-loans-hcera-leadership-education-fox.html?sh=20ae66516edd

 

[ARCOgraphite]

Instead of attending General Motor Institute (now Kettering) in Michigan and living in a dorm, I opted to save my parent some bucks and pay for my own school and attend Lowell Tech Institute (University of Lowell, now UMASS Lowell) The deal was they would buy me a nice used car under one thousand dollars and I would live at home and commute the 15 miles and I would pay for schooling.
LTI was a 4 year university and it was accredited in ME, EE,CE and also offered plastics and polymers. It also had a Nuclear Reactor on campus (!)

So after perusing the newspaper classifieds for a month, I picked out a 1969 Ford Fairlane 500 Sportsroof with a toploader and 78K miles for 770 bucks (mistake!) and off I went.

I was aghast at the $550/semester tuition then almost $500 in books (from Harvard COOP) , materials and lab fees!
there were a couple good profs there, but most were just mailing it in and quite uninspiring.. I lasted 2-1/2 years then I was back to work as a mechanic. Later I finished a couple degrees at night whilst working an new white-collar engineering job a Western Electric using the corporate degree program. - Ken

Similar to mine, but wrong colour and I don't see a Cobra badge on the lower front fender

 

[chrlsful]

I as the same but that was 1973-80 (community colleg 300$ 2 yrs).
Check FAFSA application, your own alumni status if you went to MA school, Pell grantts, the costs of off campus housing - college makes it's money from everything but the classes (as per labor$) scholarships, the hi skol placement counselor (banks are last, may B a 2nd mrtgage? not sure the rates now).
Off campus is expensive here as apts go on NYC, San Fram, Boston, W.DC, etc rates (where the student's parents live). They have converted manya private home here (gentrification) into absentee landloard student rentals. The kids reduce pcices by doubeling up (families cant do that - mom'n dad sleep in kid bed rm?) and or living 1 or 2 towns outside of Amherst/Northampton. (Bostonians live in Upton, Medway, Millis, etc., same idea). If so then add in the car expense. It aint easy, hope yu've been pplannin a long time. We went for the kids college rather than retirement $. Sold the house when they got out & it worked out for an ol couple...

 

[Dave Hess]

It’s going to cost us about $160k for a Respiratory Therapy degree (bachelors) for my daughter at a state school in Alabama that 99% of you have never heard of.

Yes, that includes housing and food and car insurance and fuel for 6 years. Yes she changed her major.

$160k is ridiculous. In fact, you can’t amortize it in a career life if you need to take a loan for it. That is a payment of more than $800/mo for 40 years. No one can afford a $500/mo payment right now in addition to living expenses where they are starting out after college with their $65-70k salary. It doesn’t work

I hope all this student loan payoff BS raises more eyebrows, I hope the last 5 years of people like me exploiting the trades and their income possibilities turn huge numbers of people away from the 4-year indoctrination clinics.

Colleges and Universities need an awakening

Why the need for a 4 year RT degree ?

Most (95%) Ive met are only 2 year degrees.

RT can make very good money as a traveler working on contracts. Some folks that are single enjoy traveling the country.

 

[PimTac]

Why the need for a 4 year RT degree ?

Most (95%) Ive met are only 2 year degrees.

RT can make very good money as a traveler working on contracts. Some folks that are single enjoy traveling the country.

Many healthcare careers have expanded their duties and responsibilities and thus require more education. Pharmacy Techs used to be a one year community college course. Now it’s a two year program with an addition third year of subjects required. Pharmacists used to be four years. Now it’s five with a one year residency.

 

[JTK]

It's a daunting situation for young adults today.

For my family of 6, single earner w/ decent earnings, one kid currently in college, she got very little with FAFSA, pell, tap, etc.. My daughter financed and paid off her 2yr community college degree and is currently attending RN school. She works near full time hours, lives at home and I help her with a car.

Next in line is my recent HS grad who has no clue what direction to go at the moment.

One is still in HS and the other in middle school.

 

[Aredeeem]

Sociology at the deli counter. ‘Is this too thin, is this too thick?’ You don’t want the end? I’ll have to start another one, be right back. So many opportunities to regret your decision to BS your way to a 4 year boutique degree that pays nothing. Even getting your loans paid off is a hollow victory. You’re back to square one plus 4 wasted years.

 

[doitmyself]

Just some random thoughts:

In the 1970's state funding of public universities was in the neighborhood of about 70%. Now it is the opposite or worse, 30% or less comes from the state (taxpayers). That difference results in higher tuition.

In the 70's, you got your meals in a one-line cafeteria. Today universities have multiple station food venues. Students have mental health and other services provided. Controversial, but I'm going to guess that many universities are top heavy with administrators.

In Michigan, the local large state university had over 50,000 applications for 10,000 freshman spots. At the same time, smaller state universities are suffering low enrollment and shuttering some buildings and services.

I like the idea of community colleges to get an associate degree or get the fundamental classes out of the way. Live at home to save money. I'm also in favor of young people working to gain real life skills, develop responsibility, and help defray costs.

 

[BMWTurboDzl]

I'm the product of an undergraduate and graduate state school education. In 1996 my state school tuition was $3k per semester and even with books let's say $8K per year or $32k for 4 years. I went to dental school at a state school where 3 out 4 years were in-state at $25K per year with housing and living expenses. My total education expenses for 11 years of higher education were $160k which is a deal these days. We are starting to look at schools with my oldest and the current costs are:

State School - UMass is $35K per year or $140K per 4 years or $420k for three kids.

Private University - We did a tour of Providence college today which is $75K per year or $300K per 4 years or $900K for three kids.

State schools have gone up 5x in 22 years. My wife went to Trinity College in Hartford CT and graduated in 1996 and it was $40K per year meaning private schools have increased 2x in 22 years.

Where does it end?

This is one reason why I opted to not have kids kids.

My oldest nephew is a freshman at an Ivy League this year. I can't even imagine how much it'll cost

 

[SC Maintenance]

This is one reason why I opted to not have kids kids.

My oldest nephew is a freshman at an Ivy League this year. I can't even imagine how much it'll cost

Its a very personal decision. Some are happy without children. Some should never have children yet still do.

For me, there isn't enough money on earth for me to give up either of mine.

 

[macarose]

Both of my kids are in-state at Georgia Tech.

Since they got into a tough school with Zell Miller scholarships, they get to live on campus. Two of their uncles also went to Georgia Tech but commuted to school and back with a car or public transit.

Hopefully when we become grandparents, we'll fund a 529 for each of our grandchildren. I would encourage them to avoid debt. But if they earn their way into a top state school, we'll do our best to help out.

 

[ecotourist]

I have never heard of an Associates Degree in Canada. A basic university degree here generally requires a 4 year program.

Though my daughter did get a BAA (Bachelor of Applied Arts Degree) in 2 years at Ryerson following a 4 year BA (Bachelor of Arts Degree) at the U of Alberta. Presumably she was given credit for many of their early classes. I do have to say her initial BA was a solid program. Some people call the U of Alberta the "Harvard of the North".

 

[dlundblad]

It was about 3k a semester for me 12 years ago at a community college with a Purdue degree. I hated school and didn’t finish. Can’t complain as that’s where I met my now wife 10 years ago. Got into a trade and couldn’t be happier.

 

[Eddie]

I worked at JI Case tractor co. during the summer to save ~$1,500 which paid for one year of studies at WIU. I graduated in 1961

 

[Eddie]

As a side comment. College was not just about making money after graduating but, all the classes gave me a better overall look at many other arears of interest such as art appreciation, history of our country and the world and social norm around the world, just to mention a few.

 

[Eddie]

My comment about $1,500 per year was tuition but, didn't include food and lodging.

 

[Pew]

My younger brother went to a private university at a tune of about $13k a semester, not including any other costs like books, food, dorm/apartment, etc.......for a graphic design degree. After fees, it's about $30k/year for a liberal arts college where the only STEM degrees are computer programming and animation/graphic design. I understand and approve the need for higher education to continue human development and progress, but 30K/year to learn hip hop studies or theatre design is ridiculous. My brother doesn't even use his degree; he's worked at a doggy daycare for about 4 years now.

 

[BMWTurboDzl]

Its a very personal decision. Some are happy without children. Some should never have children yet still do.

For me, there isn't enough money on earth for me to give up either of mine.

Oh I understand. As I always say, you can't miss what you never had.

 

[Astro14]

This is one reason why I opted to not have kids kids.

My oldest nephew is a freshman at an Ivy League this year. I can't even imagine how much it'll cost

Depends on which Ivy, what his parents earn, and the financial aid package.

Let me dispel a big myth - NO student at the big Ivies (Harvard, Yale) is getting a “full ride” on merit, despite what you’ll read in the press. With every single kid there being the valedictorian, who should get the merit scholarship?

But they do have generous financial aid. They take the FAFSA, determine parental ability to pay, award the rest as a grant. Parental ability to pay includes a lot of factors, including siblings currently in college, and the award is reasonable. You can pay it - though you might not want to - and it will not break you. Will not touch your retirement savings, or home equity.

80% of students at Yale qualify for some level of aid. Parents who earn less than $80,000/year pay nothing for their kid to go to Yale.

https://admissions.yale.edu/affordability-basics

I spoke with a young Harvard student a few years ago. She was from an Indian reservation in Wyoming, first in her family to ever attained college. Her Harvard financial aid support included room, board, tuition, fees, books, a stipend for miscellaneous items like laundry and spending money, and round trip tickets to/from home each semester.

Her parents paid nothing. She paid nothing.

https://college.harvard.edu/financial-aid

So, if his parents don’t have the means - it costs nothing.

If they have the means, it’s about $74,000/year this year and won’t be going down in the future, so figure roughly $300,000 for a four year degree.

 

[Lapham3]

My wife started teaching state college level in 1974. She is now retired, but still is part time to help out. When she started 'staff' or support folks were a small minority as most were 'faculty'. A few years ago the staff slightly outnumbered faculty. They are security, legal, various intake counselors. painters, electricians, HVAC, maintenance and various levels of deans, VPs, ect. It is somewhat similar in primary education and whenever a referendum or add to taxes comes up, the edu board will threaten teacher layoffs, but don't mention staff positions. Also, snobby boomers, have had a rep of discouraging trades, which is too bad and not meeting the need of society. We do have plenty enough lawyers tho!