Skip to comments.Here Are Some Horrific Projections For Anybody Who Expects To Pay For College Some Day
Posted on 05/30/2014 12:08:08 PM PDT by SeekAndFind
It's no secret that college tuition and textbook inflation is just out of control.
Expensive as it seems now though, the picture is only expected to get scarier, according to a new report from Michael Conrath and his team at JP Morgan Funds.
This chart shows that future college costs are expected to inflate 5% per year, taking annual private college costs (for tuition, fees, room and board for a year) from $39,518 today to $90,576 in 2030 (in 2012 dollars).
JP Morgan Funds
For you parents, the younger your child is, the more expensive college is likely going to be going forward. A child that's currently 18 years old will likely pay $76,979 for a four-year public college education. But for a child on the way, that cost will surge to $185,259.
JP Morgan Funds
Much has been made about surging medical care costs. And most people see gas prices increasing right before their eyes. But none of this compares to tuition. This chart shows that since 1983, tuition costs have risen faster than any other major household expense.
(Excerpt) Read more at businessinsider.com ...
The price is only for the sons and daughters of Privilege. They are expected to pay full price, to subsidize the sons and daughters of Oppression.
Even worse are the kids who drop out of college with huge debts but no degree.
This will force most students to get their education online, not only less expensive, but it spares them the lousy experience of being bullied by Marxist instructors.
You are going too far. College is not THAT expensive, if you are a good student, go to a state school, pick a renumerative field of study, and get scholarships.
For example, Clemson with a Palmetto scholarship.
RE: This will force most students to get their education online
Ahhh... but will employers and companies and HR folks accept that as legitimate education?
At those prices you’d be better off hiring tutors. The problem is accreditation. That sounds like a business opportunity.
I got my medical degree online and no one is the wiser when I perform breast exams.
Harvard paid now US Senator Paleface Lizzy Warren $250,000 a year to teach ONE class.
The universities are just part of THE BIG DEMOCRAT MONEY MAKING MACHINE!!!
Send your kids to a local community college for their Associates. They get to stay home and thus avoid boarding fees, tuition is much less expenseive, degrees and classes are often highly transferable, they get a solid introduction into campus life without the party atmosphere and they can still work a job.
Then, if they still want to go to a private college, they can attend there last two years without piling up a ton of debt and will generally have a better scholastic/work ethic.
You can pretty well cut that in half with transfer credits from local community colleges and then finishing up a four year degree at a state university. Know several people whose children are doing this, some of necessity and some because it’s just entirely too much money to spend for dubious benefit with such a bleak employment outlook.
Most people are not exceptional students, but need a college degree to even be considered for many nominal positions in this country. That is the requirement for everyone.
My brother in law’s wife is a recruiter at a major insurance company. In order to get an interview for a customer service job, you have to have a college degree. Understand, this is an entry level job with an hourly pay of $12.00 at best. That is 20% less than the desired wage of the burger flippers. Yet, they require a college degree to even be considered.
Most middle class students feel entitled to attend a four year institution out of state, for the “college” experience. Many large state institutions waste unbelievable amounts of money putting on “freshman” weeks with pop stars etc. in order to attract high paying out of state students.
Parents need to educate their kids about financial responsibility so they can become a savvy educational consumer. I would have them do the college planning math ie what their field of study is, projected salary, and the cost of their monthly student loans relative to this.
If your kids aren’t planning on attending graduate school, or degreeing in a very specialized Science/math field... you should consider two year community college, and then transfer to a four year in state school.
From having done ed consulting... if you have a child that is academically gifted, ivy leagues etc are not necessarily the way to go. Many state Universities of note, and smaller private colleges will happily extend full-ride scholarships to high caliber academic students. If your child is set on attending a private Uni... whatever financial package you receive can be negotiated further through their financial aid office... don’t be shy. Particularly at private institutions that do not have to follow the federal guidelines for expected family contributions... explain special and unique circumstances.
Not only does my employer accept Colorado Technical University (some campus but lots of online degrees) as a viable degree, they even accept the University in their tuition assistance program.
Case in point, I went to college and got a degree in Business Administration and Accounting, I'm making $45,000 a year. However, I have two friends that took night classes at the local Vo-Tech, one is now a pipefitter who makes $85,000 a year, and the other started his own Heating/AC company and is making over six figures.
and have your kids purchase CLEP books and sit the exams to earn tons of cheap credits!!!
The Academic Left is about to get a brutally hard lesson in meaning of the word "austerity."
I find this whole thing kind of silly.
Already, the climate is changing for college costs and fees.
Sure, if you want to go to an Ivy League school or a prestigious place like Stanford or MIT, it’ll cost you.
If you simply want a career, and not an in with an elite group or the opportunity to be taught be top notch experts in your major, online and new college startups are creating ways to bring the cost of college down, way down.
A generation ago, John Bear wrote a guide to getting college degrees through creative accretion of credits in non-traditional ways combined with distance learning (snail mail in those days. I actually received my Latin II from the University of Wisconsin for about $350 while attending a different college in Virginia.) These options are still in play.
A lot of the state schools are starting to have aggressive pricing for online students (Eastern New Mexico, for instance, charges $4K per year for a full load to anybody, some schools charge less for instate residents).
What are you giving up? Dorm food, an on campus cubby hole to live in, and the “college experience “ that was so important before but has become devalued since the academic atmosphere itself has eroded.
If you need to be in the room with the instructor, or have to have in-person office hours, it is not for you.
I actually believe the “campus experience”, being in an artificial bubble with easily influenced guys and gals living in an environment where misbehavior is expected in every area except adherence to the modern way of thinking is more destructive than the classroom instruction itself.
If you just want to get the educational background for the career of your choice, it doesn’t have to cost a fortune.
...we gotta keep those liberal College professors in lattes, pot and Priuses...
You are an inspiration. Online learning, combined with some sort of residency/OJT is the wave of the future.
I have two kids in four year schools, and they are both grinding through a lot of BS. Fortunately, they are strong and well-grounded.
Some of the surplus classroom space will be turned into online study or testing centers. Colleges which do a good job of reaching out to the business community to improve the skill levels of their workforce with continuing education will not only survive, but thrive.
The government subsidized model of professors in ivory towers teaching what they think is useful will not survive because there won't be enough money for it to survive. It is ironic that the astounding success of western civilization and capitalism which generated the surplus for this model to survive will no longer be able to do so, because the very beneficiaries which fed at the trough are destroying the goose that laid the golden egg.
Yeah, those feminist girls.
I knew a bunch of Muslims in college who would only date feminist girls because they were so easy and would believe anything.
I have a high school senior, California resident, going to college next year as a freshman. He doesn’t qualify for any grants or loans beyond the standard $5500/yr loan almost everyone qualifies for(and he wouldn’t want loans anyway).
Here’s what I learned: only 50% of students graduate from UC in 4 years; CA resident tuition is $15K tuition/yr and $15K room & board/yr. Only 25% of students graduate from the Cal State system in 4 years; $7K tuition/yr and $15K room & board/yr. Math not looking good—kids take 5-7 yrs to get out of college in CA.
He wanted to go to school in the UK instead (following a girlfriend). What I learned: nearly 100% of UK students graduate in only THREE years. He got a small scholarship for year one, was admitted to several UK universities, total cost even with travel costs is LESS than UC, and he will see the world.
He will be attending university in the UK. His American education is over. Moreover, I have 3 more kids and I will encourage all of them to apply to the UK or Australia or other English-speaking universities. What an opportunity. And CHEAPER!
I make a 6 figure income and all I have is an online degree. No one has ever questioned it.
It comes down to knowledge and skill and experience.
I worked full-time through college (to pay for college) and hence gained experience...
I graduated in 2010 from Thomas Edison State College.
My entire degree cost under 20k.
True. And while I was being facetious about the medical degree, I did in fact complete my final two years of undergrad by taking GRE and CLEP tests and getting the degree from Excelsior College in New York, an accredited credit bank.
That got me into law school, and I found one with reasonably inexpensive tuition (Northern Illinois).
I will add I graduated debt free...
But,the Left (who run the universities) says college should be free!
Actually I don’t believe these numbers. There will be few able to afford those costs, and the loans are going out of style as people are learning what a lousy deal they are.
In 1950 tuition only was $500 per year. Chart shows today at $40,000. That’s 80X Hey getting cheaper.
RE: In 1950 tuition only was $500 per year. Chart shows today at $40,000
According to this inflation calculator...
What cost $500 in 1950 would cost $4,775.32 in 2013
The down side to those are you usually end up in a trade union with your dues going to elect fascist rats.
A lot of education gouging going on out thar!
With reference to your post 15, people should bear in mind that just because jobs such as pipefitting and heating/cooling contracting work pay a lot does not mean that everyone has the mechanical aptitude to do them. So, it’s not a one-size-fits-all matter.
Freepers often make the same statement as regarding engineering degrees, conveniently overlooking the requirement that such a curriculum demands a substantial background in mathematics.
I should add that it would be a good idea to preface all such recommendations with a statement such as “Providing that one has the aptitude for mechanical work, then...”
That should be “Provided.”