Why College is so Expensive:
I’m a lucky guy. I didn’t do so well in high school and didn’t meet the requirements to go to university right off the bat. Instead, I went to Community College, lived at home, worked a part time job, and saved a sh*t load of money. Afterwards I went to a public University and saved even more money. I graduated during a huge recession without debt thanks to my privileged circumstances which allowed me to think less about the money I’d earn after college and more about my interests. That being said, tuition to even state Universities has increased dramatically since I graduated - making the once realistic American dream seem a distant memory for many of us youngsters.
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Just how expensive is college?
The website Collegedata.com states that one year at a public University will cost on average roughly $25,000 while at a private University it will cost $50,000. This hasn’t always been the case. From 1984 to 2014 tuition for public universities has increased 225%. And to make matters more daunting, only 19% of students actually graduate at a “4” year university within 4 years – making the majority graduating within 5 or 6 years. And while tuition goes up and it takes longer for students to graduate, on average it takes longer for college grads to earn back what they’ve spent on tuition which on average is at 36 years old. Moreover college grads has been earning less and less over the past 10 years while the cost of college is skyrocketing.
High education is just like a business. In fact some say that the U.S. Department of Education makes $15 billion dollars in profit from student loans every year. If students stopped taking out loans and going to college, our economy might just collapse.
Universities want to attract students, just like businesses want to attract customers. To do this need to hire the best professors who can conduct research in the most up to date and technologically advanced labs. This is not cheap. The average salary for a professor is $100,000. A lab? Probably a lot more expensive than that. Universities also need to have beautifully built campuses. Again not cheap. Not only do the buildings need to be architecturally aesthetic, but the grounds need to be taken care of and the buildings maintained. Universities also must have attractive amenities like career services, health centers, and even psychiatric availability. All of this costs a sh*t load of money and creates a load of competition between the universities. Consider it like an arms race education style.
But that’s not all. In order to pay for such expenses, universities create high tuition and use financial aid to help those who can’t afford it on their own and take as much as possible to those that can afford it. This is called the Bennett Hypothesis – our government provides loans and financial aid to students, and colleges get their money whether it’s from students who take out loans, get financial aid, or can pay for it out of pocket. If schools know that students have more money to spend, they can raise tuition, and make their campuses more attractive to potential students, which causes more competition between schools. So when the government is providing subsidies for its citizens to go to college –there is more demand for education now that more and more people can afford to go to college – and this in turn encourages colleges to charge more for education and they can increase their marketability by spending that money on professors, campus beautification or improved amenities.
The real question however is - is college worth it?
That I cannot answer. But I will say that going to college has made me widen my perspective and allowed me to pursue ideas that I probably wouldn’t have if I had not gone. College is about your education and an investment that will last you a lifetime. The only answer I can give you is to think about what you are passionate about and do it. If you don’t need a college degree to pursue your passion, don’t go. But if you think college will enrich your life and help you obtain mastery in your passion, then go.
The value of college depends on what degree you get and how useful that would be in the real world. Take a STEM degree and compare it to a gender studies degree. There are tons of options if you have a STEM degree, but what is gender studies going to get you? Probably just laughed at when you think thats going to get you a good job.
I literally love how the government doesnt stop this, i mean we should be giving it out for free, we need to improve our planet and i believe college would be the step to higher technological advancements.
Meanwhile in Belgium: ~1000 dollars a year at an internationally respected university.
47th in the world university ranking, and the most innovative university in Europe for the third year in a row.
Happy not to be born in America.
WRONG! the cost of college has prematurely, rapidly risen ever since the government began giving anyone who would apply the same big pot of money starting in the early 90's. Colleges then began pricing tuition according to the amount of loan money available to applicants,, not according to what college actually costs. Professors have always been paid very well, even when my parents went to college for free in the 60's. the loan system is a scam.
For emergency Loan ? If you Have any financial crunch ,As I got loan Amount $10000 , It Was Helped me in medical bill
College is completely worthless unless you need a certificate or license for that job. Not only does it kill creativity it also waste a good majority of your youth just to teach you a bunch of trash and trivial questions that you can google in less than 5 seconds.
tl:dr It's expensive because the government is subsidizing it. Like you said, it's a business so when you subsidize something, you artificially increase demand. When you increase demand, you increase price. Simple version. Oh, and since it's subsidized, it becomes more worthless.
Because of the current College climate most business owners do not want a college student now because that is four years of brainwashing that you'll never get rid of.
A four-year college degree used to mean that you were the cream of the crop but now that every single C student can go to college and get straight A's that they couldn't get in high school..... Colleges a joke.
Business owners now see College as delaying adulthood these children wanted their parents to pay for four years of Sleepaway Camp so they didn't have to go out and get a job.
You overlooked the cost of administrators. There are nearly as many administrators as faculty at most modern college, the cost of these bureaucrats is where the cost comes from today.. Look back 30 years and admins were only 1/5 of the number of faculty. The regulation boom helped cause the rise of college costs.
nice vid. The concept would be even worse if there was free college because the government would pay for all of it and no one would care about the price which would in turn skyrocket tuition. The same concept is in healthcare and anything that the left deems a "right".
Jay Patel Here in Germany both healthcare and universities are (mostly) free, and I would say it works quite well. I don't have much knowledge concerning such things, I suppose our taxes are higher because of that, but free education offers more opportunities for more people and free healthcare serves as a safety net.
Beyond just the price of tuition there is also the opportunity cost of losing 4-6 years. Having just finished the college experience I really think that college is not a good place to figure out what you want. You will get much more benefit if you go in with a plan. You have to decide if its worth the tuition + time to advance your career beyond what you could accomplish in a trade school or working a job.
I wouldn't have found my passion if I didn't go to college. College, for me, was about having an identity crisis and fervently searching for something to invest my life in. The family and community I grew with did not give me those tools. This is also the case for a lot of my friends at my school.
NO! College administration has gotten off the learning path. 76% of Professors are Adjunct who make $22,000/yr avg, not the $100k you stated in Video. If you would like to know what the "Future of College" will look like Accurately? here's a talk https://youtu.be/B5mvQfjeBYE?t=50s
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