What’s not under dispute is that higher education still pays
off in terms of job and income prospects – according to the aforementioned Pew,
Americans ages 25 to 32 who were college graduates earned $17,500 more on
average than their peers who were only high school graduates. Over the working life of an adult, that gap
probably only widens – a huge testament to why we still endeavor to send our children
to a university campus in the fall.
First, a look back at the context of college education 50+
years ago, post World War II. With GI’s
returning from war and the population booming, universal access to public
education was considered the ladder to pull yourself to a better life. A college degree (sprinkled with a lot of
hard work and loyalty to/from the same employer for life) was the key to open
the American Dream – financial comfort, security, home ownership, and the
never-ending entitlement of each generation being more prosperous than the
last. It didn’t matter who you were, how
much money your parents had, or where you came from – education was seen as a
birthright for all who wanted to take advantage, and especially by lower and
middle class families.
Even 20 years ago, less than 50% of college graduates
received their diplomas with any student loans to debt to pay, and it was less
than $10,000 on average (adjusted for inflation.) Fast forward to 2013-2014 and the number of
college graduates with significant debt has skyrocketed. The latest numbers for
the 2012-2013 school year show that about 70% of college graduates have student
loans and other debt to pay from their education. Even more telling is that each student with
loans has an average of nearly $30,000, according to the Institute for College
Access and Success.
However, there is more to the story. At quick glance, it would seem that the cost
of college tuition has actually slowed its ascent, or is actually
plateauing. Last year, the average cost
of four-year public colleges went up only by 2.9%, which was the smallest
percentage increase since the middle of the 1970’s.
Not so fast. While
tuitions may be leveling off after a precipitous thirty-year climb, the cost of
college is still shooting skyward.
Factor in fees, school supplies, room and board, books, etc., and it’s
easier to see why more would-be students are getting squeezed out of a college
education. When factoring in tuition AND
those various essential fees, the average cost of a public four-year university
has increased 27% over inflation over a five-year period, from the 2008-9
school year to 2013-14.
During the recent years of our recession, rolling into
2008-2009, the White House pumped huge money into public education support as a
way to offset stalled incomes shutting the door on higher education. Pell Grants alone doubled from 2008-9 to
2010-2011, an astronomical number. So
even though the country was feeling the pinch, the cost of higher education was
like a leaking boat with a lot of people bailing water out at once – still
afloat, but destined to sink eventually.
Since 2008-9, Federal grants have been decreased by at least 10%,
contributing to the feeling of seasickness among families looking at a tuition
bill, once again.
No matter how you slice the cost-of-education pie, we’re
left with a disturbing reality – the cost of education, adjusted for inflation,
has more than tripled between 1973 and 2013. Current data shows that the cost of a
four-year, in-state public university or college averages $8,893. The corresponding cost for a private
university is $30,090, a 3.8% increase since only a year ago.
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