Will College Become Unaffordable to All But The Rich?

Question

As a parent saving for college, it appears that within 10-15/yrs the average 4yr college bill will be around $200,000. It seems to me that only 2 types of people will be going to college in the future.

Type 1) The Rich

Type 2) The Borrowers who get a Degree and a LoanBill for $200k

I know how many employers have ads in the paper requiring a college degree. But it would seem that in a few years, finding somebody with a degree will be impossible because nobody can afford to get one.

In Any case, what are your thoughts on the future of a College Education in America?

Answer 1

It really depends on what you study and where you study. I went to a state university at graduated in 4 years. I had scholarships for the tuition and my father paid the rest. So I had no debt from undergrad. If your child goes to a state school most states offer reasonable costs for education. Add scholarships and work study or work during the summers like I did and you can make it work. I really wanted to go to a private school out of state but after I did the math I figured I did not want to be in debt like that. Many of my friends at the time went out of state and it was a great thing to do at 17 or 18 but now they are paying the price for it becuase some of them are in jobs they could have done without a college degree and they still owe the loans for the next 30 years. Even though this was 10 years ago...I knew in high school there was no way I would go into 80K debt just for undergrad...my thought was what about grad school. So I went state which was free for me.

It also depends on what is studied. There is a nursing shortage now and many hospitals will pay for tuition for nurisng school and give you a sign on bonus once you start working. The same thing for med and dental schools, there are programs that reimburse for tuition if you work in low income clinics. I knew a few doctors who did this and once their time was up and the debt paid off they moved onto something else.

Just realize that having a college education does not guarantee your child will be able to support themselves once they are out. Plenty of people go into psych or social work and struggle and they have the student loans to prove it. Investigate all avenues for grants and scholarships.

Answer 2

Hello Alby--great question and comments.

   Since i am old enough to remember when the university was mostly for the rich, can honestly say the answer to your question is ---yes--- only for the rich.

   Prior to WWII, requirements for college grads, in most businesses, was non existant. Those positions requiring a degree, during that period, were usually those we commonly refer to as "white collar", and the others either blue collar, or just laborer.

Our problem today is much more complex since the government, in the USA, has allowed business and industry to move so many jobs off shore. B & I at the same time wants more college grads, but their actions have failed to stimulate a job market wherein one can earn sufficient $$$ to go to college, or send there kids to college.

   During the same period of time, educational resource quality seems to be declining. My two daughters have just experienced this problem in the university.

  

Thus, my thoughts would be, make sutre your kids know how to take care of themselves in ways other than those dependent upon "big" business. There are many ways to do so but you are required to plan it---the government that created FEMA and Homeland Security does not seem concerned with the people, thus you are forced to.

Good luck

Answer 3

It is already that way in most of the more prestigious private schools.

Answer 4

Even now, I don't know anyone that can attain a degree in 4 years. We don't make NEARLY enough to pay for more than 2 classes, but we work ALL the time just to get by. College is no long a time in a person's life between childhood and adulthood...it's an ongoing decade or more of your adulthood. I don't plan to have my degree until I'm 30, and I figure in 20 years people will be lucky to get them when they are 40.

Answer 5

theres no way that is going to hold out. i doubt thats even right. maybe at a top school like harvard it will cost that much, but not for your typical state school. i go to a public university that has over 18000 students and it only costs 4 grand a year.  If this could even be considered as the future for education, then i forsee many colleges shutting down.  Cause unless people are making alot more money, and that offsets the price of college, no one is going to spend 200 g's to get a bachelors degree in mass comm, or really anything for that matter excluding engineering, it, or maybe even nursing.

i guess what im saying is that unless the standard of living and average wages of someone in the future can measure up to this tuition cost, this price tag will not be seen at your average public school. i wouldnt worry about it at all.

Answer 6

It already is for the rich. If/when it gets to the point where employers are without educated employees, change will occur.

Probably in the form of government assistance to students with spectacular marks.

Answer 7

The way thing are going colleges may become a thing of the past . I see a total collapse in the present system . Best to buy gold and silver for him and you with that collage money .

Answer 8

if you get good grades then you will get in for free. so keep up the good work dummy

Answer 9

Start teaching him German from his birth, then send him to Germany when he is old enough. You may need to move there. Germany has far too few people going to University and in 9 out of 16 states (Laender) a uni education is free. In the other laender it costs only about 1000 Euro per year.