AMONG ALL THE DEPRESSING END-OF-THE-DECADE RETROSPECTIVES we've been seeing over the last week or so, the Washington Post today ran a story about the skyrocketing price of a college education -- coupled with a shrinking pool of available sources of financing for the families of college students. The article's headline calls it a "crisis of costs."
Just what I need to hear. As a parent of three kids, who are not yet in college but will be before I know it, I've been watching with dumbfounded awe how the cost of higher education has shot up in recent years. But nothing drove it home better than a chart the Post ran with the story, showing that college tuition, room and board nationwide has gone up more than 120 percent since 1980, as median family income went up only a tick more than 17 percent.
When I hear from those with kids in college that they're re paying roughly $20,000 per student per year at a state-funded university and between $40,000 and $50,000 at a private institution, I simply don't understand how they do it. My neighbor, who has sent two kids to private universities in recent years, has a good line; it's like buying a new Mercedes every year and pushing it over a cliff.
Of course, unlike a wrecked Mercedes, there's a lot of value to mine from a college and graduate school education. And the good news is that I see so many families go through the experience and come out whole -- or not devastated -- on the other side of it. Very heartening.
That's sort of how I used to rationalize riding roller coasters, which, well, are not my thing, to say the least. I would watch all these people, who had just been screaming their brains out, get off at the end of the ride safe and usually smiling. If they could do it, I reasoned, so could I. (But I hated it just the same.) The only problem with that analogy, of course, is that some people actually enjoy the sensation of speeding down a 70-degree incline and doing loops and such. Some like to be scared for the fun of it.
I probably shouldn't have used the word "depressing" when I introduced this post above. There are much worse things in life, and I'm sure we'll get through what will be a worthwhile investment. We will make it work, I'm sure, though I'm not precisely sure how.
But why have things come to this in our country? Why is the cost of an education, one of the most important factors in the success of a person -- and of our nation as a whole -- why is it so much of a reach for even a middle-class family like mine? Why does it seem that only the super rich have comfortable access to what should be available to all? (Why does this sound like the argument health care reform?)
And what about those with far fewer resources? Yes, there are grants and loans, but even many of those are drying up, according to the Post article. States have less money to give to schools than they used to, university endowments and other of their funds for students in need are more scarce and many of the financial products that have historically enabled families to pay for college have been devastated by the recent financial crisis.
Colleges and universities are the lifeblood of American power. It's what powers our innovation, which is what has made American the global leader it is. Just ask any of the many students from around the world who clamor (if they have the money) to enroll in our schools. Just ask some of the emerging-market nations that are trying to improve their own higher education infrastructure. Even many of the Arabian Gulf nations recognize that oil and gas, which have earned them vast riches will take them and their people only so far, and they are building their own Western-style universities to stay up with the U.S. and Europe in the long run. They all want a piece of the magic. They know that it is education -- at all levels that has made us strong.
The question is whether or not we as a nation know that or whether we take it for granted. I'm not going to lavish blame on state legislators and members of Congress for not understanding this. (I don't know enough to know whom to blame.) They do, and there's nothing politically unpopular about giving more money to education. But the dollars aren't always there for them to give.
Why is that? What does that mean for the future of the country? How do we turn that trend around?
Discuss.
Jeff

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