Here's an interesting article off Yahoo entitled Dear Class of ‘13: You’ve Been Scammed.
According to this writer, college costs three times as much (adjusted for inflation) as it did 30 years ago. "Consider this: You have just paid about three times as much for your degree as did someone graduating 30 years ago," writes author Brett Arends. "That’s in constant dollars -- in other words, after accounting for inflation. There is no evidence that you have received a degree three times as good. Some would wonder if you have received a degree even one times as good."
And this doesn't count dorms, food, apartment costs, etc. This is just the cost of teaching. The writer calls this the "College-Industrial Complex."
Our girls have been priced out of the college market. If we can't afford $10,000 in health insurance costs, we sure as heck can't afford $40,000 a year for college costs. And what's the alternative? Saddle our girls with anywhere from $50,000 to $150,000 in student loan debt? What an awful way to start their adult lives.
Older Daughter's choice to attend nanny school is, we feel, sensible and practical. The cost is moderate and her chances of employment are superb. Younger Daughter is still trying to figure out what she wants to do, so we haven't had to face the issue of higher education for her yet.
"Some members of the College-Industrial Complex are now talking about a new solution to bring down costs," notes Arends. "They want to reduce, or eliminate, the amount spent on the actual teaching. Instead, students will watch online videos."
I see. So material you could get for free on YouTube is worth nothing, but material you see at home on your computer through a college for a mere $40,000/year is critical to an adult's earning potential. Got it.
I'm fully aware that a wide variety of fields require extensive higher education. I don't want my doctor learning his skills through YouTube videos. But what about other fields? Can a businessman learn business skills by going into business or working for a business, rather than earning a business degree? I don't know, but it sure seems like a possibility.
So dear readers, what are your thoughts? Are you in college or facing college options for your children? What is your experience on this issue? Is college worth it?