College Tuition Is Getting Out Of Hand...
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- Опубликовано: 26 июн 2022
- College is expensive. Here is the cost of college now v 30 years ago when our parents would have been in college.
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The cost of getting a college education has gotten out of hand. In 2022, about 46 million Americans have student loan debt, totaling nearly $1.75 trillion in total debt. And to put that into perspective that’s somewhere between the size of Italy and Canada’s total economy. As of 2022, the average student loan debt in America is $37,013, with the average monthly student loan payment being $300. And up until the pandemic relief measures, 11.1% of student loans were 90 days or more delinquent or were in default.
Going to college nowadays can be incredibly expensive, but you might have figured out from talking to your parents that it hasn’t always been that way, has it?
So I decided to spend just a few hours (more like 15 hours lol) taking a look at historical college tuition data, inflation data, and income data and running some calculations to find out what the cost of attending college is today in 2022 compared to the cost of going to college 30 years ago, which is when most of our parents would have been in college. And what I found was pretty mind blowing to say the least, so stay tuned to find out...
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After the military I attended college because I thought that’s what you’re “supposed to do.’
After 2 years and switching majors 100 times I dropped out opted for the trades(electrician), best decision I ever made, free education, pension and a 6 figure income
That’s amazing!
I think you broke this down very well. Also, when you give the work hours at minimum wage comparison, it is worth noting that you are assuming that students don't have to support themselves financially while going to college which is rarely the case.
Why do you pay to study, in the US?
In France, college is free.
Yeah, but you'd have to live in France.
I went to college in the 1990's, I received a partial scholarship because
my grades were fairly good, and I applied for it when they posted the
scholarship halfway into the first year. All in all, I ended up paying just
$1,200 CAN (including books and supplies) for my 3 year Associate's
degree. I was just lucky-- what students are subjected to today is
nothing more than a racket. It's definitely like loan sharking.. If I was
a younger "potential" student today, I would just ditch school, which
for the most part, is a waste of time. I would just start up my own
business. Your generation has a LOT more online resources to help
than previous generations (I'm Gen X).. What the kids go through today
is complete bullshit.. and it isn't right.
Thank you for the great video. When I went to the state University, the tuition was $2500 a year for BA and $6500 for graduate school. I had $10000 student loan and paid off within a year. I have 12 year old child. I worry about her tuition. I want her to go to college, but we cannot pay all without getting a loan. It has been very expensive.
There is an oxymoronic solution, both simple and complex to the problem of high college tuition. The simple side is there should be more colleges opening to supply the demand at the lower income brackets. It's complicated by the need for qualified staff and presumably high regulatory barrier to entry into the market. It seems like there could be an opportunity for investors to build up such a school.
I know for-profit schools exist but there's a perceptual deficiency and elitism when compared to traditional colleges. The divide between for-profit and public colleges is just as bad as public colleges and universities.
Further issues contributing to the discrepancy of cost of attendance: 30 years ago colleges were always in-person and books were books, there's an atmosphere and expectation of studiousness being in-person and you could resell recoup the cost of books somewhat if you kept them in good condition at the end of a semester. Now we have hybrid or purely online classes which defeat or at least diminish the focus of students, as for books you buy loose-leaf copies with digital subscriptions, or purely digital subscriptions. There are some schools that use free public domain texts for certain early classes, openstax, I think, is the one I've gotten to use in my most recent foray into higher education.
I was curious so I did it specifically for my school (in state tuition at ucla). It was about 3500 in 1992 (adjusted for inflation) vs about 13,300 today.
My cousins went to University in the 1980's up here around Toronto..
The Provincial governments were still giving out grants and bursaries
if you simply applied for them.. I think they ended up paying $0 for
their 4 year bachelor degrees-- aside from various books and supplies.
Beautifully done!
😮 I teach in college -- i agree, tuition def out of hand 👀 even from just a few years ago when i went to college
For sure
@@KarsonGaule here's an interesting video idea, i would do it but i havent really gotten into the habit of making selfie vids: Is college tuition higher because of too much govt (eg govt creating easy to secure federal loans that made private colleges like mine raise their tuitions to get access to that money leaving students in debt) or too little government (because higher education became a private corporate enterprise and good cheap tuition state schools lost their funding and also started mimicking the private colleges with super high tuitions for out of state ppl who come for the fancy athletic facilities and big university experience). Could be interesting!
Great eye opener. Parents need to plan their investments to match the rising educational expenses so that their children get quality education. You are spot on 👍
Thanks Raju, I agree!
This is super interesting stuff!
Thank you!
What would be interesting to investigate when and what enabled these Changes ?
Very interesting!
Thank you!
If your willing to pay more taxes you can make college cheaper for someone else.
Of course, in 1992 the minimum wage was $4.25/hour (had just been increased in 1991) and it was hard to find any unskilled job paying much more than that in my college town, or my home town. Minimum wage now is only $7.25 at the federal level, but most states require more than that, and employers are typically offering much more. Even McDonalds is starting over $15/hour in my area. $15 is 3.5x $4.25.
Yeah but a one bedroom or studio apartment often cost about 1 to 2K so yeah people can't qualify making $15 an hour. That is like trying to get an apartment making 8 to 9 an hour while needing 12 minimum!!!!
Two thoughts:
1. I agree it's out of hand. I graduated from the University of Michigan, which has a *set* annual increase of 2.9% - basically it's intentionally outpacing inflation. This issue to me can be solved: restricting public colleges to have a max increase of 2.0% or else federal dollars/loans can't be used at that institution. Additionally, limiting the kinds of majors we pass out loans for so people don't get into debt for an English degree.
2. I disagree that you can't get through debt free. I had no scholarships, no grants, no loans, and no one paying for my tuition. But I got through debt free by working as much as I could in high school to have a decent savings pre-college. I went to local colleges so I didn't have to get a dorm. I went to community college for the first 2 years ($2000/semester), and of course I worked full time in the summer and part time in the school year. I also every year was able to quit my job and found a job that paid a couple bucks more an hour. So it is possible. People don't seem to understand the power of community colleges/in-state public college.
Student loans are ridiculous no kid should take out a 5 or 6 figure loan. Cancel that everything else gets better
Still need doctors etc. which mean someone somehow will need money to go....
@@donaldlyons17 If student loans didn't exist, schools wouldn't be charging ridiculous amounts for education.
@@ricardimartinez673 Well but the loans are not the issue the income to pay them is.... My 35K school loans was paid off because I had the money to pay it after 5 years while it would have been an issue if I did not have to resources to pay....
This is interesting but ultimately a sidetrack as no one is asking who is hiking up the cost.
It's the colleges and the bloated administration costs.
If the govt makes it free, then colleges will explode in added amenities bundled into the fees that ride along with tuition
Unless by being a single payer the gov't can use their buying power to force colleges to trim the fat and keep prices down.
Or just nationalize them.
It's sad that 'the greatest nation on Earth' cannot provide their citizens the same basic amenities that so many other countries can.
"But my taxes!" First off cut the military budget in half. Second after paying state and federal taxes, for profit health insurance, for profit hospitals and medicines, and for profit school tuition more of my paycheck goes poof than the Bulgarians I work with who make the same money doing the same job with the same degree as me. Why is Bulgaria able to provide for their citizens but America cannot? Especially while they take home more of their paycheck than we do?
Colleges have become so woke and most of the curriculum ends up not being useful for making a living in the real world. And much of the expensive tuitions even don’t trickle down to the student s benefit.
PЯӨMӨƧM 😇