Townhall…
The
Higher-Ed Bubble is Bound to
Burst
by Jeff Jacoby
Sep 12, 2012
"If
you want to go to
college," my mother said, "you'll have to get a scholarship."
Luckily,
I did. I was admitted to
George Washington University, which generously awarded me a grant
covering the
full cost of my tuition. To the best of my recollection, that sum was
$2,400 in
1975, the year I entered GW. To pay for my other expenses there were
several
forms of need-based financial aid, and I received what is now called a
Pell
Grant and a subsidized work/study job on campus.
Adjusted
for inflation, the $2,400
GW charged for tuition when I was a freshman would equal $10,220 today.
But for
freshmen entering this year, tuition at GW is $45,780. In other words,
four
years of GW in the 1970s cost less (in 2012 dollars) than a single year
there
-- or at many other universities -- today.
GW
is a private institution, but
the price of a college education has been skyrocketing at public
campuses too.
All told, the average cost of an undergraduate education has more than
doubled
in real dollars since I entered college in the mid-1970s. Over the past
31⁄2
decades, the consumer price index has climbed around 3.8 percent per
year; over
the same period, college tuition and fees have been soaring at an
annual rate
of 7.45 percent. But nothing soars forever.
College
opened my mind to all kind
of new ideas, many of which I can remember animatedly chewing over with
fellow
students. But one thing I know we never discussed was the prospect of
graduating from college with tens of thousands of dollars in debt
hanging over
our heads. In the 1970s, that would have been unimaginable. Now it's
anything
but…
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the rest of the article at Townhall
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