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We are in a higher education bubble

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M

Manhattan Buckeye

Senior Member

7,566 posts
Nov 16, 2010 10:56 AM
http://taxprof.typepad.com/taxprof_blog/2010/11/100-colleges.html

This is ridiculous, for people with young children (say, 5 years old or younger), how do you plan on funding college? For people with older children, are you going to accept these exorbitant rates or seek out cheaper alternatives?

This is just crazy, I went to one of the most "expensive" colleges in the nation a decade ago with the jaw-dropping tuition of about $21,000. The stock market has been mostly net stagnant since that time. Real wages haven't increased by much, yet higher education costs not only outpace inflation, its outpacing it at the rate of Speedy Gonzalez vs. Slow Poke Rodriguez.
Nov 16, 2010 10:56am
CenterBHSFan's avatar

CenterBHSFan

333 - I'm only half evil

6,115 posts
Nov 16, 2010 11:00 AM
Manhattan Buckeye;560613 wrote:http://taxprof.typepad.com/taxprof_blog/2010/11/100-colleges.html

This is ridiculous, for people with young children (say, 5 years old or younger), how do you plan on funding college? For people with older children, are you going to accept these exorbitant rates or seek out cheaper alternatives?

Simple. Teach your kids the value of saving money and budgeting and hard work. If they want to go to college, they'll have the building block knowledge on how to pay for it.
Nov 16, 2010 11:00am
Fab4Runner's avatar

Fab4Runner

Tits McGee

6,196 posts
Nov 16, 2010 1:48 PM
I will not be paying for my kids to go to college. My parents didn't pay for any of us (7 kids total) and we knew from a young age that we needed to work hard, get scholarships and/or save. If my children do everything they can and still fall a bit short I will consider helping them and they will know the deal like we did.
Nov 16, 2010 1:48pm
Thread Bomber's avatar

Thread Bomber

Message Board Terrorist

1,851 posts
Nov 16, 2010 1:49 PM
I don't have a problem paying for my kid to go to college. I DO have a problem paying other peoples kids way through college because they chose to put themselves in a financial bind by popping out 5 babies and supporting "diversity" programs.
Nov 16, 2010 1:49pm
F

fan_from_texas

Senior Member

2,693 posts
Nov 16, 2010 1:52 PM
CenterBHSFan;560620 wrote:Simple. Teach your kids the value of saving money and budgeting and hard work. If they want to go to college, they'll have the building block knowledge on how to pay for it.

There's an order of magnitude problem with this. All told, my schooling cost about $300,000. It doesn't matter how much you save as a kid or how hard you work in your summer jobs or how well you budget, there's no way for a kid to pay that much for their education. 20 years ago, people could make it by with minimal loans if they did all the right things. At this point, even at many state schools, that's becoming an impossibility.

To the OP: we figure that to cover undergrad alone,, we need to save/invest about $500/mo. per child. Since we're still paying off my loans (and will be for awhile yet), we probably won't contribute to the C-Monster's college fund for 2-3 years . . . at which point we'll have to chip in $1,000/mo. or so from there on out. Unbelievable.
Nov 16, 2010 1:52pm
C

Con_Alma

Senior Member

12,198 posts
Nov 16, 2010 1:54 PM
Fab4Runner;560880 wrote:I will not be paying for my kids to go to college. My parents didn't pay for any of us (7 kids total) and we knew from a young age that we needed to work hard, get scholarships and/or save. If my children do everything they can and still fall a bit short I will consider helping them and they will know the deal like we did.

Yep, this was me also. I worked as an apprentice meat cutter and paid my way through school.

I can't say I won't be paying for my kids to go to college but they will not know that. They know what we have spent on their primary education and it's not a small amount. They will expect and prepare to fund the college expenses.
Nov 16, 2010 1:54pm
j_crazy's avatar

j_crazy

7 gram rocks. how i roll.

8,372 posts
Nov 16, 2010 2:20 PM
part of me says, OMFG no way i'm going to pay for that again.
part of me says, I cannot let my daughter get eaten alive by student loans.

I make more than enough money that i won't struggle to pay for college. i'll likely do it. but prices have to stop somewhere or I'm srsly fucked.
Nov 16, 2010 2:20pm
M

MontyBrunswick

Nov 16, 2010 2:21 PM
Solution: don't have kids
Nov 16, 2010 2:21pm
thedynasty1998's avatar

thedynasty1998

Senior Member

6,844 posts
Nov 16, 2010 2:23 PM
Hopefully I have boys and they are blessed in the sense that I was an get scholarships.
Nov 16, 2010 2:23pm
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Websurfinbird

Chosen Person

656 posts
Nov 16, 2010 2:37 PM
It's a very nice thought to think that your children will be able to get scholarships and make enough money to fund their own education. However, many schools are reducing or even eliminating such scholarships. NYU (one of the priciest schools in the country), at least according to my sister who works there, no longer provides merit scholarships. And even those who do give them out, don't usually award that much. So that leaves financial scholarships, which unless you are practically destitute, you won't get much either. Of course there are other scholarships, but again, it seems like money for that is dwindling.
Nov 16, 2010 2:37pm
j_crazy's avatar

j_crazy

7 gram rocks. how i roll.

8,372 posts
Nov 16, 2010 2:44 PM
i went out and did research projects and other outstide of class things that got me ~15K towards my tuition. factor in i didn't live on campus and got some scholarships (albeit not much, like 30k) for being from a poor family and having good grades and i did okay.

walked out of Marietta College owing a little under 30k. hopefully my kids have the same mindset, i knew my parents couldn't do shit for me. it hurt them more than it did me.
Nov 16, 2010 2:44pm
M

MontyBrunswick

Nov 16, 2010 2:52 PM
j_crazy;560980 wrote:walked out of Marietta College

I lost all pity for you when I read that line. You could have gone to a public school and walked away with way less debt.
Nov 16, 2010 2:52pm
darbypitcher22's avatar

darbypitcher22

Senior Member

8,000 posts
Nov 16, 2010 2:55 PM
I just did a speech on this, the numbers are absolutely astounding...

but on the other hand, the cost of not going to college, at least according to what I read from the college board, is much higher.

According to some numbers (I'm sure they've adjusted since then) from 2008, the average college grad made $22,000 more a year than the non grad, and unemployment among these folks was 3% less.
Nov 16, 2010 2:55pm
Cleveland Buck's avatar

Cleveland Buck

Troll Hunter

5,126 posts
Nov 16, 2010 3:09 PM
When the federal government increases grants, scholarships, guaranteed loans, and handouts directed to the education industry, of course prices are going to skyrocket. Why wouldn't colleges charge more for tuition when the government is footing the bill for many people?
Nov 16, 2010 3:09pm
j_crazy's avatar

j_crazy

7 gram rocks. how i roll.

8,372 posts
Nov 16, 2010 3:13 PM
dlazz;561001 wrote:I lost all pity for you when I read that line. You could have gone to a public school and walked away with way less debt.


not with my degree. Petroleum Engineering.
Nov 16, 2010 3:13pm
justincredible's avatar

justincredible

Nick Mangold

32,056 posts
Nov 16, 2010 3:32 PM
j_crazy;561062 wrote:not with my degree. Petroleum Engineering.

Yeah, and the fact you were able to live at home so you didn't pay room and board. You'd have been much further in the hole than $30k if you would've went to a public school to get a Petro degree.
Nov 16, 2010 3:32pm
M

MontyBrunswick

Nov 16, 2010 3:35 PM
j_crazy;561062 wrote:not with my degree. Petroleum Engineering.

Touche.

I'm tempted to say Akron offers it, but i'm too lazy to check.
Nov 16, 2010 3:35pm
TBone14's avatar

TBone14

Senior Member

6,383 posts
Nov 16, 2010 3:37 PM
If you have a girl and she can break 80 there is a program that will give her a golf scholarship, if she can consistently hit 75 she can play at a very solid Big 10/ PAC 10 school. Moral of the story, teach your kids how to hit irons and wedges as soon as they can walk.
Nov 16, 2010 3:37pm
FatHobbit's avatar

FatHobbit

Senior Member

8,651 posts
Nov 16, 2010 3:39 PM
TBone14;561113 wrote:If you have a girl and she can break 80 there is a program that will give her a golf scholarship, if she can consistently hit 75 she can play at a very solid Big 10/ PAC 10 school. Moral of the story, teach your kids how to hit irons and wedges as soon as they can walk.

My ex boss was pushing her girls to golf because that's how she planned on them paying for college. Lol I hope that works out for her.
Nov 16, 2010 3:39pm
Fab4Runner's avatar

Fab4Runner

Tits McGee

6,196 posts
Nov 16, 2010 3:46 PM
I am putting my kids in every sport imaginable when they are young and whatever they show the most promise in wins, lol.
Nov 16, 2010 3:46pm
justincredible's avatar

justincredible

Nick Mangold

32,056 posts
Nov 16, 2010 3:47 PM
dlazz;561106 wrote:Touche.

I'm tempted to say Akron offers it, but i'm too lazy to check.

They do not.

Marietta is the only school in the state that offers it.
Nov 16, 2010 3:47pm
Apple's avatar

Apple

Prost!

2,620 posts
Nov 16, 2010 3:51 PM
My kids aren't getting any financing from me. Their great grandmother saved some for their college. Daughter is going to a community college and plans to transfer to 4-year undergraduate school in two years and she's saving a ton of money on the cost of education.
Nov 16, 2010 3:51pm
thedynasty1998's avatar

thedynasty1998

Senior Member

6,844 posts
Nov 16, 2010 3:51 PM
There are a lot of "non traditional" sports that offer scholarship money for female athletes, because of Title 9. I think D2 volleyball has like 10 full rides for volleyball. I was fortunate enough to get a athletic scholarship and hopefully my kids have the same size that I have.
Nov 16, 2010 3:51pm
M

Manhattan Buckeye

Senior Member

7,566 posts
Nov 16, 2010 3:51 PM
"I just did a speech on this, the numbers are absolutely astounding.."

I'm curious to understand the data in your study.

Administration/faculty comps have gone off the chart for our alma maters. The President of our undergrad institution made over a million US$ last year - for what?
Nov 16, 2010 3:51pm
M

MontyBrunswick

Nov 16, 2010 3:52 PM
justincredible;561130 wrote:They do not.

Marietta is the only school in the state that offers it.

Well I'll be damned.
Nov 16, 2010 3:52pm