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Skyrocketing Tuition: College Costs Could Reach $422K For Children Born Today

Skyrocketing Tuition: College Costs Could Reach $422K For Children Born Today

 

Written by Marie Diamond

Parents of children born today should be prepared to pay a hefty price for college tuition, if current trends in tuition costs don’t change. According to new analysis by The Daily, the class of 2034 will pay an average of $288,000 in 2011 dollars at a four-year private school and $123,000 at an average public school.

That’s an increase of 111 percent and 167 percent, respectively, from the average class of 2012 tuition:

New moms and dads with visions of Ivy League degrees dancing in their heads should be prepared to face a bill of $422,320 in today’s dollars if Junior heads off to one the country’s priciest colleges as a member of the class of 2034.

If college costs keep rising as they have for the last three decades, the inflation-adjusted price of four years of tuition alone will more than double at private colleges and nearly triple at public universities by the time a baby born this year is ready to enroll, an analysis by The Daily shows.

Jane Wellman, executive director of the Delta Cost Project, notes that public universities in particular have been relying on tuition increases to boost revenue and offering less financial aid.

The Daily points out that tuition increases wouldn’t be so bad if family incomes were keeping pace. But they aren’t, as “in real terms, the incomes of families with at least one child under age 18 have grown only about 1 percent since 1987.” Those bleak trends mean that college costs will put even more of a strain on families in the future, and probably result in fewer students being able to receive a college education. For the first time ever, outstanding student loans will exceed $1 trillion this year, and Americans now owe more on student loans than on credit cards.

This post was originally published by ThinkProgress.

 

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Colleges Slash Tuition to Attract Students… and Pay the Bills

 

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18 comments

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6:15AM PST on Jan 20, 2012

Please sign the following petition to help advance education in the world, and make school staff/teachers more sensitive to children diagnosed with ADHD ..http://www.thepetitionsite.com/1/support-teacher-staff-training-adhd/
Thanks

6:17PM PST on Jan 12, 2012

Education should in our country's best interest be FREE to anyone who is willing to improve themselves in that fashion.

It's undeniable that those with better education / training are better equipped to hold better paying positions, exert more purchasing power to drive the economy, and tend to have in totality a reduced need for government services.

The raiders of countries however see no value in having those in servitude know anything more than required to operate the machinery of production and sign the forms of obligation.

Be it the gold and lands of the Mayans, The diamonds and such of Africa, The drinking water of Bolivia , the global raiders have a well honed playbook in converting any country to but an uneducated , impoverished slave society giving up it's resources for but a ladle of sustenance.

Like those who warned of Perl Harbor, I here and now warn you of the future.

Should we buy the product of servitude gift wrapped in but wrappings of "freedom" and "rights" we will join a not so exclusive club of countries that have never recovered.

4:35PM PST on Jan 12, 2012

Collage tuition's going up. middle class wages going down.

This fits right into the Koch brothers plan.

They would like nothing better, a uneducated population who will work for peanuts.

3:44PM PST on Jan 12, 2012

$$ talks & IMO the Middle Class doesn't exist anymore not in the true sense anyway. I raised 4 kids & not one of them went to college but they all had on the job training which is now passe. Thank goodness they're all doing well today & 1 owns his own business. My oldest grandson did graduate from college & know where he's working? at Best Buy. He's a go getter & determined to get into electronics. He won't give up he does have a gift for it. Talk abt being between the rock & the hard place.

3:26PM PST on Jan 12, 2012

The cost of the government helping out by backing student loans and encouraging everyone to go to college.
http://inflationdata.com/Inflation/Inflation_Articles/Education_Inflation.asp

The founder of Paypal is paying some young people to skip college.
http://www.reuters.com/article/2011/08/24/us-column-cohen-20under-idUSTRE77N4PC20110824

In the old days not everyone went to college, they had apprenticeships which allowed you to learn on the job while getting paid a little. Now we have minimum wage laws and those that would of been apprentices have to pay to learn at a trade school.

9:43AM PST on Jan 12, 2012

As the rich grow richer, the poor grow poorer, and the middle class disapears altogether, it will come as no surprise that the U.S. is beginning to look more and more like a banana republic. The elites rule while the rest of us suffer. We need to take to the streets now before our government gives corporations all the rights and none for people.

9:08AM PST on Jan 12, 2012

So the military gets a huge budget to wage uncalled for wars, but the young people can't afford college. Well, that makes perfect sense. A privileged few will go to college and the rest will be low paid robots for the military and the crappy jobs. People, wake up, join Occupy and demand changes or else you deserve what you get.

9:04AM PST on Jan 12, 2012

That's good, the Government will figure out a way to pay for it at the taxpayers expense. The better the job the more IRS makes so they will figure something out. It's pretty much guaranteed.

6:44AM PST on Jan 12, 2012

I hate to say this, but, I suspect if we are to serve our youth and keep them competative with the world, we need to make a major change to the College Education system. Here is a radical thought. An Education Tax levied on Corporations to pay for the education of the students entering practical studies at colleges. Law, Medical, Science, Accounting etc. students apply with their entrance scores for funding by these taxes with a contract that stipulated that upon graduation that they are employed and paid ( at a competative rate) for 3-5 years by the government or corporations and recieve work experience needed to move on after that Apprentice period. Should they drop out or fail to keep grades required by the program, they must repay the monies that were comitted to their education.

As I said..radical, but it might open up education and employment further to the youth of our country without starting life burdened by heavy debt. It would also ensure that Colleges recieved the funds they need to operate but keep costs down as they will know from year to year exactly what amount of funds they will recieve and have to work within budget limits and not just hike tuition to build stadiums, etc.

6:23AM PST on Jan 12, 2012

As an accountant with a bachelor's degree I can attest to the total scam that is the American higher education system. I could have secured the credentials necessary to obtain that first position in my field in half the time and at half the cost. The amount of time and money I wasted was staggering. Useless, mandatory courses in science, a foreign language, English and even ludicrous business subjects unnecessarily delayed acquisition of the degree that was required to launch my career. The only ones it benefits are professors with triple-figured salaries and their related pensions that are currently contributing to the perilous economic conditions in so many states. Study the fluff in high school - it is logical to assume you have chosen what major you want to pursue based on that exposure in grades 9-12. For students that haven't, offer the liberal arts programs at the university level that will help them eventually decide. Let those who are sure, however, concentrate specifically on the appropriate curriculum only. That way, you could cull the herd of over-priced, under-worked teachers and save both student and taxpayer a ton of cash.

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