I read an interesting article in the NY Times about the escalating costs of a college education. Mark Taylor is the chairman of Religion at Columbia University and warns of the impending meltdown of our higher education system.
At the current rate, the cost of a four-year undergraduate degree will be over $500,000 by 2028. With reductions in government subsidies and rapid increases in tuition, the public colleges may be just as unaffordable as the private ones. Add this to the fact that financial aid is decreasing resulting in more borrowing for students and families. As we enter a global economy and competition for jobs increases, it has never been more important to produce highly educated students.
So what’s the answer?
Mr. Taylor suggests that the institutions of higher education should be looking for ways to collaborate with each other to create joint programs that reduce costs and increase course choices. He argues that American higher education is eroding from within and faces more competition from around the world. Fortunately, my kids are grown and finished with college but it seems that $500,000 is a lot to pay for an undergraduate education – especially when it’s tough to get a job.
I don’t have an answer. I want to know what you think. Please leave your comments below….