Is a college education worth today’s cost? Many students — and their parents — are asking that exact question.
According to a 2019 story on cnbc.com, during the 1978-1979 school year, it cost the modern equivalent of $17,680 per year to attend a private college and $8,250 per year to attend a public college. By the 2008-2009 school year, those costs had grown to $38,720 at private colleges and $16,460 at public colleges. In 2019, those costs were closer to $48,510 and $21,370. That means costs increased by roughly 25.3% at private colleges and about 29.8% at public colleges during that time. And the trend is continuing.
So why the drastic increases? Many claim it is due to cuts from higher education funding. For Iowa’s state universities, that means less money approved by the Board of Regents. Others say the increases fall in line with what the business world faces with increases in health care and retirement costs, as well as infrastructure and facility investments. Meanwhile, as pointed out in the cnbc.com story, some of our nation’s colleges and universities are not helping their cause with frivolous spending on items like climbing walls, hot tubs and lazy rivers. And let’s not forget the costs of the numerous sabbaticals.
Somewhere along the way, administrators learned that being the most expensive college could be a point of pride and a selling point — making them the “Cadillac” of colleges and universities. Interestingly, according to various reports, about 85% of college students receive some form of financial aid. So who is paying for the education of these students? Well, much of it comes from the obvious source — those of us who pay taxes. There is no such thing as a free lunch, and there is also no such thing as a free education. Someone, somewhere, is paying for it.
If the COVID-19 pandemic taught us one thing, it is that we need to rethink college education. Online learning showed its pros and cons. Most would agree that education is about more than textbooks and Zoom calls. Real learning happens when we get together with others and share ideas — and not only in the classroom. Meanwhile, do we need dozens of professors teaching the same subject at dozens of colleges and universities in the state of Iowa? Or could we provide savings to students — and to colleges and universities — and require that at least some general education courses be taken online from one professor?
As a college student, I strongly felt that more financial aid (grants) should be offered. I didn’t want to have to pay for my education. Today, I feel quite differently. If a college education was free, it would lose much of its meaning and its value, and I expect to pay for things that have value. I didn’t truly understand the costs of education at the time, but I did when I wrote a check to the Iowa Student Loan Liquidity Corporation each month. A college education has value. The question is, how much?
My father would often tell me that an education is one of the best investments a person can make, regardless of the cost. “It is one of the few things in life that once you have it, nobody can take it away from you,” he would say. Despite the drastic increases, I continue to feel that he was right. But like most anything in life that has a price tag attached to it, we need to hold everyone accountable to tighten the purse strings appropriately and make sure that the value exceeds the investment.
Have a magnificent Monday, and thanks for reading.
Shane Goodman
President and Publisher
Big Green Umbrella Media
shane@dmcityview.com
515-953-4822, ext. 305 |
