From Rekha Basu in Sunday's Des Moines Register:
We're coming up on graduation season, and high school seniors are making hard choices about where to go this fall. But more than ever, those choices are complicated by tough questions about how to pay.
The fact that it's gotten harder than ever to pay for college has caused a disturbing change in the demographics of incoming college students. Today's are about 60 percent richer in household income than the population average, according to a new study. That means the gap between those who can and can't afford college is growing. And it means that income inequality is bound to intensify since college graduates earn on average 60 percent more than those without a degree.
I was recently among a group of parents, counselors, graduates and admissions officers to speak at a local high school panel on planning for college. We all had good stories to share. Our kids had done well; they were happy with where they ended up. The admissions officers had sound advice on how to get into a good school. But then there was the elephant in the room: Cost.
The median parental income is $73,400 for students at public universities and $83,500 at private ones. The median household income in Iowa and nationally is around $46,000.
You know where the MILF widow Basu is going with this column: more government aid, taxpayer grants, low-interest loans, and all that.
Which is all kind of odd because you'd think the parents who earn more money would actually save a bit of it for junior's college expenses rather than saddling him with debt hell for 20 years.
Near the end, she reveals:
My son's college costs 45 grand a year, and few of us have that kind of money to spend. You do what you have to - beg or borrow - because it's a priority. But let's face it, it's a big hit.
Rekha's been down this road before. In the last column she wrote about it,
she blamed Ronald Reagan.
You know what, Rekha? If you and Rob didn't plan for your son's college education to the point where you had $180,000 saved up or the equivalent in a term insurance policy,
that's your problem. Quit bitching about it.
Personally, I think it's obscene to think that people should "beg or borrow" because a $45,000 a year college education is a "priority" in this day and age. Unless you're going into academia or some Board certified field, a degree really doesn't matter as much as experience does. And as for the "pedigree" of a place like Amhurst, that sort of joint is only for elitist types.
Could Rekha's son have gotten as good of an education at UI or ISU for $40,000 a year less? Likely.
You know, I don't think it helps that parents push
their children to signing themselves into tens and hundreds of thousands of dollars of debt before they're 21 years old. I'm talking 18 year olds who just graduated high school signing loan papers for $5000 or $10,000 or $20,000 or more for their first year of college. People think underage drinking is such a problem, well no wonder. I'd be drinking heavily too if I knew that someday I'd have to pay back $20,000 or $50,000 or $100,000+ in student loans with little more than a worthless poly sci degree under my belt.
Related: On Higher Education And Debt