<p>While helping my mom clean out her house last week, I found a bill from my LAC back in 1973. Tuition was $716 a semester. Currently tuition is $15,920 at that school - over 2000% increase. CPI increase over that period is about 400%. The big shock was health insurance - $12 to $681 per semester - 5575% increase. Room and board were much more reasonable - only a 800% increase. The next year I transferred to state university at a much cheaper $112 a term.</p>
<p>Back then kids could work all summer at a good job and pay for college. I remember working in a construction (union) job in 1975 and making $8.50 an hour. Thirty years later, my son worked retail this summer for $9.50. No way that even puts a dent in a year's worth of tuition.</p>
<p>I wonder what his kids will be paying for college?</p>
<p>In 1977, tuition, room and board at my LAC was roughly $4000 per year. Can't remember what tuition was by itself. Currently, tuition, room and board is over $33,000 there. However, this college now offers substantial merit scholarships while there were very few offered when I attended.</p>
<p>One year my Dad had 3 in college- 2 public & 1 private the COA total was > his yearly salary. Those same 3 schools would be < my salary today. Our jobs would be = in terms of salary comparison. My Dad put 5 through total 21 years I have 1. My burden is significantly smaller. Mom and Dad refinanced 3 times. There were no tax advantaged college savings vehicles at the time either. Dad had payments from 1975 to 1991. We all had small loans. The mortgage was paid off when MOM and Dad were 70.</p>
<p>I am in shock about the increase for 6-8 years ago. Not only have prices gone up a lot for the private colleges (where even a small % of increase translates to significant $$$, some "bargain" colleges have entered the super cost colleges. Also OOS tuitions have really taken off. Even between kids, the rise has been high.</p>
<p>As for insurance, these days they require a comprehensive insurance which is why that expense is so high. I believe the insurance back a while ago was not for everything but for certain limited on campus care.</p>
<p>The school my D is at has gone up nearly 10% each of the last few years. We built that inflated amount into our predicted costs and showed it to her as "this may be what your graduate owing". Of course an 18 year old with stars in her eyes didn't think twice. That increase is going to become a big thing ....
BUt back to the past:My own 70's vs. now experience: the LAC I went to as a freshman offered me it's biggest scholarship. The scholarship is still named the same thing and is not even twice the amount it was then. Meanwhile costs at the school have gone up about 800%
I then went to the state U, where we screamed about increases in tuition from $280 t0 $300.<br>
Realizing what a bargain I got, we give all we can back to our department when it's fund-raising time!</p>
<p>I had the good fortune to attend Yale in the early 70's and the entire year cost my poor parents between $6000-$7000 for everything which was possible for them with aid and modest savings. Curiously that was the cost of a Ford Maverick at that time. </p>
<p>I pay $45000 for my son at Yale today which is the cost of a BMW. In addition, acceptance ratio was around 30% then to under 10% today which lead several of us at YH game to conclude that we would not be accepted today if we applied.</p>
<p>I agree that the college landscape has changed a great deal since that time. In those days, we took the SAT I and the three achievement exams (SAT II's) all in one day. No one thought about it or had tutors for it. You applied to 3-4 schools that your guidance counselor thought were reachable for you and that was it. </p>
<p>Where the insanity about colleges began is beyond me.</p>
<p>Just as problematic is the future. For those having babies now the cost of a public university in 18 years will be about $60,000 a year and for one of those private "top" universities it will be close to $150,000 a year if the trends of increases over the last couple of decades continue, but today's $100,000 income will only be about $165,000.</p>
<p>drusba, I don't know where those numbers come from, but if something does not change in the near future, it is my opinion that the result will be many more less educated people in the United States. We already have a discrepancy between the number of males and females going to undergraduate school for a variety of reasons.</p>
<p>Ok I was just thinking about the cost of college the other day. If college continues to increase at historic rates then the real cost will easily double in 20 years! </p>
<p>Has anyone considered though what online universities will do to curve costs?</p>
<p>Double?? Couple be triple and that will be the least of our concern. At the rate we are going with our economy a cup of coffee at Starbucks will be $50 by then.</p>
<p>Well, I guess you guys could very well be right. If inflation is 3% and college is 7 percent then using the rule of 72, it will double in roughly 18 years or so.</p>
<p>What do you guys think about the expansion in online college. I think that might be an attractive alternative if prices go up the way the have. Do you think online college will gain big momentum in the future?</p>
<p>Your mention of online college made me think of one thing. While today fewer people can afford the beautiful, small campus, someday fewer people may be able to afford any campus and may have to go online.</p>