by Roy » Wed 29 Feb 2012, 08:57:41
Cloud9 nailed it.
I majored in Industrial Engineering (I know, big mistake

). My total tuition and room in board at a large state university in 1992 was $5k.
I am employed in a white collar IT job. My salary is in the 85th percentile for all workers in the US.
Currently, tuition and room/board at Duke University costs more than I take home in a year. About 25% more.
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Cost of a year at Duke to rise to $56,000Duke University
By: NBC17 Staff | NBC17.com
Published: February 24, 2012
» Comments | Post a Comment
DURHAM, N.C. – The cost of attending Duke University is going up.
On Friday, the Board of Trustees approved a 3.9 percent increase in the total cost of attendance (undergraduate tuition, room and board) for the 2012-13 academic year, according to the school.
Undergraduate tuition will be $42,308, a 4 percent increase, and the total cost for the next academic year, including tuition, room, board and fees, will be $56,056.
My only deductions are health insurance, fed income tax, state income tax, SSI, and medicare, roughtly 28% of my gross pay. And I'm struggling to support a family with a very frugal lifestyle. There is no extra for retirement or kids' college. There's barely enough to keep my house repaired, pay for medical/dental bills, and keep the lights on. That's tragic. And I'm making more than 85% of employed individuals in the US. I use my numbers here to demonstrate the futility of going into a large debt for degree.
I went in debt $16k to get my degree. I'd say it was worth it. But now, the prospect of going 6 figures of non-dischargeable debt (at Duke would be $200k) for a degree, in an environment where wages are stagnating and essentials are experiencing significant inflation, is not such a great idea.
Exceptions being fields that pay in the upper 5-10% of US incomes right out of the door. Petroleum Engineering is one for example.
The reason college costs are increasing exponentially is that banks are willing to lend huge sums of money to virtually anyone with a pulse for a college education. The lending institutions don't have to consider traditional lending factors such as the person's ability to repay, because the debt is for all intents and purposes is non-dischargeable. So the banks provide an endless stream of cash and colleges respond by growing their facilities and providing gold plated benefit and retirement packages to their employees (I worked at major university for 8 years; I've seen it first hand).
Should everyone go to college? Clearly no. In a perfect world you might say yes. But our world is far from perfect and doesn't seem to be improving in any noticeable way; nor does my last 8 years of study of PO, economics, geopolitics, and over-population lead me to expect things to change for the better any time soon.
Santorum is a bible-thumping statist who never met a deficit he didn't like. If he did by some chance get elected, the core policies of this government would not change. Core policies:
endless war on everything
deficit spending/currency debasement
global free trade (which has killed mfg in this country and led to lots of lost jobs for 'regular people')
increasing level of government intrusion into our private lives, for the good of the children of course.
A nations military should only be used in a nations self defense, not to entertain liberal cravings for shaping poor nations into images of themselves by force. -- Eastbay
Shooting the messenger is typical when you are incapable of arguing against them. -- Airline Pilot