Industrial Insight

Cost of college… | May 2, 2011

http://nymag.com/news/features/college-education-2011-5/index2.html

The University Has No Clothes

The notion that a college degree is essentially worthless has become one of the year’s most fashionable ideas, with two prominent venture capitalists (Cornell ’89 and Stanford ’89, by the way) leading the charge.

  • By Daniel B. Smith
  • Published May 1, 2011

It’s bad enough that our colleges are under­performing, one can’t help thinking—but do they have to charge so damned much? In the past 30 years, private-­college tuition and fees have increased, in constant 2010 dollars, from $9,500 a year to more than $27,000. Public-college tuition has increased from $2,100 to $7,600. Fifteen years ago, the average student debt at graduation was around $12,700; in 2009, it was $24,000. Over the past quarter-century, the total cost of higher education has grown by 440 percent.

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