Wednesday, July 13, 2016

Why College Costs So Much

I went to a rather expensive private college, but that was 40 years ago. After scholarships, my bill was about $2500 a year (I only went three years), and I ended up borrowing $5K. Which I paid back, at $50 a month, within a few years. Now I have a kid in college and two more starting this fall. The costs are frightening. It’s a good thing they all got substantial scholarships and grants.

But that part about college professors’ salaries was shocking. My father was a tenured science professor, and adjusted for inflation, he never made anything near that much. So I looked up the stats, and found that if you take out law school and medical school professors, the average drops way down. Then when you consider how many undergraduate classes at universities are taught by graduate students or part-time adjunct professors, you realize that the tuition you’re paying is not getting your student the benefit it should.   


Anonymous said...

drgeo said...

Most beginning college profs I know make less money than beginning high school teachers. The Chronicle of Higher Education posts an annual salary issue, broken down by state and university. It is also useful to use "salary adjustment calculators" offered by real estate companies to estimate the local cost of living. For example, when I left a job in New York City making $103,000 for a job in rural Texas making $58,000 I was actually banking more money!

xoxoxoBruce said...

My buddy is paying $100,000 a year for good plumbers and can't get enough. But we've defunded trade schools to oblivion so our burger flippers can have a degree. We're shooting this country in both feet.