College Costs and What SHOULD Be Possible
I recently had the opportunity to travel just South to be onsite with a client. During my time there I had an opportunity to sit down with one of my dearest friends and a groomsman at my wedding. It was a chance to catch up. While we talk on the phone every once in a while, we don't have enough face-to-face chats. This was a great opportunity to tell stories like we used to back in law school.
The conversation shifted to how the kids were doing. His kids are a little older than mine and are either just out of college or in the midst of a university experience. And that led me to my inevitable question. “How are you handling the financial impact of two kids in college and one just out?” His response wasn't as important as the conclusion that we both came too quickly.
We both began to recount our days in the university setting. To be sure, that was a long time ago. In fact, some 35 years ago. But from a financial perspective, having both attended a public state university, we noted that once we considered the financial expenses of tuition, room and board, and the “extras," we could work a part-time job and almost pay for all of it. No loans. Fortunately, we both had great support from our families. But with proper planning and thought, it was truly financially possible, with working (and maybe a few scholarships) to go to college without debt and pay for it in cash.
Fast forward to today. Two of my friend's children are in public higher educational institutions. For the one who’s living away, receiving an in-state tuition scholarship, with the cost of tuition, room, and board, the costs annually are over $30,000 a year. Again, that's with in-state tuition. And with all due respect and hard work, it's not reasonable for someone to make $30,000 a year for part-time employment.
My dear friend went on to indicate that not only had tuition gone up so much, but the forced living for the first year or two in residential housing associated with the university was as much as $12,000 to $15,000 with no real options. He juxtaposed that to his daughter, who's living at home, going to school locally at a public university where the living expenses are nothing because she was under the same roof that he was paying for his family.
If one wants to attend a private school, go to an out-of-state school with out-of-state tuition, take out loans, or pay for it through family wealth, I am a believer in the free market, free enterprise, and freedom in America to do just that. However, I would also argue that higher education at a public university should be cost-effective enough if one wants, that they can work part-time and achieve a degree within five years. Including living expenses. That means freedom to find cost-effective living no matter the circumstances and tuition, added at the in-state level, that's affordable.
Our college and educational debt situation nationally was the topic of conversation at my lunch with my friend. And somewhere along the line, the investment in young people, creating a cost-affordable opportunity for educational growth, has been lost. Again, if one wants to seek other options at a higher cost, God loved them. But for those who are looking for the most cost-effective investment in their future, it darn well should be easier and more affordable for all.
