With the ridiculously absurd pricing that is the college tuition, no one would blame you for questioning if college was simply a gigantic pyramid scheme. From feeding it’s housing residents Grade D meat (the kind they put in dog food) to then proceeding to charge hefty amounts of food on campus (that some colleges require at least 1x a day of cash value,) there is valid reasoning for your assumptions. In fact, students are reportedly, as according to endoftheamericandream, borrowing twice as much money as they did a decade ago. And yes – that is after inflation is taken into account.
So what exactly happened that caused the pricing to double? Did the cost of college truly go up – or has it become the money powerhouse that you anxiously worry about paying off in your later years?
According to nypost, colleges scam the working class by “…Higher education also fails working-class kids by not giving them the guidance they need. The one working-class girl who did graduate in the Armstrong-Hamilton study was a young women who was put into a special program where she received “comprehensive advising.”
The article then goes on to talk about how the school’s advisors don’t help, and most of the students take courses that aren’t going to benefit their future as a result. As quoted,
“It’s “a catastrophe,” says Peter Berkowitz of the Hoover Institution. “On the one hand, colleges have abandoned any actual structure,” so kids need help figuring out how to put together a serious plan for graduating. “But the faculty aren’t there. They’re off studying ‘queer gardens.’” He calls it a maze — and one where “those who come from poor academic backgrounds will do even less well.”
For all the lip service our colleges pay to giving the less-advantaged a leg up, the mission these schools seem more focused on is just raking the money in.”
Another article tries to provide the newly graduated Class of 2013 information on why we’re about to get into the scam. Market Watch states that,
“U.S. colleges are a rip-off. Two decades ago I spent six years at Cambridge and Oxford universities, and it didn’t cost me a nickel. Admittedly, one reason was social policy: The taxpayers paid the bill (and a very good return they earned too, given the British taxes I paid once I graduated and started work). But the second reason was that these universities did not charge an arm, leg and other appendage for the act of teaching.
My undergraduate course at Cambridge largely consisted of one hour a week with a tutor, a weekly essay question and research list, and a library card. This teaching model hadn’t changed much, really, since the days of Aristotle. Student, teacher, discussion. See you same time next week.
How on earth do colleges today ramp up costs to $40,000 a year?”
So judge for yourself. Even if it is a scam, it’s the safest way to make more money. Look at the trade offs and the opportunity costs. Don’t just write off college because people say it is a waste of money.