Quote:
Originally Posted by pj3000
The student loan ballgame is A LOT different (and has been for nearly 20 years) than when we were college kids. The amount of debt out there is staggering and it's going to begin seriously affecting our economy (meaning all of us) in the coming decades.
|
Everything is more expensive. Cars today are roughly 10 times as pricey as when I finished school. I bought my first car (the first one I paid for, not my parents) for $3000 in 1971. Something similar today might be around $30,000.
Tuition was about $2600 as I recall. I'm not sure what it is today--just tuition, not room/board/etc--but I've heard figures in the range of $50,000 at top private schools, so the inflation factor is maybe twice what it has been for cars.
But at those same schools, financial aid is very generous--I suspect more so than in my day--and many of them claim they cover everything they determine the student's finances require (in their judgement, not his/hers).
Anyway, I blame a lot of competitive construction at schools: Much more elaborate athletic facilities and other amenities, much more luxurious housing, much better dorm food. And even the academics buildings are more expensive with computer facilities and so on that weren't dreamed of back then. Our lecture halls were just big rooms with tiered theater seating and in front a stage with a blackboard. Smaller classes were held in rooms, just rooms with windows that opened when it got super hot and steam heat in winter.
And then there's the proliferation of non-academic staff, many of whom are needed to ensure compliance with assorted government regulations, dole out financial aid and oversee admissions.