Friday, May 19, 2017

Higher education costs

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Recently we purchased a 40" color TV for $325, 50 years after we paid $375 for our first color TV that required monthly service. The trade off is we now pay a monthly subscription cost to a cable company. In today's dollars that would be $2,752. 60 years ago I paid $1,000 for room, board, and tuition at a private Christian college, and it was about the same as the University of Illinois to which I transferred. Today that should be $7,338. At both institutions, those costs were in part subsidized either by donors, the church or the citizens of Illinois and I was expected to be a donor after graduation. Government regulations and interference have changed the cost of education. Big time. I don't see how Mike Lee's solution will change it, but it's important to know what has happened to put so many families in debt when their only solution seems to be to borrow more money from the government.  
"The Higher Education Reform and Opportunity Act. This bill would allow states to create their own accreditation system for institutions that want to be eligible for federal financial aid dollars.
Each state could then be as open or closed to higher education innovation as they saw fit. They could even stick with their current regional accreditors if they chose to do so."

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