Will Education Become Unaffordable for Most Americans?
Here’s a really disturbing article in the New York Times about educational affordability. According to the New York Times, if the price of education rises as the same rate that it has, a college education will become unaffordable for the majority of Americans.
Yes, you read that right. The majority of Americans.
The Times cites a report from the National Center for Public Policy and Higher Education, which found that:
- In the past 25 years, college expenses have increased 429 percent, while median family income has increased 147 percent.
- In 2007, the average cost of a year at a public university amounted to more than a quarter of the median household income.
- In 2007, the average cost of a year at a private school amounted to more than three-quarters of the median household income.
So are we actually going to reach a point in American history where a college education will become a luxury? We certainly seem to be moving in that direction, huh?
See President-Elect Obama‘s plan to support college education.