Payscale's latest college ROI report uncovers a disturbing trend in higher education for low income students. Wealthier schools with the highest ROI may not be serving those who are eligible for federal monies to help pay their way.
By now, we probably all know someone who struggles with student loan debt or job woes. Many of us young folk went to college hoping to make our dreams come true, only to find ourselves saddled with enormous debt and no job prospects. Young grads are still having trouble nailing down that first professional job, and many people aren't working in the industries they trained for. It wasn't exactly a walk in the park for older people either, whose careers went kaput and they had to go back to school or get new training. Stories from the Great Recession are many among us.
The cost of public higher education is increasingly being shouldered by students, rather than state governments. Data compiled by the Chronicle of Higher Education illustrates the significance of that shift beginning in the year 2000, when 93 percent of states paid more than students for public higher education, in comparison with 2012, when the number of states carrying more of the cost had dropped to 52 percent.
The cost of college is at an all-time high, thus making the decision to attend (and the ability to afford) college a daunting one. With the "recovering" economy, soaring unemployment rates, and the terrible job market, adding school loan payments to the mix seems risky. Is earning (or having) a degree financially worth it in this day and age? Let's look at some recent data to find out.
Back in the day, when life wasn't as ridiculously expensive, choosing a college meant considering the school's student life, culture, reputation and academics. With the sharply rising cost of education, that choice has come down to cold hard cash. The biggest question in the minds of students: How much debt will I graduate with?