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U of Chicago projected to be the first U.S. university to cost $100k per year

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Re: U of Chicago projected to be the first U.S. university to cost $100k per year

#261

Post by pirocks »

moduspol wrote: post #127
supahfly_remix wrote: post #122

Earlier quoted context omitted.

Are the people who actually teach the classes (professors who teach and TAs) getting raises matching the tuition raises in your school? Or, is all of the money diverted to administration?

I wasn't in a position to be explicitly told, although I did at one point see an anonymized list of faculty salaries and they did not seem unreasonable (only one in six figures). This school is about 40 minutes away from a city with an international airport. I think "diverted" is perhaps a strong word here. The way administrators see it, the administration is necessary to even reach the point where faculty can teach…

On the case of California all the salaries of public employees aka. University of California employees are public, Googleable information.

Re: U of Chicago projected to be the first U.S. university to cost $100k per year

#262

Post by jdsully »

rayiner wrote: post #133
nixass wrote: post #21

On the other hand, TUM (technical university in Munich) costs only 220 euro per semester, and you're still enrolled into top25 university in the world. The land of free..

TUM has a $1.1 billion budget and 41,000 students. Chicago has a $2.6 billion budget and 16,000 students.

Could you elaborate a little on why that's relevant? Is the extra money providing materially better education? Is it somehow impossible for Chicago to lower their costs?

Re: U of Chicago projected to be the first U.S. university to cost $100k per year

#263

Post by nitwit005 »

1shooner wrote: post #155
seiferteric wrote: post #33

Earlier quoted context omitted.

This is my thought as well. These universities have had very little incentive to cut costs for a long time and have padded out administrators and built opulent and unnecessary facilities driving costs ever upward. Universities used to be little more than professors and classrooms with very few administrators.

>Universities used to be little more than professors and classrooms with very few administrators. Correct. There was also no IT, counseling, healthcare, Title IX, and secondary public education was functional. Things are different now.

I wish it was getting spent on IT, counseling, healthcare and other practical services. Somehow I doubt the tiny staff at my university clinic, or the four IT people, were soaking all that money up.

Re: U of Chicago projected to be the first U.S. university to cost $100k per year

#264

Post by in3d »

eeZah7Ux wrote: post #226
Consultant32452 wrote: post #182

Earlier quoted context omitted.

Our system produces the best universities and most sought after students on the planet. Why would we adopt a model that gets worse results? If states want to find community college or something I wouldn't gripe too much, but universities are for advancing human knowledge. Don't hold them back.

> best universities and most sought after students on the planet All available data shows otherwise.

Show us the data.

Re: U of Chicago projected to be the first U.S. university to cost $100k per year

#265

Post by mlthoughts2018 »

kaffeemitsahne wrote: post #232
afarrell wrote: post #219

Earlier quoted context omitted.

What is the European version of SAT/ACT scores and AP tests?

I can only speak for the Netherlands, we have a tiered high school system, and you can enter most university programs with just a high school diploma of the highest tier.

Then the high school exams just become the de facto college entry exams. It still adds all kind of wealth privilege gates to who gets free tuition at the best schools.

Re: U of Chicago projected to be the first U.S. university to cost $100k per year

#267

Post by glerk »

apta wrote: post #258
chimi wrote: post #68

Throughout history, every time loans are invented to pay for something, the price skyrockets. House, Cars, Education... except credit cards. What credit cards did is flatten the salary curve, filling the gap between where salaries should be if they increased as much or more than inflation and the cost of living, with debt. Debt is a powerful tool when used correctly, but most people are unskilled in tool use, financi…

> Throughout history, every time loans are invented to pay for something, the price skyrockets. Which is why interest-bearing loans are prohibited in the three major religions. Puts things into perspective.

Which major religion other than Islam forbids it?

Re: U of Chicago projected to be the first U.S. university to cost $100k per year

#268

Post by _bxg1 »

mytailorisrich wrote: post #203
stefano wrote: post #154

What I find funny in these discussions on HN is how most people seem to be completely oblivious to the obvious solution, proven to work in many developed countries around the world: have the state directly fund universities and don't charge tuition to students (or charge them a small amount). Why is the assumption "universities are private endeavours that should make a profit" something that goes unchallenged on HN?

My understanding is that the US system is dual: On the one hand there are private universities that charge freely, but on the other hand there are also public universities that charge reasonable fees (at least for state residents). It's not unreasonable to charge tuition fees that are significant enough to make sure student will choose seriously and study diligently. I say that because it is certainly not always the…

"Reasonable" is relative. Tuition at U.S. "public" universities is still around $10k per year, even if you're in-state:

https://www.cnbc.com/2019/04/24/tuition-at-public-universiti...

Re: U of Chicago projected to be the first U.S. university to cost $100k per year

#269

Post by ChicagoBoy11 »

WhompingWindows wrote: post #77

UChicago 2011 graduate here. When I attended, I paid about $20k/year in tuition, given that I had various merit scholarships, worked for the university, and that my siblings also attended school. My parents were in for a RUDE awakening in my fourth year, however, when my brother graduated his undergraduate program...UChicago found out via a survey, that I was now the sole college attendee, and without warning they ja…

Sorry to hear that. I graduated the same year as you but had an incredibly positive experience, and one I look on more and more fondly over time. Having said that, I immediately recognize that IT IS NOT for everybody. There are a few peculiarities about the school that can really make it or break it for you, even beyond simply the matter of fit. To me the house system was the epicenter of my social life, and I know full well that had I simply been assigned to a different random group of people my experience could have been significantly different and possible way worse.

Re: U of Chicago projected to be the first U.S. university to cost $100k per year

#270

Post by mhb »

chimi wrote: post #214
julienb_sea wrote: post #156

Earlier quoted context omitted.

Mortgages are, typically, a functional debt market which is good for all parties involved. Well qualified buyers generally lack the capital needed to purchase a home outright. However, a bank can come in and provide long term financing at reasonable rates. The buyer is pleased, because despite the interest payments, over time the buyer is building equity in a fairly stable or appreciating asset. This is a great examp…

I've been doubting a mortgage is worthwhile debt for society for a while now. For the individual, it's not worthwhile, it's just pretty much the only way you can get a house anymore -- unless you are very adventurous. Even the amortization schedule is weighted to benefit the banks. The reality is if you get a typical 30-year mortgage, your house costs you 3x the list price you thought you were buying it for. >In 1940…

> Even the amortization schedule is weighted to benefit the banks.

Can you explain this or say what the alternative amortization schedule might be? In a normal mortgage, the initial payments are more interest because you're paying interest on more principal.

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