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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

#281

Post by buboard »

sorenn111 wrote: post #7

One thing I find crazy is the very same institutions that are generally very left leaning, decry income inequality, and espouse generally liberal views then turn around and having tuition costs that having been rising at rates so far above inflation. Student debt is a major issue in the US and the ever increasing costs of tuition are a MAJOR culprit in pushing this crisis. Where are these costs coming from? How can y…

You might see people rallying for forgiving debt, but not for increasing enrollment, which is what caused high debts in the first place. It s impossible not to call this hypocritical

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

#282

Post by PragmaticPulp »

codedokode wrote: post #166

The prices in USA look exorbitant. If a worker works full year for minimum wage, they earn $7.25 * 8 * 253 = $14674. Such worker will have to work for 6 years and 9 months to pay tuition costs for 1 year, if we assume that they don't have to pay taxes, buy food, visit a doctor and pay the rent. A house may cost several hundred thousands dollars or higher. If that worker has paid for a university, no way they will be…

> The prices in USA look exorbitant. If a worker works full year for minimum wage, they earn $7.25 * 8 * 253 = $14674. Such worker will have to work for 6 years and 9 months to pay tuition costs for 1 year,

Someone earning minimum wage does not pay the full cost of tuition. In fact, few people ever pay full tuition due to scholarships, grants, aid, and various discounts. Only very affluent families pay the full tuition costs.

Families with low incomes pay well under $10K per year, all included, for even the top colleges.

Reference: https://www.nytimes.com/interactive/2018/06/05/opinion/colum...

Of course, it's all still more expensive than it should be. I don't pretend this system is good, but it's absolutely not true that minimum wage earners are paying $60K+ per year to get college degrees in the USA.

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

#283

Post by [deleted] »

vonmoltke wrote: post #256
dredmorbius wrote: post #190

Earlier quoted context omitted.

There are both US-government, and nongoverment private bank, student loans, in the US.

Which are not guaranteed by the government. When speaking of government-backed student loans, which this discussion is, there are no banks.

[deleted]

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

#284

Post by Bjartr »

wtvanhest wrote: post #26
Finnucane wrote: post #11

Earlier quoted context omitted.

I work at one local university, and my wife works at another. One thing we've definitely noticed (and this is a widespread problem) is that the administration is becoming more top-heavy. There are cutbacks in faculty, support, and teaching staff, more reliance on adjuncts (academic temps, basically), and so on, while central administration grows. Expensive new buildings contribute, but less than people suppose. But t…

Yes, admin is a problem, but its not just admin. If you are a professor making 150k+, you have to ask yourself how much of your salary is being funded by rampant, unsustainable borrowing. Colleges need dramatic, across the board cost cutting including professors, admins etc. Colleges are in for a world of pain in the next 50 years.

Why shouldn't a professor make 150k? I mean, from a societal point of view.

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

#285

Post by interlocutor »

duxup wrote: post #36

>But fewer students are paying the full tuition. Is anyone paying the sticker price and if so what is their financial state / considerations?

If you work for FAANG your kids have to pay full tuition because scholarships vanish when you have $250K or more in annual income.

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

#286

Post by morsch »

mlthoughts2018 wrote: post #265
kaffeemitsahne wrote: post #232

Earlier quoted context omitted.

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.

If that's the case, it's a privilege afforded to about 50% of each year's students (Germany, presumably it's not much different for our neighbours). For people who don't qualify due to their high school education, there are opportunities to gain access later in life, and people who did that make up about 30% of each year's university students.

Obviously, nothing is perfect.

Source: https://de.wikipedia.org/wiki/Abiturientenquote_und_Studiena...

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

#287

Post by privateSFacct »

afarrell wrote: post #219
JBorrow wrote: post #194

Earlier quoted context omitted.

Your point about entrance exams is, in general, not true. University applications in Europe are very similar to those in the USA.

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

People saying you just need a high school diploma and their are no standardized tests are misleading the issue.

There are STRICT entrance requirement - basically tied to your Abitur or similar. This means big waitlists if you are not a top scoring (on Abitur). European systems DO have exams and they can be pretty high stakes for classes. There are lots of quotas - as should be obvious given the education is free.

"The remaining places not reserved for the aforementioned advanced quota groups are filled following the Abiturbestenquote, i.e. applicants with the best higher education entrance qualification grades, and Wartezeitquote, applicants with the highest amount of accumulated wait semesters. The admission criteria within the selection process of institutions of higher education (Auswahlverfahren der Hochschulen, AdH) are set by the universities and institutions themselves according to the respective state law and their own requirements. Therefore, the AdH is not an additional application and admission procedure, but only one of several quotas."

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

#288

Post by kaffeemitsahne »

Aaronstotle wrote: post #259
kaffeemitsahne wrote: post #232

Earlier quoted context omitted.

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.

That's interesting, it seems that this shifts the entrance exam of college to earlier in a student's life (making high school entrance exams much more valuable compared to the United States.)

Yes, fwiw your high school level is determined at the end of primary school based on your teachers' recommendations and a standardized test. But there is quite some mobility possible between high school levels.

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

#289

Post by catalogia »

jimbob45 wrote: post #234

I see a lot of people telling everyone to just go to another university if the one you want is too expensive or isn't up your standard in the degree you're chasing. Remember that out-of-state tuition effectively bars students from attending any university outside of their state and, if you're in a smallish state like Oregon, your options can be pretty limited, particularly if you'd like to stay in one geographical re…

Which state schools have out-of-state tuition rates north of 100k a year? Not all of them, that's for sure. U of Chicago is notable for how expensive it is, meaning that virtually any other option is a cheaper option, almost certainly including out of state tuition in another state.

> "particularly if you'd like to stay in one geographical region."

A luxury I can scarcely comprehend...

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

#290

Post by chimi »

mhb wrote: post #270
chimi wrote: post #214

Earlier quoted context omitted.

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.

You got it already! Imagine if most of that first payment went to the buyer's equity instead of interest.
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