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Tuition costs have risen 710% since 1983

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Re: Tuition costs have risen 710% since 1983

#141

Post by wefarrell »

hospitalJail wrote: post #60
bmau5 wrote: post #4

Earlier quoted context omitted.

And interestingly both have predominantly grown in "administrative" costs

No no don't let the Physician cartel get out of this. Year over year they get at least 5% pay increases with US tax dollars. Not to mention, they get private pay increases by weaponizing the ACGME to keep residency slots low. Residency does not need to be paid. Outside of the Medical industry, people pay for their college. For some reason Physicians make tax payers pay for their education and a decent salary.

Average medical school costs are ~230K.

Residency is not college, residents are practicing physicians that are providing considerable value to society and in many cases they are paid appallingly little for the amount that they work.

Re: Tuition costs have risen 710% since 1983

#142

Post by brummm »

hospitalJail wrote: post #65
ye-olde-sysrq wrote: post #11

Earlier quoted context omitted.

How cheap TVs are is unreal. I was looking at the display TVs at Target and the largest one was only about a grand, maybe a touch less. Ridiculous how big of a panel, complete with "smart" OS and etc, you can get for (Mind you, I know "largest" doesn't mean most expensive usually - indeed the most expensive TV was "only" 65" but was still Capitalism has certainly worked really well for this one specific consumer good…

The US medical industry is the opposite of capitalism. Heck, most of our budget goes to Medicare and Medicaid.

No it's not. It's a state facilitated oligopoly situation, which is the ideal end state for any industry as part of capitalism short of a monopoly. Guaranteed high income for everybody involved and disruption essentially not possible.

Re: Tuition costs have risen 710% since 1983

#143

Post by pixl97 »

NoMoreNicksLeft wrote: post #42
asow92 wrote: post #7

Won't it go up more if colleges can be assured that students will be bailed out?

You're confused. Colleges and universities have made (poor) decisions that have increased their cost, ostensibly to attract enrollment because of all the tuition/fee dollars out there for the taking. If those tuition/fee dollars dry up, then that money isn't out there floating around to chase after with poor decisions. However, all the previous poor decisions were still made, and they're still paying for all the extr…

> we allow no other lenders to do?

Well, because we don't technically allow debtors prison. It is an unsecured loan which are not really that common.

Re: Tuition costs have risen 710% since 1983

#144

Post by Waterluvian »

I'm not seeing it explicitly defined but I assume this is the standard asterisk: "In the United States" so I got curious what's happening elsewhere.

Average annual tuition in Canada in 2006: CAD $4,400. 2023: CAD $6,834. So I could see it also being in the ballpark of 710% since 1983 as well.

https://www.statista.com/statistics/542989/canadian-undergra...

Re: Tuition costs have risen 710% since 1983

#145

Post by jedberg »

treeman79 wrote: post #46
basisword wrote: post #26

Earlier quoted context omitted.

If only governments could make…laws to restrict the price of University. Or…could limit the maximum loan size thus encouraging Universities to not charge more than that.

Proper solution is government to stop guaranteeing the loans and to allow people to put them in bankruptcy. Prices will collapse to what people are willing to pay in real time, or save up for.

That's how things used to be. It means that only rich people can go to college, because they are the only ones who can afford it. Prices can only come down so far. The college still has to pay professors and maintain facilities.

There needs to be a middle ground where we support poor but promising students in a way that doesn't inflate prices. I don't know what that solution is.

Re: Tuition costs have risen 710% since 1983

#146

Post by philipkglass »

rayiner wrote: post #77
treeman79 wrote: post #46

Earlier quoted context omitted.

Proper solution is government to stop guaranteeing the loans and to allow people to put them in bankruptcy. Prices will collapse to what people are willing to pay in real time, or save up for.

The government cannot and will not do that, because such a policy would have racially disparate impacts.

There are many things that the government doesn't guarantee loans for. Why is not-guaranteeing for higher education more of a racially disparate action than not-guaranteeing for e.g. vehicle loans?

Re: Tuition costs have risen 710% since 1983

#147

Post by yardie »

Workaccount2 wrote: post #79
codegeek wrote: post #41

It is free money for lenders because backed by the Govt AND protected against bankruptcy. It is Free money for colleges because they know they will get paid regardless. Remove this "free money guarantee" and watch how market corrects itself. When students can file for bankruptcy and/or the debt is not guaranteed by Govt, lenders would now use the same criteria they use to issue credit cards to 18 year olds. Hint: It'…

This isn't going to happen because the whole point of the current government back student loan program is to give kids from not-ideal backgrounds access to credit, and hence access to the full range of schools available.

Why not just make it free? Kids from not-ideal backgrounds can compete on merit alone. The way this Supreme Court intended?

Re: Tuition costs have risen 710% since 1983

#148

Post by codedokode »

Could it be because in capitalism, the seller tries to take as much money as possible from buyer and the price is not related to expenses?

Let me give an example that can illustrate this: a typical mobile plan from Verizon in US costs $45/month and gives you 15 Gb of traffic. At the same time in Russia one can get 30 Gb for $9/month. Are expenses for maintaining a cell network 5 times higher in US? Unlikely. It is just customers in US are richer and are ok to pay more for the same service.

I don't know how this effect is called, but couldn't the same thing happen to education, land or housing costs? These are obviously things that everyone needs desperately so the seller will squeeze the maximum they can, and the price is unrelated to how much the lecturer earns or how much the bricks cost. The house will cost you almost all your life's earnings no matter where you live.

Re: Tuition costs have risen 710% since 1983

#149

Post by za3faran »

eschulz wrote: post #10

Makes sense when you have student loans backed by the federal government. If an 18 year old with no money and no credit history gets accepted into a qualifying university, she will be able to receive a loan since the bank knows that the government will protect their investment if she fails to pay them back. So now young people have this easy access to credit, and universities can greatly increase tuition and fees wit…

I hope to see the day where interest bearing loans are recognized by the rest of the world as the evil they are. Muslims and Jews know this fact quite well.

Re: Tuition costs have risen 710% since 1983

#150

Post by taeric »

tempsy wrote: post #110
FireBeyond wrote: post #83

Earlier quoted context omitted.

This for federal loans. But the government has "protected" all loans - private education loans are also unable to be discharged by bankruptcy, for example.

yeah, and we're talking about federal loans here. the government is not on the hook if a student defaults on a private loan. the critique was that tax payers were somehow on the hook for most undergraduate costs when $31k over 4 years barely pays for rent at this point.

I can see how you think we were only talking of federally "backed" loans, but I did intend my expansion to be all loans the government has "protected." Which, as the other poster points out, is basically all of them.
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