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Author: telegraph Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 58835  
Subject: Re: The Coming Twilight Of The Four-Year College Date: 12/16/2012 10:47 AM
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intercst:"WPI in Worcester MA where I got my Civil Engineering degree is a case in point. When I graduated a year early in 1977, three years worth of tuition and room and board was about equal to the starting salary I received from my first employer. Today tuition and room & board is $56,000/yr and the average starting salary for graduates is about $65,000/year. "


I just checked RPI - where I went from 64 to '68.


The 'estimated cost' now PER year is $59,470 , consisting of

$43350 tuition
$1125 in 'fees'
$12345 Room and Board
$2545 Books and Supplies

----


When I went, tuition was about $1150 a year.....and room and board about half of that....... in 4 years, it had gone up to $1600 a year.....

My parents paid 'most' of my tuition...and I had some scholarship aid the first two years...screwed up a bit and lost that the last two years.....you had to be in the top 20% to keep it...and it was a tough school and I wasn't.....but I worked part time (up to 10 hours a week) for pocket money..and worked summers to help out.

Graduated with $2500 in loans...which I repaid back in less than 18 months on my $9250 a year staring salary.

The total cost of my college education was about ONE YEAR of salary at my engineering job.

Now, unless you get a boatload of scholarship or grants.....to get out, you are taking on 4 years of starting salary. It's insane!......

A lot of kids even then going had 'Regent Scholarships' from NY state which they got if they were in the top 20% of their high school class in NY state......which paid a chunk of the tuition. Today, that is hardly a drop in the tuition bucket.

My nephew graduated about 10 years ago from RPI in Computer Science..he started at about 70K/year....and quickly got up to $100K a year or more.....but that still would be a killer for lots of folks......luckily for him, he had a rich grandmother on his dad's side who set up education trust funds for the grandkids so that covered at least half his yearly expenses (I know I was the co-trustee).....and that of his sistre...... and the parents had the assets to pay the rest....... he graduated debt free.....

You'd have to be nuts to finance going there for 4 years......

If you live in TX, you can do it for even less than half of that at the Univ of TX Engineering schools. Plus likely get aid if you need it.

Then you could get out with maybe 130% of your first year earnings, assuming you got a degree in computer science or engineering. If you go into oil geology or similar, you can make $125,000 starting salary here.......

The education bubble is about to pop.....

t.
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