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costs continue to go up | | |
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So the trade-offs, from the point of view of aspiring
young scholars, are these: They could avoid debt and skip the college
education that would surely move them up the income scale, or they
can get the education and start out their careers saddled in debt
that may prove difficult to pay back.
For the young, it's hard to think beyond the next
month, much less the next four years. And it's difficult to figure
out how much they might earn as a college graduate versus what they
can earn right now. In some ways, it's almost impossible to analyze
future earnings, since many young folks don't quite yet know what
they might want to be.
Growing up is not easy. But somehow, America's youth must realize
that an education is so important because it sharpens the intellect
and prepares the mind for the challenges that lie ahead. It's the
ticket to moving on up. It's important for personal growth and income
potential, and in a larger sense, it's vital for the U.S. economy.
So the
message to young people is this: The price of a college education varies a lot
among institutions. Shop around. Choose one that's more affordable. And exploit
all the financial aid advantages available. Limit debt as much as you can, but
if you have to do so, borrow. A college education is priceless.
The message to college presidents is this: You need to do something
to not only slow, but halt the escalation of college costs. You
should be accountable for your school's expenses and more forthcoming
about its income. You get a ton of money from all kinds of sources,
including generous bequests from alumni. Many colleges have sizable
endowment funds. Why can't you use them to take student loans out
of the financial-aid equation? Indeed, a very small handful of colleges
have managed to find funds to do just that -- including Princeton
and the University of North Carolina at Chapel Hill.
It's time for colleges to change their priorities by making higher
education accessible to everyone.
Longtime financial journalist Barbara Mlotek Whelehan earned
a certificate of specialization in financial planning.
If you have a comment
or suggestion about this column, write to Boomer
Bucks. | 
