Just Shut Up, Sit Down, and Pay
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When you start searching for that perfect college for your child, you might think there's plenty of information to help you with your decision. Just for starters, every college has a website that will give you all the essentials.
Take Stephens College, a private, four-year women’s school in Columbia, Missouri. A quick tour of its website will tell you that the college offers more than 50 major and minors, everything from English to event planning to equestrian science. Class sizes average just 13 students. Annual costs total $32,250, but nearly all students get some kind of financial aid. And the campus looks nice.
But what you won’t see without diligent searching is that half of Stephens students fail to graduate, even after six years. Not to pick on Stephens, which does mention that statistic deep in its website. Point is, little of the data that colleges provide really tell you much about the value of your investment: the quality of the education, the experience of the students, or how the graduates fare later in life. Instead parents have long accepted the value of the diploma on faith. And many assume that a college that charges $50,000 a year will give their child a better education than one that charges $25,000.
That may be about to change. As tapped-out families realize they can no longer borrow more and more for expensive colleges, they are increasingly focusing on lower-priced schools. As two college officials recently warned, higher education may be the next bubble to burst. Many experts are even questioning the value of a college degree in an economy where B.A.s are competing, often unsuccessfully, with high school graduates and those with vocational training.
July 13, 2009
Copyright © 2009 CNN Money
