6.6 percent again? Stop. There was a report yesterday that college cost increased 6.6 percent…again. I have previously taken such news quite clinically. It was just a number. But for some reason I am fired up this year. I say this on the heels of my trip to Wharton, but what is the academic world trying to improve. How could something cost 6.6% more? I would understand an increase that mirrored inflation.
This problem of ridiculous increases is real. Kids are leaving college with more student loan debt than ever before. This is debt that they can’t remove themselves of for about 20 years. Is someone profiting on the other side? I don’t know. I wish I knew. I think that a college education will eventually become devalued. People will find alternatives for their education. Internet classes, commuter classes, and technical school will become a welcomed alternative.
How is it not price gouging?
Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.