Good and Bad News on How Much You're Paying for College
College these days is expensive as hell. ($57K for "Pitzer?" Is that even accredited?) Everyone is drowning in student debt. But! There is good news on the college cost front. Also, there is bad news.
The good news: the latest figures show that hardworking American families are borrowing less money to pay for college. From the Wall Street Journal:
In the 2013-14 academic year just ended, the typical family paid 22% of total college costs by borrowing, down from 27% in each of the preceding two school years.
Fabulous! Great thinking! Taking on less debt, achieving education. What's wrong with that?
These families paid 42% of college costs by using income or savings from the parents and/or student, vs. 38% the year before and 40% in 2011-12, according to the Sallie Mae study
Ah. So, families are borrowing less money for college but paying more money out of pocket for college. In that case, what the fuck is the difference? Shit, at least if you borrow the money you can always create a new identity for yourself and flee the country and build a new life in Venezuela. Cash out of pocket is gone forever.
College is still a good investment, unless you go to "Pitzer."