Study in sticker shock
Let’s give credit to parents with children who decide (together) that post-secondary studies are a worthwhile investment. I mean that in both the literal and the subjective senses, because “me and mine” have been there and now the “mine and me” are considering the idea.
A little perspective: my investment began back in the fall of 1972. Wages and prices were lower, and I still believe I could not have spent my (our) money in any better way. Now my children are “close to the edge”. If current tendencies continue, one or more may elect to try life in the college zone, where classes and beer bashes do mix. It only behooves me to examine the cost, because TANSTAAFL (There ain’t no such thing as a free lunch). I’ve prepared a comparison, in table format.
| 1972 | 2007 | ||
| Tuition | 550 | 4440 | |
| Room & board | 920 | 7430 | |
| Medical | 8 | 171 | |
| Athletic fees | 20 | 216 | |
| Student union fees | 45 | 195 | |
| Technology fees | 0 | 30 | |
| total | 1543 | 12482 |
The historical figures have been extracted from my 1972-73 Calendar from the University of Prince Edward Island (back when their logo had visceral appeal to all who wore it, on everything). The present day figures are from a page on the university website; I haven’t seen a paperback calendar from there in years. The numbers are not adjusted for inflation, or changes in profession, or any of the other factors that might make them more relevent. Above all else, neither set contains a budget for books and beer, the foundation elements of education.
My own personal yardstick for the value of the educational dollar is tied to the salary of a rookie teacher. Back in 1972, it stood around 7,200 and now it stagnates at about 36,000. The expectation was that it took five years to “train” a teacher, so when I graduated, my tab stood at about 7700. To repeat the experience, the projected tab would be about 62,400. All other things taken into effect, teaching salaries are lagging far behind the cost of an education.
If, on the other hand, I had sold my soul and become a lawyer, then either period still provides a pretty good return on investment. That’s my economic analysis, and I believe me…
But back to the now thing. I’ve got three potential debt loads “hangin’ around the place”… guess I’m in deep doodoo.
