He's not kidding. $80K is the minimum for a four year public university today. Most cost more. I'm paying around $25k/yr for one kid and $30K/yr for the other. Luckily, it's coming out of the kids' 529 plans and all the money's there for the rest of their college careers. May even have a little left over for MBA or law school later on. My brother went to Georgetown on a scholarship and loans way back when. I just checked and to go there now would cost $55K per year (tuition, room and board, books). Unaffordable, except for the very rich.
I just can't imagine that most people can afford that kind of thing. It seem unrealistic. In fact, in my neighborhood where I know many parents who have kids in college, not a single one has it all paid for. Most are paying for it out of current income and complaining about it the whole way. And those are the lucky ones. I have to imagine that most of America simply can't afford it all, so they have to borrow and borrow big to make it happen for their kids. But with equity in their homes shriveled, how do they even do that? You tell me.
Without a college education, most of America is doomed to poverty. Hell, without an advanced degree beyond college, you'd be hard pressed to make enough to save for retirement and for your kids college. So nowadays, the keys to the kingdom means at least 6 years of post-High School education. That's expensive as hell. It's now most probably out of reach to all but the current top 1-5%. It destroys the American Dream. |
