Beware the Dangers of Range Rover U
President of Western Colorado University,
published in The Denver Post (Monday, June 8, 2015):
Earlier this year, U.S. News and World Report released its list of “Best Cars for the Money,” based on price, cost of ownership, reliability, performance, etc. These cars are considered the best bang for the buck.
Honda has a number of winners, as do Toyota, and Volkswagen. Not coincidentally, consumers have responded very favorably to this assessment of value. This same list now represents some of the best-selling cars on the planet.
If consumers respond so well to value in their automobiles, shouldn’t they do the same when it comes to higher education? A close analysis of costs, debt and university results would certainly support this.
Nationally, our aggregate student loan debt of $1.2 trillion is now greater than either all credit card or auto loan debt. More than 70 percent of bachelor degree students graduate with debt. The average education borrower now owes more than $29,000. Not reflected in these numbers is additional spending by many well-meaning parents. The employment challenges faced by many new graduates only add to their financial burden. With some one in five student borrowers already in default, our nation is clearly poised for another loan crisis.
Does the behavior of the consumer shopping for a college education have anything to do with this? I would argue it does. READ MORE >>