Perusing another blog, I came across this unsettling bit of news (quoted from the Washington Monthly):
A
report by the American Association of State Colleges and Universities indicates that the U.S. is one of only two nations on Earth in which people aged 25 to 34 have lower educational attainment than their parents.
This should be a wake up call to everyone. The Washington Monthly points to the fact that tuition rate increased outpaced inflation from 1958-1996.
From my own experience, I can tell you that my parents went to the City University of New York in the 1950s, tuition free. I am a graduate of the State University of New York system, and the tuition I paid my last year was $700 a semester. Now it is nearly ten times that for an in-state student.
During Ronald Reagan's time as President, federal grants and scholarship programs dried up and were replaced by loans. I left college with no debt. Today, a young adult leaves owing the equivalent of a home mortgage.
Also, I have no idea why college costs so much. Over the last decades, most colleges are increasingly using adjunct and part-time faculty to get out of paying tenure-track wages and benefits.
Many colleges and universities have huge endowments. A trip to teh Google brought this up.
Paced by Harvard University's staggering $34 billion stockpile, 76 colleges now boast endowments over $1 billion after robust returns on their investments over the past year, according to an annual study being released today.
Harvard's endowment rose by nearly $6 billion over the past year, a nearly 20 percent increase. Yale University's endowment, the nation's second largest, rose to $22.5 billion, a 25 percent increase.
Stanford University, Princeton University, and the University of Texas system rounded out the top five.
Now this article is from January of 2008, nine months before the stock market meltdown. But even taking losses, this is a great deal of money. What is being done with it?
According to the article, on average, colleges spent 4.6 percent of their endowments on financial aid, with the richer ones spending 4.4 percent.
The thing I find peculiar is that these entities are non-profits.
The chickens of the 80s are coming home to roost. A poorly educated population hurts our nation on so many levels.
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