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College Is a Steal
January 30, 2007
By Jake Schrum
President
Southwestern University - www.southwestern.edu
(For more information, contact: Ellen Davis, director of communications, 512-863-1570, davise@southwestern.edu.)
Try to put your 17-year-old up in an Embassy Suites or any other moderately-priced hotel for 240 nights a year, the length of an average year in college. You'd pay about $24,000 for the year, and all you'd get is a room, linen and maid service, and maybe a free continental breakfast.
What else would your son or daughter get for the hard-earned $24,000 you spent on a 240-day hotel stay? In a word, nothing. No professors to teach them. No science labs or libraries. No music instructors. No technology centers. No tutoring or other help when they can't figure out calculus, write a coherent sentence, or parse a differential equation. No help with finding a job or career placement and training. No coaches or lush green recreational fields. But that's what a one-year package of tuition room and board costs at a good university.
If you had to actually buy all those things on top of renting your Embassy Suites room, you'd begin to appreciate it. It's a deal even at a top private university that can cost as much as $45,000 a year.
Then consider what students, families, politicians demand of colleges and universities. They insist that senior professors teach undergraduates and get upset when lower-paid graduate students stand in. They want classes to be small. And they want campuses to have state-of-the-art facilities and technologies. In other words, they desire — and insist on — the very things that make a college education more expensive.
At the same time, they complain bitterly that college costs too much. But that investment buys students an education that will earn them at least a million dollars more during their lifetimes than their friends who didn't go to college.
Now, think about that..
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