Monday, 6 August 2012

The Thing About Tuition

There's an excellent article over at the Montgomery Adviser....over tuition costs in Bama.

Back in 2000, you could attend the University of Auburn, and the tuition costs ran around $3,154 for the year.  Today?  They won't even pay for half a year.  The total tuition costs now sits at $9,446.

Course, most folks from forty-seven other states (my humble guess) would be all happy because that's less than they have to pay.

The thing is....if you look ahead at 2020....just eight years away....the tuition cost for Auburn will likely hit  $18k a year.  For most folks, that's a fair amount of money....just one single year of college.  That amounts to buying a new pick-up or a hefty down payment on a new property.

I'm of the mind that something is going to occur over the next eight years, and turn a four-year college dream into a lesser desired episode....at least within the state of Alabama.  The idea of some kid talking his parents into putting out close to $120k in total costs....just won't work in these rural surroundings.  The kid taking on half of that in loans?  You'd have to be an idiot of a bank loan officer to sign some kid up for such a loan and expect him to fully pay it back.  The US government handing out low-rate loans?  They'd have to be idiots to loan out anything more than $30k maximum.

The real question here....where does the money really go?  If you have 100 students attending, and their total tuition input is around $994k....that's a heck of a lot of money.  Ten thousand students?  That's $99 million.  Wiki says there are around 25k students at Auburn, so you have to figure almost $250 million rolling into the university each year.

I can only imagine that most professors get a leased BMW, a gold watch, and vacation on a Kenyan safari each year.