Is Higher Education worth the cost?
Harvard University’s undergraduate tuition will rise 3.9 percent
next year to $31,456. The total cost of tuition, room, board and
student services fees at the Ivy League school for the 2007
academic year is $45,620.
Now let’s compare that to St John’s University where my daughter
is an undergraduate student. The total cost of tuition, room, board and
student services fees at the St John’s in the 2007 academic
year is $33,400. Not as much but still expensive.
Now how is a middle class parent, whose income may only be
somewhere between $33,400 to $45,620 per year supposed to
pay for their child’s education?
The answer is scholarships, grants, work-study programs and loans.
That’s it! Those are the funding vehicles (unless you have savings or
a rich uncle).
The following are the latest figures that I just received today for my
daughter who is a junior at St Johns:
Quarterly Interest Statement from SallieMae (lender)
Outstanding Interest………………… $364.62
Outstanding Loan Balance………. $10,381.37
Anticipated Payment Begin date: 11/12/10
Private Loan from ACS
Outstanding Interest………………..$1,012.82
Outstanding Loan Balance………..$13,253.75
Interest Rate ………………………19.350%
Let’s take a close look at these figures.
She is still in her 3rd year.
She is $23,635.13 in debt so far and still has at least
1 more year to go. $1,377.44 of that debt is INTEREST.
My daughter is a Psychology major.
As far as working with a bachelor’s in psychology,
she is unlikely to find work within the field with just a bachelor’s.
She will need at least a Masters (which means another 2 years).
I saw the median salary for school psychologists to be around
$50 K a year (published by the National Association of School
Psychologists).
By the time she graduates with a Masters degree, it will have
cost over $200,000.00 for her education to get a job making
$50,000 / year.
Now I ask you, is it worth it?
The current CPC (Cost Per Credit) is $873.
So to take just a basic 3 credit English or Math class is $2619.
$2619.00 - For just 1 class!
She already speaks English and is a whiz at math.
Let me give you an analogy and put this in perspective for you.
For $2619.00 you could go to one of the finest internet marketing
seminars where some millionaire internet marketing guru in 2 days
will teach you the secrets of making money online.
You won’t get the stability and benefits of a J.O.B. but
if you follow the program, you probably could make $50k/year or more.
And you could learn it in 2 or 3 days instead of 6 years.
If you would like to learn how to make money with your computer
I will teach you for FREE.
Sign up for my Free Affiliate Secrets Mini-Course at:
www.MoneyPlus2000.com
And save yourself $200,000.00+ of Higher Education expenses.
TAGS:
ACS, Harvard University, loans, psychology, salary, SallieMae, St Johns, Tuition, undergraduate tuition
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