Diminished returns

College may not be worth the money for many students | Janie B. Cheaney

Two cycles converge this spring: the quadrennial general election campaign and the annual college rush. Desperate high-school seniors are pulling together last-minute applications or anxiously awaiting the letter that opens the pearly gates to the institution of their choice; meanwhile candidates are promising more funds to help more young people realize their higher-education dreams. And more funds are necessary. Average costs (tuition, room and board) at nonprofit private colleges have risen 81 percent since 1994 (to well over $30,000 per year). The costs at public universities are a much lower investment—around $6,000—but still a healthy chunk of change.

The vast majority of students receive some kind of aid: scholarships, grants, work-study, even laptop computers. Still it may be worthwhile, before constructing this particular tower (see Luke 14:28) to count the cost. Is graduating with a $100,000 student loan a promising way to start a career—especially if entry-level jobs in your field are paying $30,000 per year? And if your fiancée carries a similar burden with prospects little better?