Higher Education and Occupy Wall Street
by Lisa Ransdell, Ph.D. IECA Associate Member (Colorado)
I read with interest an article in the Nov 27, 2011 Chronicle of Higher Education: “Debt Protestors Denounce Colleges For Broken Promises.” Eric Hoover’s article described the interesting ways in which Occupy Wall Street activists are protesting the high cost of attending college, including the possibility of mass pledges of intention to default on student loans (about which I have mixed feelings). In general, I found myself identifying with the plight of protestors at two levels:
Exorbitant Tuition Increases
First, knowing that college costs have increased 466% over the last 25 years, far surpassing the overall inflation rate of 107%, and even exceeding the inflation in health care costs, I feel for students and families today. Having walked away with my undergraduate and graduate degrees with relatively little debt, thanks to scholarships and grants, I feel incredibly lucky and terribly sympathetic for current students.
Secondly, since I launched my independent educational consulting practice in 2007, just as the recession was getting going, I believe I have suffered along with many other small business folks just starting out (and established folks too) who are perceived as offering services that can be “done without” in the present climate.
Help With Reducing College Costs
While I do a fair amount of pro bono and discounted work (as do many independent educational consultants), this generally means that I’m not yet making the sort of living I aspire to make, while at the same time many students and families aren’t getting help that might make a difference—including a difference in learning about ways of reducing the cost of college. Ironies abound.
For my own part I plan to continue raising my voice in protest against much of what is happening with the ever-expanding lack of accessibility of higher education, while at the same time disabusing clients as much as possible from the mistaken belief that the best education available must be the most expensive education.
All of this leads me to wonder about the voice of our profession on the current economics of higher education. Are we speaking out, are we asking tough questions of schools, and questioning the assumption held by many of our clients that higher-priced colleges must be better? I would love to hear the thoughts of my fellow independent educational consultants on this topic.
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Tagged: admissions, college consulting, college costs, economy, Financial Aid, Finding the Right Fit, higher education, independent educational consultants, Occupy Wall Street, Pro bono consulting
I spend a lot of time thinking about the ever increasing costs of higher education and I find myself concerned with the people who aren’t prepared to pay for higher education. Higher education is an investment in the future that families make on behalf of their children. The return that individuals and their families see on that investment make it well worth the price. We live in a world where people regularly pay three dollars for a cup of coffee. What is the return on that “investment”? Colleges and universities have to do their part to minimize tuition increases, but people have to make wise financial choices, too. Start saving for college the day your kids are born. Make your coffee at home and put the $3 you would pay for your morning cup o’joe into a 529 plan. Consider investing in a smaller McMansion, teaching children about the value of a dollar, or *gasp* encouraging them to enroll in community college for 2 years before transferring to a 4 year institution to complete the bachelor’s degree. Live with the choices you make and understand the difference between wants and needs.
Beth: Yes, this is yet another element of the crisis, as is the decision by some families to sign on for a more expensive education that they can really afford. I totally resonate to your comment “understand the difference between wants and needs.” Thanks for replying to my post!
Lisa
Hi Lisa,
You raise a very good point that where appropriate, we could be involved as an organization and profession in the larger policy question of college access. A leader in this is Bridgett Terry Long, an economist in the Harvard Grad School of Education.
I think it is essential that we talk about cost and value with every client.
Thanks for focusing on this important topic.
Joan
Lisa, I have been successful in helping clients identify better “return on investment”, including helping them find high quality options that are generous with merit aid. In several cases, their four year savings versus “full price” dwarfs my fees. While you can make no promises, if you have been able to do this, too, you should mention it as a possibility, especially to potential clients who are concerned about costs and are good students.