More bad news for budding academics: "College May Soon Become Unaffordable for Most Americans." More at HuffPo.
“If we go on this way for another 25 years, we won’t have an affordable system of higher education,” said Patrick M. Callan, president of the center, a nonpartisan organization that promotes access to higher education.Worse still is this from Kevin Carey:
“When we come out of the recession,” Mr. Callan added, “we’re really going to be in jeopardy, because the educational gap between our work force and the rest of the world will make it very hard to be competitive. Already, we’re one of the few countries where 25- to 34-year-olds are less educated than older workers.”
Although college enrollment has continued to rise in recent years, Mr. Callan said, it is not clear how long that can continue.
“The middle class has been financing it through debt,” he said. “The scenario has been that families that have a history of sending kids to college will do whatever if takes, even if that means a huge amount of debt.”
But low-income students, he said, will be less able to afford college. Already, he said, the strains are clear.
This is a classic unsustainable trend. Higher education prices cannot grow faster than inflation and family income forever. If colleges use productivity gains from technology to restrain prices, they’ll continue to thrive in a world that values their product more than ever. If they don’t, they’ll be hammered simultaneously by a frustrated public and new competitors eager to steal their customers. To avoid that fate, colleges will need to do more than just teach better for less. They’ll also need to compete in a whole new way.I don't like at all where this is going.