In hindsight my “Choosing a College 1” post was among the more ridiculous I’ve written this year.  

Here’s the comment I kept expecting someone to write, “What planet are you living on Byrnes? Do you really think ANY 17-19 year old in the country will choose their college based on the thoughtfulness of the general education program? That’s not even as important as the school’s colors, whether the cafeteria serves frozen yogurt, and whether the dorms get high speed internet and cable television.” 

Thank you for being so apathetic. 

Thanks to that apathy, I’m going to make another maybe even more ridiculous suggestion for choosing a college: choose one you can afford.

I’m going to go even farther and suggest the student and their family start thinking about how they’re going to afford to send their future children/grandchildren to college.

From today’s newspaper the headline reads “Rising Tuition, Credit Crunch Threaten Affordability of Higher Education”. Here are the first two sentences: A new study on American higher education gave all but one state a failing grade on affordability, and warned that college could soon be out of reach for most Americans. The biennial study by the nonprofit National Center for Public Policy and Higher Education gave 49 states an F for affordability, up from 43 two years ago. California passed with a C because of its community college system.

The author went on to say if current trends continue, in 25 years, college will be out of reach for most families.

When it comes to college decision making, people seemingly assume you get what you pay for. Sometimes that’s true, but not always. I received an excellent education (some may dispute that) at a large public institution that was one-third the price of most small private ones. 

I work at an expensive, smallish private institution that likes to tell anyone that will listen that we provide a much better education than the larger, less expensive publics. The argument is go to the large public school if you like being thought of as a number in large classes taught by overextended graduate teaching assistants.

Most of my classes were taught by exceptional scholars. I learned early on to take initiative and knock on their doors during office hours. By doing so I made the humungous college much smaller. They’d stop typing (yeah I’m old) their next book and we’d talk about the course content or the paper I was working on. Interestingly, few of my students come to office hours. 

I had some brilliant graduate teaching assistants who were inspiring beginning teachers. I remember one who got pissed at us for not being prepared for a discussion. After ripping us in ways we deserved, he walked out. We were stunned and way more prepared for the next discussion.  The TA’s taught “discussion sections” of 25 students. Yes, the lecture was 400, but there were also 16 sections that met weekly. 

I learned as much outside of class as in because our student body was incredibly diverse and our campus drew a steady stream of fascinating speakers including national and world leaders. Every night, somewhere on campus, there was an interesting documentary or lecture. Then there were the world class libraries where most of my learning took place.

In another recent newspaper article on college affordability, a family said they were going to take out loans to pay their child’s $41,000 college tuition. I’d like to ask them why. I’d suspect they’d say because it’s an investment in his/her future. 

There are at least three problems with this line of thinking.

1) As I’ve tried to illustrate, tuition and the quality of the educational opportunities provided aren’t perfectly correlated.

2) Stretching financially inevitably leads to unnecessary stress.  College expenses are similar to home construction expenses, there are always unanticipated hidden costs. For example, once I assigned an extra book mid-semester. It was available on Amazon.com for $10, but a few students said they couldn’t afford it. I like to think of myself as compassionate, but I had a hard time processing those objections in the context of our $30,000 tuition/room/board.  

3) The principle of compound interest makes building wealth relatively easy if young people start saving early. But increasingly, young people are graduating from their expensive colleges in serious debt, thus sacrificing the compound interest window.

I don’t understand why more people don’t strategize on how to get through college debt free.

I know, I know that’s not the American way, with our negative savings rate. Live in the present, spend freely. Don’t worry about future debt.

In the end, maybe someone will bail you out.