American median income has grown 6.5 times over the past 40 years but a state college cost has increased by 15 times. You are investment is getting the return it used to. And that doesn't even take into account getting a degree in a useless major! And private school costs have gone up 360% since 1980.
Why are costs up so high - Froma gives us a shopping list:
- Money on pampered sports teams that don't bring in any revenue such as $20K per person for Duke Golf team
- There are 629 college football teams - 14 actually make money (hard to believe with all that TV money out there)
- The number of college administrators has doubled over the last 30 years with great new titles like "director of learning communities" and "assistant dean of students for substance education"
- President's salaries - Vanderbilt makes $1.2 million a year
- Massive upgrade on facilities - climbing walls, granite floors in dorms and other luxuries to attract students