What’s the only thing worse than a recent college graduate in this market? Try someone entering school.
Colleges are having a pretty rough time of it these days, faced with shriveled endowments and alumni who aren’t in such a giving mood. So the only well left to tap is tuition. And since parents are loathe to dash their littl’ns dreams of bumming around, going to film screenings, and playing frisbee on the quad (all the while, totally stoned), they’ll try as hard as they can to come up with the cash. And if the parents can’t come up with the money, well then there’s the nationalized student loan industry.
Famous Oregon liberal arts school Reed College is actually rescinding offers to students that need financial aid, and giving their slots to rich kids who don’t need it. That’s pretty cold!
That makes the action of the Florida university system — where they’re raising tuition across the board by 15% this year, the maximum hike allowed — seem all the more humane.
Basically, colleges are staging a run on parents, all looking to sop up as much cash as they can now, hoping that buyers remain stretched.
But hey, don’t worry little Johnny, your English degree will allow you to pay off your student loan debt, no problem.
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