Recently former Governor O'Malley indicated that he and his wife have over $300,000 of debt from paying for their children's college education. Of course both of them have opportunities to make enough to pay off that amount of debt but it makes you wonder if going into that much debt is worth it. For some degrees it might make sense but what about less lucrative degrees?
|Average Tuition and Fees and Room and Board in 2014 Dollars, 1974-75 to 2014-15, Selected Years|
|Tuition and Fees in 2014 Dollars|
|Academic Year||Private Nonprofit Four-Year||Five-Year % Change||Public Four-Year||Five-Year % Change|
As the chart above shows the cost of a public college degree has increased almost 400% in the last 30 years while the chart below shows that the percentage of the population with college degrees has doubled during that same amount of time.
If you look at the value of anything based on the reality of supply and demand it is clear that the value of a college education has been diminished over the past 30 years just as the cost of that education has exploded. One result of this oversupply of college graduates is that jobs that once didn't require a college degree now require a degree and over half of college graduates work in jobs that don't require a college degree . Maybe for a growing number of young people getting a college degree might be the worst financial decision they will ever make.
I wouldn't want to have to call the office to explain this one.