It's too high if the degree doesn't lead to employment or is not useful in employment. Consider the cost over a lifetime: it is much more than 27-37k after it is paid off and there is no way to discharge the debt. It's a risk that is put on students who are 17-18 and the effect is essentially to increase worker desperation of 21-22 year olds - suppressing labor costs to employers while increasing the monthly bills of the employee. Why should students pay for this while living for 4 years in poverty conditions when there is arguably little tangible benefit beyond checking a box required by employers?
> Why should students pay for this while living for 4 years in poverty conditions when there is arguably little tangible benefit beyond checking a box required by employers?
They wouldn't. But there is a tangible benefit for many, that is why they are willing to spend this money to go to school.
No one forces kids to go to school at 18 just like it doesn't force kids to blow money on credit cards and rack up debt, or buy cars on ridiculous interest rate loans, or spend high rent in over-priced apartments so they can be near the cool bars. No one forces kids to go to the private school for 40k a year over a local school at half the price.
No one forces parents to not save more money for college, or to help their kids more.
The fact that these things continue is evidence enough - the cost benefit is college is still worth it. I've seen little (besides rich white Silicon Valley types who are loaded railing against the establishment)evidence otherwise.
The fact that it continues is not evidence of effectiveness of educational ability, it’s evidence of structural entrenchment of the process due to the efficiency with which the process can extract value from students without options or perspective.
I think if you look at what modern on-campus housing and amenities have evolved to become, I struggle to agree with a description of that experience as "poverty conditions".
I’ve heard that narrative too.. Dorms with 2 people in a 15x10 space was my first experience. Then there was a whole bubble of slum lords renting barely habitable split homes built a century ago near campus for the same amount my parents pay on their mortgage. Large minority of college students report being hungry and not being able to afford food. Sure there were some nice new buildings as seen on tv, many of them weren’t and had terrible seating and lighting though.
So based on that number being relatively true, is that too high? Why is that too high?