Don’t Be Duped Into Borrowing Too Much For College
A sucker is born every minute. But it need not be you.
Of recent college alumni with over $25,000 in student debt, 43 percent said it delayed the purchase of a home. And 40 percent said it delayed their purchase of a car.
A banker named David Hannum said “There’s a sucker born every minute” when P.T. Barnum’s Cardiff Giant turned out to be a hoax. It might seem P.T. Barnum’s heirs have been busy lately convincing gullible college enrollees and their parents that college is expensive but worth the cost. And beware if they tell you “Don’t worry, it’s easy to borrow money for college.”
“Gallup polled 30,000 college graduates and only half said their education was worth the cost,” commented Joseph Schmoke, founder of University Research & Review LLC (URR). And according to Goldie Blumenstyk of The Chronicle of Higher Education, only 38 percent of those graduating between 2005 through 2015 responded positively when asked whether their college education was worth the cost.
“There are several forces at work here,” said Schmoke, a former university CEO. “First, the price of college has risen substantially. Second, student loan limits have followed the rise in tuition and fees. And third, awareness of colleges’ cost-value relationship has been sweeping the media.” He thinks people are beginning to judge whether the old saw “college for all” really makes sense, especially at today’s high prices.
Schmoke is convinced too many young people and their parents still make college selection decisions based on what one survey calls “the experience of attending” rather than depending on research, objective reasoning and a bit of common sense. “Mom and Dad, don’t let little Johnny or Susie be duped into making uninformed, immature decisions. Selecting a college to attend and a field of study appropriate for each student shouldn’t be a guessing game. Look for value. Maybe even look at the schools we determined were great values,” Schmoke suggested.
URR’s sister website provides insight into some good, reasonably priced but little known colleges and universities. “And the service is free,” Schmoke stated.
- Contact Information
- Joseph Schmoke
- University Research & Review LLC
- (1) 561-594-1110
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