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How do you pay for college?
With money, that’s how. But whose money? The American asks, “What if students could have investors pay their college bills in return for a set percentage of their future income?”
In August 2006, an incoming Cal State-Fullerton freshman had a bright idea about paying for higher education. Instead of doing what more and more students are doing these days-borrowing-he decided to go on eBay and auction off a share of the most valuable thing he owned: his future. “Hi there,” he wrote. “My name is Ron Steen. I am selling 2% of my future earnings for a chance to go to college.”
Unfortunately, eBay decided to pull Steen’s bright idea. And also unfortunately: “Between 1989 and 2005, college costs increased at double the rate of inflation.” If you know anything about investments, you might enjoy this expurgation of Steen’s idea.
back to top6 Comments to “How do you pay for college?”
Too bad his idea did not fit with e-bay’s policies.
Is the higher cost of education a direct result of government involvement? It seems so.
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It’s my understanding that one big reason higher education costs are balooning is that campuses are making upgrades to make them more comfortable and linked-in to attract students. WiFi in the dorms for instance.
I got a scholarship for my tuition and worked part-time to cover living costs. That would be much more difficult today.
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That’s an interesting idea that Steen had, but I think it makes much more sense to do what companies like mine are doing.
We will hire you right out of high school, pay you a good hourly wage ($10-12), and then pay up to $7,500 per year towards your undergrad degree. We’ll also pay up to $10,000 per year towards your graduate degree (which I took advantage of). All we require is that you stay with the company for one year after your schooling.
It’s not easy to work a full-time job and complete your degree, but then again, you don’t get paid for easy.
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Graceland, my husband’s company does that, as well as several other companies around here. In addition, there’s always working for state and local governments. In most places, they will cover your tuition while you are working there, or they will pay back your student loans if you work for them for two or three years after you graduate (this is especially true in the field of public health).
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I could not afford college, so I went to night school and had my employers pay for it.
I don’t know how we’ll pay for my daughter’s college. It is so far beyond our ability to pay such a ridiculous amount of money. We’re praying for scholarships.
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Peter L, you are center of mass on the bull’s eye.
The universities have little or no incentive to hold down costs. They announce tuition hikes due to increased costs but who examines and verifies their cost accting? Do they ever show you exactly where the cost increases are occurring? At what rate of increase?
Modern higher education is a vast scam on the parents and taxpayers. It seems nutty that someone who aspires to be a lowly paid elem school teacher is hit with the same colossal tab for school as is the whiz who will land a good job as engineer, architect, pharmacist etc.
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