University Costs

My husband and I recently moved both our adult children back to the universities that they are attending: two children in two different states. Now we're back to a two-adult household, just as we started our married lives 33 years ago--except that we still have dependents. We are essentially maintaining three households, with some assistance from our children. The undergraduate has a state scholarship based on high-school attendance in the state and on grade point average.  The graduate student just discovered that he has been assigned a Teacher Assistant position in the department where he is studying, a position that will perhaps waive out-of-state tuition (but not tuition altogether) and offer a small stipend. Both saved money from summer jobs this year while living with us to cut expenses.

What a difference I see between the time that my husband and I were in college and today.  The costs of higher education have increased significantly since 1978-1987, when my husband and I married as undergraduates and then attended graduate school. My husband and I were able to pay all our expenses with the money we made as a Graduate Assistant Teacher and a Graduate Research Assistant. Our son's  TA position will fall far short of providing for living expenses, books, and tuition. Students such as he must either depend upon family assistance or student loans. One university sent our son a letter informing him that he was eligible for a loan, of course--for $45,000 a year, essentially what comes to a $100,000 debt for a master's degree. My husband and I paid less than $100,000 for each of the first three homes that we bought between 1983 and 1993.  And we graduated with a master's degree and a Ph.D with no debt, due to scholarships, teaching and research appointments, cheap married-student housing, food hand-outs from family, and penny-pinching. Pity the kids who graduate with a $100,000+ debt and want to begin a Ph.D program, too. Or start a family.

See also: "The Debt Crisis at American Colleges," by  Andrew Hacker and Claudia Dreifus, in The Atlantic, posted 17 August 2011.