Here are some excerpts from an interesting article:
It’s no secret that a college degree no longer confers the virtually sure path to affluence that it once did. The costs of education have increased rapidly in recent years. Meanwhile, the employment prospects for graduates have dwindled.
…it is becoming increasingly easy for college and post-graduate students to build up tremendous debt through education loans but increasingly difficult for them to pay these back with their post-graduate income. The similarities of today’s higher education markets to the housing markets of a decade ago are striking.
Further complicating the problem is the difficulty that parents now have in saving for their children’s education. Interest rates have been so low that the fees for a college fund are often higher than the interest earned. By the time the kids ready to go to college, the money in the fund is substantially less than the sum of the amounts that were put into it.
Yet education is more important than ever.
What we can expect to see in the next decade is an increasing insistence on the part of students and parents that any type of higher education pay for itself within three years or less after graduation. Many technical schools, community colleges, for-profit colleges and adult education programs already meet this requirement. Most public universities do not.