As usual, the numbers are staggering.
Between the 2000-2001 academic year and the 2010-2011 academic year, the annual cost of a degree at public and private 2- and 4-year institutions rose 70%, from an average of $10,820 to $18,497
And seems obvious that generations moving into young adulthood with ginormous debt, are not going to be candidates for consumer spending at previous generation’s levels. And thus obvious that this is not a viable setup for the economy as a whole. Big ticket items especially will not be financeable, such as car loans and mortgages, because of the already huge debt loads these young people have.
However, someday, one way or another, trends that cannot continue will force change, and the obvious solution is to not spend what the present institutions charge for gatekeeping entry into “College Degree” employment. The obvious alternative is clearly something much less expensive using online and cloud educational tools.
How far off into the future is the day when this awareness dawns en mass across the country?