College Loans Rise, Swamping Dreams
Greg Winter,
New York Times,
Jan 29, 2003
When CDs were first released, the cost to produce an album was cut in half while the price to buy that album doubled almost overnight. Consumers have never forgotten, and now the record companies are reaping their wrath. Why would an industry that shows such a callous disregard for its customers deserve any consideration in the face of a technology that threatens to wipe it out? Well, the university is in the same position as the music industry. Reacting (if it could be called that) to the information economy, universities are continuing to raise tuitions at an accelerating rate. The possibility of owing tens of thousands of dollars is daunting. Or to put it another way: at 43, I still owe money on my student loans - a fact that ruined my credit for many years, placing me at a distinct financial disadvantage. Now I ask: why would anyone display any loyalty, or any consideration whatsoever, should an alternative arise? By continually raising tuition, the university system is sowing the seeds of its own destruction. Mark my words.
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