College education has become exponentially more expensive for the simple fact that schools can charge basically whatever they want. They have an almost inexhaustible application stream and federal loans coming out the wazoo. That's a prime scenario for inflation!
The cost of a college education has been increasing at over twice the rate of inflation for decades. Just like the increases in health care costs, this becomes unsustainable. The ingenuity of humans will figure out a solution or that product/service will go away. Here's how it's changing...
Innovative universities across the world have finally embraced the internet fully for teaching. Georgia Tech is now offering a fully online master's degree at the bargain basement price of $6,600! Getting a degree online isn't anything new, but for this price it's quite incredible. Not to mention, GT is a prestigious and academically rigorous university, so where they start others are likely to follow.
Still don't want to spend $6,600 for a piece of paper? I don't blame you, FREE is my second favorite F-word. A collaboration of universities around the world have come together to post many of their popular courses online. They are made available via MASSIVE OPEN ONLINE COURSES (MOOC). Many universities have started their own online platforms for people to view these lectures via their portal or somebody else's. Last year I took a real estate graduate course via iTunes university from Columbia University. It was interesting to see that they don't teach anything different than other RE graduate level courses. It was all finance, with the info easily accessible on the internet.
But who is going to hire you without a college degree? A number of companies have partnered with a website called udacity.com where they will use the results of online courses to search for new hires. Have you heard of companies like AT&T, Google, and Nvidia? These companies along with 350 other companies have used udacity to find employees, according to a spokesman at udacity. How? Well for instance Stanford offered a course in artificial intelligence. 160,000 students signed up for the course from all over the world and 23,000 of them actually completed it. Of those 23,000, 248 of them got an A. None of them were from Stanford and those partnered companies can use those results to find good employees. They figure if you're smart enough to ace a Stanford class you're smart enough to work for them. Did I mention it was FREE??