The WSJ reported a few weeks ago on the effect that the economy is having on college choices, at least among families who have access to upper end colleges and universities.
But as Sarah’s college choice loomed last year, [her mother] Ms. Perrizo, a real-estate appraiser, and her husband, Richard Goldstein, an attorney, “were agonizing over whether to pay $52,000 for one year at NYU, or $18,000†at their state university, Ms. Perrizo says. Both regard a bachelor’s degree as “only the beginning†of higher education for students like their daughter, who is interested in international studies; they hope to help with her graduate-school costs.
Joseph Losco (chair of political science at Ball State) observes in the article that universities aren’t accustomed to competing on price – in fact, lowering tuition can sometimes tarnish a school’s reputation. The mother in the article compares the college choice to “shopping at Loehmann’s vs. Bloomingdale’s. I’m teaching my daughter to be a good shopper and to pick value.â€
That comparison between two department stores — one known for its high value, the other for its high prices — struck me as inappropriate, but I’m sure that’s how many families view the college process. Or, at least, the way the mother structured the comparison was inappropriate. In my mind, it doesn’t matter whether you shop at an upscale or discount store: the question is, what are you buying? Upscale stores have lots of good bargains, as well as items that are well worth the price. As I have discovered too many times when buying earphones, though, discount stores are a waste of money if you buy something that’s worthless. [Read more…] about College Price vs. Value