How Did College Education Become So Ridiculously Expensive?

[alc]

17. demand

In the 70s, it was very acceptable to plan on a vocational school or junior college or start working (plumber, electrician, hvac) right out of high school. I still live near my high school and I'd be shocked if over 5% of the kids have plans other than college. It was 20% when I was in school and my wife says over 50% from her graduating class didn't go to college. My kids are in college now and I haven't met or heard of a single one of their friends who didn't go to a 4-year college and all of them tried for a "major" college.

There are still good jobs that don't need a major 4-year college but kids are told that the major college is a must even when it's not right for them - I know a number who have predictably failed out.

Since everyone "has to go to college" it's only fair to make loans cheap/easy. The college ate up the combination of high demand and ability to pay. The "best" colleges actually brag about how much they spend on various things in the sales literature (why is sales/marketing even needed) that my kids got. The top colleges actually compete to be the most expensive as if it's a good thing (unfortunately some parents I know do rate the quality of schools on cost). When the top-tier raises costs the next tier follows and it trickles down.