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RE: Baby boomers - Northwestern U is now 70k / year...what do you have to say for yourselves?
At many of these highly competitive schools, most everyone with a family that has an income under $100k gets significant financial aid. The actual cost for college for these families is closer to a state school. But these families generally do not have any money to spare. So, a lot of these kids will opt for a full ride at a lesser university than to go with a highly competitive school at a much higher cost. Then, for those whose families make $150k+, the amount of financial aid is minimal. Some parents are able to pay but many are not and make their kids take out loans. The kids then end up in a worse position financially than their parents over the long run because of the debt and poor job opportunities. But for the very wealthy, the tuition, even at full price, is not even a bump in the road financially. Their kids get out of school with no debt and are able to quickly move into high paying jobs thanks to their parents country club/corporate connections. So, the higher education system is really ruthlessly efficient at preserving the existing economic class system and offers little chance for mobility especially for those living in middle to lower middle income households.
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