While college sticker prices have risen dramatically, the net cost of attending college has actually been decreasing for most students. This is due to the significant increase in grant aid and tax benefits, which offset the rising tuition costs. For lower-income students, the net price is often dramatically lower than the advertised sticker price. Although concerns about student loan debt are valid, the article argues that the real cost of a college degree, when considering financial aid, is more affordable than perceived, and continues to decline.
Facing significant research funding cuts due to the expiration of Trump-era programs, the University of Pennsylvania plans to reduce the size of its incoming graduate student classes. The cuts, impacting various departments like biology and physics, will necessitate rescinding some offers of admission already extended to prospective students. While Penn is exploring alternative funding sources and prioritizing need-based financial aid, the overall impact on graduate programs remains uncertain. The university intends to offer impacted prospective students deferred admission and support in finding alternative placements.
Hacker News users discussed the potential ramifications of Penn's graduate admissions cuts, with some expressing concern about the impact on the quality of education and research. Several commenters questioned the university's financial priorities, suggesting that administrative bloat and excessive spending in other areas contributed to the need for cuts in research funding. Others debated the role of government funding in academia and the potential for increased reliance on corporate partnerships. A few commenters speculated about the specific departments most likely to be affected, with some suggesting that humanities programs might be disproportionately targeted. The overall sentiment was one of apprehension about the future of graduate education at Penn and the broader implications for academic research.
Summary of Comments ( 106 )
https://news.ycombinator.com/item?id=43149559
HN commenters largely agree with the article's premise that the net cost of college has decreased thanks to increased financial aid, but several point out that this primarily benefits lower-income students. Some argue that the focus should be on reducing the sticker price for everyone, as the current system creates confusion and deters potential applicants. Others discuss the administrative bloat contributing to high tuition costs, and the lack of transparency in pricing. One commenter suggests that the value proposition of a college degree is diminishing due to alternative credentialing and the rising cost relative to potential earnings. Several people share personal anecdotes about navigating the complex financial aid process.
The Hacker News thread discussing The Atlantic article "Despite sticker prices, the real cost of getting a degree has been going down" contains several insightful comments that delve into the nuances of college affordability and the value of a degree.
Several commenters challenge the premise of the article, arguing that the "real cost" hasn't decreased for many students. One commenter points out that while grant aid may have increased, the net cost after grants can still be substantial and represent a significant financial burden, particularly for low and middle-income families. They emphasize that looking solely at the average net cost obscures the struggles faced by those less fortunate. Another commenter builds on this by noting that the article's focus on average net cost doesn't account for the variability in costs between different institutions. They argue that prestigious, high-cost schools, even with generous financial aid, can still be significantly more expensive than less selective institutions, limiting access for many.
The discussion also touches on the increasing reliance on student loans. While some acknowledge the increased availability of grants, they counter that a significant portion of financial aid comes in the form of loans, which contribute to a growing mountain of student debt. One commenter highlights the psychological impact of this debt, arguing that even if graduates can eventually repay their loans, the burden of debt can influence their career choices and life decisions for years to come. They suggest this hidden cost isn't adequately reflected in discussions about the "real" cost of college.
Another perspective presented is that the value proposition of a college degree has changed. Some commenters question whether the increased cost, even after accounting for grants and financial aid, is justified by the potential return on investment. They highlight the rising costs of tuition relative to wage growth, suggesting that the economic benefits of a degree might be diminishing for some fields of study. Furthermore, they point out the emergence of alternative pathways to high-paying jobs, such as vocational training and coding bootcamps, which offer shorter, less expensive routes to employment.
Several commenters discuss the role of government policy in driving up tuition costs. One commenter suggests that the easy availability of federal student loans has enabled colleges to increase tuition without facing significant resistance from consumers. Another commenter advocates for increased government funding for higher education as a way to reduce reliance on loans and make college more affordable.
Finally, the thread also includes a discussion of the metrics used to measure the cost of college. Commenters debate the limitations of using average net cost as the primary indicator of affordability, arguing that it fails to capture the full range of expenses associated with attending college, such as living expenses, books, and fees. They suggest that a more comprehensive approach is needed to accurately assess the true cost of higher education.