Gerri Willis: The High Cost Of Education, Is It Worth It? - FOX 13 News

Gerri Willis: The High Cost Of Education, Is It Worth It?

Posted: Updated:

Is college worth it? Education is one of the most expensive purchases you'll ever make. But are you getting a fair return for your dollar?

Gerri Willis from The Willis Report on FOX Business is here to break down the numbers.

  • An education is four times as expensive as it was 30 years ago.
  • Some experts say a more accurate value is $300,000 and others say $500,000.
  • Over the past 30 years tuition costs have risen 1,120 percent while healthcare has gone up just 600 percent and housing has risen 375 percent.
  • It's no surprise then that total student debt tops $1 trillion dollars, and that the average grad enters the workforce (if he's lucky), with $25,000 in debt.
  • Today's fulltime college students on average report spending just 27 hours per week on academic activities – less time than a typical high school students spends at school. Average time studying fell from 25 hours per week in 1961 to 20 hours per week in 1981 and 13 hours per week in 2003. Only one in five fulltime college students report devoting more than 20 hours per week on studying.
  • And instruction? Forget about it. Despite the wave of federal funding, recent government reports show that the percentage of full-time instructional faculty in degree granting institutions declined from 78 percent in 1970 t0 52 percent in 2005. On average, faculty spend just 11 hours per week on advising and teaching college students. Only 40 percent of college students are taught by tenured or tenure-track instructors.
  • So where are the billions of dollars in rising tuition fees ultimately backed by taxpayer dollars going? Education experts say finer gyms, sushi bars and climbing walls suck up an ever increasing amount of higher ed dollars. Richard Vedder, who directs the Center for College Affordability and Productivity and teaches economics at Ohio University, describes the situation as an "academic arms race" with schools spending more and more on infrastructure to attract more students who much spend more money to afford the nicer digs. Says, Vedder, "Even classroom buildings have to have atriums – if not, it's downscale. "
  • Another pricey accoutrement are luxury dorms – suites, private bathrooms or baths for no more than four people." He describes one Ivy league dorm as having  35-foot ceilings in the dining room with triple-leaded glass windows. The cost of this nirvana? 120 million cost or $350,000 for each of the 350 beds in the building. "It's crazy," says Vedder. There are even schools that do laundry for their students or offer valet service for students who need to get to class ASAP. The Harvard campus that Ryan O'Neal and Ali MacGraw floated through in the movie Love Story couldn't hold a candle to what's happening on school campus today. Even the non-Ivies are forced to compete.
  • The Latest From Good Day LAMore>>

  • Samantha Barnes: French Crepes

    Samantha Barnes: French Crepes

    Friday, July 25 2014 2:47 PM EDT2014-07-25 18:47:14 GMT
    [VIEW PHOTO GALLERY] This is an excellent idea for getting your kids to help and learn in the kitchen... Samantha Barnes is here. She started raddish.com, a monthly subscription box with a culinary theme, and July is French! So we're making French food!
    [VIEW PHOTO GALLERY] This is an excellent idea for getting your kids to help and learn in the kitchen... Samantha Barnes is here. She started raddish.com, a monthly subscription box with a culinary theme, and July is French! So we're making French food!
  • Ariel Joseph Towne: The Feng Shui Guy

    Ariel Joseph Towne: The Feng Shui Guy

    Friday, July 25 2014 1:21 PM EDT2014-07-25 17:21:46 GMT
    Ariel Joseph Towne is known as "The Feng Shui Guy" and he stops by Good Day LA to show us how to improve your life through the ancient Chinese philosophy.
    Ariel Joseph Towne is known as "The Feng Shui Guy" and he stops by Good Day LA to show us how to improve your life through the ancient Chinese philosophy.
  • Brian Ray, Oliver Leiber & Lucrecia López Sanz : The Bayonets

    Brian Ray, Oliver Leiber & Lucrecia López Sanz : The Bayonets

    Friday, July 25 2014 12:51 PM EDT2014-07-25 16:51:06 GMT

    Brian Ray, Oliver Lieber, and Lucrecia López Sanz are ‘The Bayonets’, and they're gearing up for the release of their new CD "Crash Boom Bang!"

    Brian Ray, Oliver Lieber, and Lucrecia López Sanz are ‘The Bayonets’, and they're gearing up for the release of their new CD "Crash Boom Bang!"

  • Experts and Other GuestsExperts and Other GuestsMore>>

  • Ariel Joseph Towne: The Feng Shui Guy

    Ariel Joseph Towne: The Feng Shui Guy

    Friday, July 25 2014 1:21 PM EDT2014-07-25 17:21:46 GMT
    Ariel Joseph Towne is known as "The Feng Shui Guy" and he stops by Good Day LA to show us how to improve your life through the ancient Chinese philosophy.
    Ariel Joseph Towne is known as "The Feng Shui Guy" and he stops by Good Day LA to show us how to improve your life through the ancient Chinese philosophy.
  • Jeremy Lin: I've Always Been A California Guy

    Jeremy Lin: I've Always Been A California Guy

    Friday, July 25 2014 12:35 PM EDT2014-07-25 16:35:13 GMT

    Jeremy Lin is now a Los Angeles Laker. Lin got the league and the world's attention when he started lighting it up for the New York Knicks and "Linsanity" was born. Now Lin is bringing his game to Hollywood...and will take the court with a guy named Kobe.

    Jeremy Lin is now a Los Angeles Laker. Lin got the league and the world's attention when he started lighting it up for the New York Knicks and "Linsanity" was born. Now Lin is bringing his game to Hollywood...and will take the court with a guy named Kobe.


  • Israel’s Consul General David Siegel: "We Asked The UN To Work With Us"

    Israel’s Consul General David Siegel: "We Asked The UN To Work With Us"

    Friday, July 25 2014 10:43 AM EDT2014-07-25 14:43:27 GMT
    Today marks the 18th day of fighting between Israel and Gaza. Also today Israel’s security cabinet meets to consider international cease-fire proposals. Joining us to discuss the situation is Israel’s Consul General in Los Angeles, David Siegel.
    Today marks the 18th day of fighting between Israel and Gaza. Also today Israel’s security cabinet meets to consider international cease-fire proposals. Joining us to discuss the situation is Israel’s Consul General in Los Angeles, David Siegel.
Powered by WorldNow

FOX 13 / WTVT-TV
3213 West Kennedy Blvd.
Tampa, Florida 33609
Main: (813) 876-1313
Newsroom: (813) 870-9630
Fax: (813) 871-3135

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices