Alistair
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I don't necessarily disagree with the meat of your post, but as a point of order, the tuition fees for a US citizen (or any other international student) are more in the region of $30,000 to $50,000 per year.It really depends on the school and the state it is located in...
On the low end, there are schools with annual tuition rates around $7K.. generally speaking you can double that number once you factor in housing, books, meal plans, parking, and all of the other stuff they hit you up for.. so think in terms of $12-$15K annual..
On the high end.. there are schools that no shit are charging $70-$75K per year for just tuition alone (Harvey Mudd, Univ of Chicago, and Columbia are all around $75K.. Most of the Ivy League and a handful of other schools are north of the $70K per year mark (Northwestern, Sara Lawrence, SMU, USC, etc)..
That said.. many states now have state level, statewide scholarship programs for students that graduate high school with reasonable GPA's that can offset these costs quite a bit.. and the schools themselves have fairly robust departments that specialize in getting students grants and other forms of financial aid..
For example.. Harvey Mudd.. one of, if not the most expensive schools in the US... annual tuition is more than $75K.. but the average student pays about $33K a year after grants, scholarships, and other aid is provided...
Still an insane amount of money when you figure the cost of an undergrad degree from Oxford or Cambridge in the UK is about $12K a year (two of the finest universities in the world)..
But that is the difference in the US university system and the systems you find in other countries..
Elsewhere the priority is education.. in the US the priority is "experience"... Experiences cost money... and now that universities cant provide those experiences.. they cant compete... and kids are dropping out like flies and pursuing other options..
The $12,000 fee rate is for UK students only (and all my course mates bitched about paying even that).
What's interesting about the UK is that ther is a maximmum allowable fee any course or insitution can charge - £9,000 per year. As such, every course and university, from medicine at Cambridge through to performing arts at the local polytechnic charges that fee.
Students always say it's a rip off, and yet almost every course hits capacity and there are often tens of applicants a place, so the market suggests that this is if anything undervalued.
For my part, I'd say that some courses represent 'good value' and some don't. Certainly few would argue that racking up £40,000 in debt for a mathematics, hard science or engineering degree from Cambridge or Oxford or is a better deal than £40,000 worth of debt for a degree in Rap History from Salford University...