The promise that was made by Baby Boomers to Generations X and Y, flatly stating ?College Degrees=Good-Paying Careers?, is no longer valid. This is evidenced by the stubborn unemployment rate, the Occupy?movements and continuing legislation which is aimed at reducing the repayment obligations of students for the first few years out of college (e.g. Higher Education Opportunity Act; College Cost Reduction and Access Act).
According to the?National Center for Education Statistics?approximately 39% of all undergraduates were receiving financial aid in the form of student loans in 2008.? The average amount received in the academic year 2007-2008 was $9,100.? Approximately 47% of all undergrads were receiving some form of aid in 2007-2008, the average amount being $6,600.? (Note: this does not include loans which parents take out on behalf of students.)
Taking a look at costs, it is easy to see where a large chunk of that borrowed money is going ??textbooks.? The average cost of a textbook varies depending on year-published and subject-matter.? The median range of annual textbook costs are reported in numerous sources as being $700-$1,100, including the 2008 Washington Post?special report?entitled "Break on Cost of Textbooks Unlikely Before Last Bell".? Some quick number crunching: $4,000 = total textbook cost over undergraduate years; 7% = student loan interest; 5 years=repayment period.
Estimating these numbers a student would have to pay $81.30/month for 5 years to simply pay for his or her textbooks.??This does not even touch on the actual cost of education yet.
My research into McGraw-Hill and Pearson, utilizing search results of Amazon.com, Barnesandnoble.com, McGraw-Hill's and Pearson's Course Catalogs (2011), produced similar results, depending on your major.? Below is the average cost of a textbook.? The same textbooks were used across all three services (Amazon.com, Barnes and Noble and the retail price):
Science (Data)?
- Barnes and Noble (online): $155.05?
- Retail price (reported by Barnes and Noble online): $177.44
Mathematics (Data)?
- Barnes and Noble (online): $149.23?
- Retail price (reported by Barnes and Noble online): $165.10?
Humanities (Data)?
- Barnes and Noble: $79.30?
- Retail price (reported by Barnes and Noble online): $92.28?
Please keep in mind that my numbers reflect new textbooks only.? If you are lucky enough to snag used textbooks before they are sold out, or if you are lucky enough to have a professor who does not constantly insist on the newest version available, then costs would be lower. Reducing textbook costs would make a remarkable difference to a student who needs financial aid.? Many options exist: renting textbooks, used books, e-textbooks and some even consider not buying the textbook an option.? It is time to use these options keeping the student in mind.? Textbooks do create more debt -- but they don't have to.?
?Adam Seithel |Raygun Reports|Twitter
Source: http://feedproxy.google.com/~r/raygunreports/~3/pqqDJEah2Go/textbooks-create-debt
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