A First Rate Education at a Cut-Rate Price

I found some food for thought about education costs on the PRI show Marketplace. Did you know that an education at a top British university might cost less than a third of its American counterpart?

The Skinny

What a difference a continent makes … A year at Oxford costs about $10K a year while Princeton recently made headlines because it decided not to increase its $33K tuition for the 2007-2008 school year. Not suprisingly, Oxford reported that applications from Americans are up 48% this year. Top students can get the same great education, a lot more individual attention (Oxford uses the tutorial system, which has a 1-1 relationship between students and instructors), plus a global experience at 1/3 the price.

WOW!

The Result

A savvy student can get a top-flight education for less than it might cost for a good public school education! An education is the foundation for a young person to build their life upon. Financially speaking, there is no better way to guarantee a bright future than to start life debt free in your mid-20’s, and having the full power of compound interest working for you instead of against you.

The Real Problem

A lot of students and parents feel resigned to student loans, although I would strongly disagree. This seems especially true for top performers, who qualify for the most elite (and often the most expensive) institutions. There seems to be an implication that a child’s full potential is wasted if they don’t attend the most prestigious schools, regardless of cost. Don’t fall into this trap! This story goes to show that with some ingenuity and creativity you can find an answer that doesn’t involve burying yourself (or your children) in debt!

Links

Marketplace is very internet savvy, and there are a number of different ways to get to them, so I will just include them all:

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