A very insightful piece in the WSJ on how to deal with the rising cost of college education:
Greater cost does not equal a greater education:
"Mr. Daniels spearheaded the research, and his penchant for data mining is one reminder that he is a former White House budget director. His mantra is “higher education at the highest proven value,” and more than once during our conversation in his office at Purdue he refers to Joseph Schumpeter, the economist who popularized the concept of “creative destruction.” Mr. Daniels also offers a quick economics tutorial about “Giffen goods,” products for which demand grows even as their price increases—like, say, a college education today."
"There is also what he considers an “insidious” idea that “if we don’t raise our price, people will think we don’t have confidence in our product.” He points out that “in the absence of proof, people assume a higher price must be a better product or education.” But according to data released last year, half of high-school seniors accepted by their first-choice college attended a different school, and most cited cost as the reason."
How to Save American Colleges - WSJ