A shaky economy and high tuition prices have some wondering if a college education is worth the cost.
CNN's Christine Romans breaks down the numbers this morning on American Morning. The bottom line: Education pays. See the video above.
Editor's Note: A new study suggests job prospects for this year's college graduates have improved slightly. That's a little bit of good news for students who now have to pay for that education. This week, our Alina Cho is looking into "The Cost of College." Today, she has the story of one young man who regrets his decision to go to a top-tier university.
(CNN) – For high school salutatorian Ryan Durosky, there was no question that he would go to his dream school, New York University. It's a name-brand school, but it cost him. Now, he's nearly $300,000 in debt, and he's not alone.
To be clear, Ryan does not blame NYU for his college debt, he blames himself for making the choice, and he believes the economic downturn played a role. He certainly did not expect to be laid off, especially so soon after graduation.
NYU tells CNN its advice for prospective students is to "plan ahead." College is an investment and people need to save for it. Also, they say, if you're in default on your student loans you should contact the lender and NYU's career center for help.
Editor's Note: This week, our Alina Cho is looking into "The Cost of College." Today, she has the story of one young man who regrets his decision to go to a top-tier university. For Ryan Durosky, there was no question that he would go to his dream school, New York University. Now, he's nearly $300,000 in debt, and he's not alone. Below is a commentary he wrote for CNN about his experiences.
By Ryan Durosky
Special to CNN
I graduated on the precipice of one of the worst economic collapses in American history. Living in NYC, I was at the center of this maelstrom. Lucky for me, I chose not to work in the financial services industry. Friends (and friends of friends) recently hired by investment banking powerhouses were told to leave and so the layoff rate began to mirror the DOW’s plunging numbers. But I was safe. Far removed from the volatility of the financial markets, I could watch the DOW plunge 700 points in one day and know that I still had a job. I, and countless others didn’t know that these events would have far-reaching effects. Namely, my job wasn’t as safe as I thought it was.
My salary was modest and I had average health and dental insurance. By the summer of 2008, I was struggling to pay down my $1,125/month rent while living in one of the most expensive cities in the world. Yes, I had roommates to share the expenses with but there was plenty of rent due to go around. Add to that overdue monthly credit card bills (credit that I needed to get through college), unpaid hospital bills, and...well you get the picture, but I was on my own and that was all that mattered for the time being. College was over, this was ‘reality.’
(CNN) – With college costs skyrocketing and a recession raging, it's not just about getting in to the best school these days. For many students and their cash-strapped parents, prestige is taking a back seat to price. Our Alina Cho reports for the first part of a week-long series, "The Cost of College."
Program Note: Tomorrow on American Morning, in part 2 of "The Cost of College," our Alina Cho profiles a young man who turned down a scholarship at one university to attend a more expensive and prestigious school. He says that decision left him buried in debt that will take decades to pay off.