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ITT Educational Services Inc. Message Board

  • oxledge oxledge May 7, 2012 11:42 AM Flag

    Cost of education

    I was reviewing this weekend some general figures on the cost of education as it pertains to college. Tuition averages $32,000 per year without room and board. 4 years of straight tuition is $128,000. Probably add another $20,000 for room and board. That adds another $80,000. Total cost is thus $208,000, give or take.

    ESI average "revenue per student" per quarter is $4,666. Takes 14 quarters to get a bachelors degree ($65,000) and 7 quarters ($32,662) to get an associates. These amounts are 50% below that if one goes to a private not-for-profit. I would also assume that most of the ESI students are living with a parent(s), thereby saving on the "room and board" aspect of attending a private not-for-profit school. If a student puts down $10,000 - $15,000 of their own money towards this education (that is like $3000 per year personal contribution towards the cost), then they are out of school with $50,000 of student loans. In my opinion, that is a completely manageable number. At a 5% interest rate, the annual debt payment is on the order of $3000 per year, give or take.

    Compare that to a four year private not-for-profit college where you end up with $100,000 - $200,000 worth of expense and debt load.

    It is probably comparing apples to oranges, but I have to say that at least one gets an education in a discipline/vocation that has some practical application.

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