Worthelss Degrees from Universities of Fraud Cost You More than Traditional Colleges

Via Bloomberg:

The average cost of attending a four- year for-profit college surpassed expenses at both U.S. state and private nonprofit universities, a government report found.

Full-time students paid an average of $30,900 annually at the for-profit schools in the 2007-2008 academic year, almost double the $15,600 average paid at public universities, according to U.S. Education Department data released today. The average cost of attending a private nonprofit college was $26,600, the study said.

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The study’s cost estimates, which used constant 2009-2010 dollars, included living expenses such as housing and food, for students at all colleges. It looked only at students who were still considered dependent on their parents, to get a picture of the costs paid by “traditional” undergraduates, said Tom Snyder, an Education Department statistician.

The report looked at a small sample of the students at for- profit colleges, where only about one-quarter are dependents, said Harris Miller, president of the Washington-based Association of Private Sector Colleges & Universities, an industry group. Other data show that for-profit colleges cost less than private nonprofit institutions because many students study at home through online courses, keeping living expenses lower, Miller said.

Thirty-seven percent rise in cost of something that is worthless.

Average costs after grants at four-year, for-profit colleges rose 37 percent from $22,500 in the 2003-2004 academic year, the study said. During the same period, costs at public universities rose 8.3 percent from an average of $14,400, and by 8.6 percent from an average of $24,500 at private nonprofit institutions.