One of the most well-researched and widely documented developments in higher education in recent years is the sharp rise in tuition fees and expenditures related to earning college degrees. In a variety of contexts, including the media, academia, and public opinion, worries about the effects of this increase are apparent. Since many institutions of higher education, especially more selective ones, effectively deny the chance to huge portions of the population who attend college, many of these worries are primarily about access and equality issues in educational opportunities. A difficulty for many people, especially those in the middle class, is paying for college and other types of expenses. Students from low-income households, those attending under-resourced high schools, and those who belong to historically underrepresented racial groups in the US higher education system all have equity implications as a result of these issues.
This context led Ron Lieber, personal finance columnist for The New York Times to author his famous book, “The Price You Pay for College: An Entirely New Roadmap for the Biggest Financial Decision Your Family Will Ever Make.” The overarching purpose of the book is to provide readers with a deeper understanding of the intricate procedures employed by selective institutions to choose which candidates to admit by exploring the college as a consumer or private product. Another crucial aspect of this book is to aid families and students in navigating the selection and financing of colleges. Lieber’s writing should be considered as the product of a journalist, not an academic or political specialist. It is based on publicly available data, research that has been published in scholarly publications the popular press, as well as his personal experience, investigations, and interviews. Although Lieber has an enormous experience writing on personal finance, careful examination of outside sources and his own insightful interviews testify to the depth and breadth of expertise he brings to his work.
The book is structured into five substantial sections, each of which is further subdivided into shorter chapters covering distinct subjects. The work may be read in segments rather than as a whole, and it shows that Lieber wanted his readers to read only the areas they required. Many of the components operate well on their own. Together, these parts include a general review of college costs and merit assistance, information on the psychological effects of college costs that students experience, practical advice on how to save money, and suggestions on how to approach college search and financial aid procedures. Although the author specifically suggests parental support in several chapters. However, both guardians and other types of representatives of prospective students will find this book to be helpful.
In-depth treatment of issues, including the family’s anticipated contribution and merit-based aid, illustrates the difficulties families encounter when trying to provide financial help. Lieber talks about how challenging it is for universities to give information about family help after the selection process (Lieber, 2021). The author offers a valuable contribution by identifying the problems and justification for this procedure using data and information from his discussions with some of the enrollment management experts and other university officials.
Lieber gives helpful literature on personal finance and effectively guides a detailed and engaging discussion of pricing. To completely contextualize the work, it is necessary to understand that Lieber is writing for readers with substantial time and financial means. The debate of this book is inextricably linked to the issue of the effects of writing for this audience. Several statistics from numerous institutions, as well as discussions with admissions and financial assistance employees at those institutions, support these claims. Although it does not guarantee miraculous outcomes, it does provide some very basic investing and negotiating skills. The lack of overtly dramatic or spectacular claims really gives readers more faith that this is wise, actionable counsel.
One of the many aspects Lieber excels at is setting the advice in perspective, whether it be through history, inside information, or academic study. The author presents a succinct review of the background and present situation of merit aid in what is arguably the book’s greatest section. He used industry jargon to describe merit assistance as a discount scheme and presented it as a marketing strategy utilized by institutions to entice students to join (Lieber, 2021). Moreover, Lieber properly identifies merit assistance as a mechanism intended to promote choice rather than accessibility.
Lieber provides a thorough analysis of the benefits that students receive from college as well as a beneficial look at college characteristics that his readers may not have thought to examine during the choosing process. He addresses issues like the importance of academic publication, doubts about how much learning actually occurs in college, and the necessity for mental health care (Lieber, 2021). To educate non-academic audiences about the college application process, the author was able to provide facts and conclusions in an effective manner. One of the methods being suggested, for instance, is pursuing a four-year degree at a local community college or joining the military and attending college abroad. Lieber contends that taking a break from school has financial advantages, such as letting kids work and accumulate money before enrolling in college, which can increase financial aid (Lieber, 2021). It also considers non-financial gains, such as improved grades and prospective advantages in the early labor market. For many families, this might be a starting point and a guideline in terms of costs and benefits.
Lieber also offers detailed advice on how to handle the college search and financial assistance process. This process, which incorporates interviews and Lieber’s own insights and counsel, proposes several ideas that some readers may not be able to implement due to cost or other constraints. Lieber, however, adds some very good advice and insights to these talks, particularly with regard to loans, college savings calculators, and the potential for a shared dataset that may be a helpful tool for students and families entering the college decision process (Lieber, 2021). These arguments strengthen the overall book reach.
While the author provides a careful and in-depth analysis of aid on merit, the book has certain drawbacks. It is interesting to notice how blindly the institution is viewed as a commodity for consumers. This is consistent with Lieber’s emphasis on personal finance, which would profit from a more complex and fair assessment of whether a college is actually or mostly a private good. In fact, Lieber leaves unsolved conflicts as a result of this type of individual consumer orientation, which occurs in the lack of awareness of the situation’s societal and political ramifications (Lieber, 2021). Given the fact that the author is a personal finance manager, the stress on consumerism is understandable, even though this alloys the book’s argument as a whole.
The goal of the book itself is the most pressing issue. Fundamentally, it seems that Lieber wants to make it easier for the rich to increase the scope of their privileges. His book offers the upper middle class a series of straightforward guidelines on how to take advantage of a system that is already skewed in their favor. Lieber ignores the stacking effects of the kinds of college development programs that have been scientifically supported by researchers, as well as the effects of private college counseling on individuals who cannot afford such services.
Beyond these concerns, Lieber’s book has enormous relevance. Politicians and executives should consider it just because it exists. It draws attention to the events that gave rise to the book as well as the unintended results of decisions and problems in higher education. It should be noted that the author succeeds at skillfully fusing data from multiple academic and non-academic sources into an engaging and novel examination of college options and costs. Lieber was able to compile a substantial quantity of knowledge and study into a work that is intriguing, entertaining, and educational. Overall, this book provides a great overview of how the expense side of American education operates and what prospective students and their families should be aware of when choosing a school. Given the facts he has shown, this is combined with straightforward guidance on how to pay for it, which leads readers to question what would truly be a sensible road map for families going through this time of life.
Reference
Lieber, R. (2021). The price you pay for college: An entirely new road map for the biggest financial decision your family will ever make. HarperCollins.