This fall, colleges across the country will enroll roughly 3 million new students. For many of these students and their families, college will represent a tremendous expense—among the largest of their lifetimes. By the time they graduate, they can expect to have spent more money on their degree than many households in the United States earn in an entire year. And many will have accumulated tens of thousands of dollars in debt.
Why do so many students keep showing up year after year to pay this high price? Because they believe it will be worth it. They believe that the institution they’ve chosen will fulfill all of the promises made to them in the glossy recruiting pamphlets and during campus tours led by a charming upperclassman. But what if it doesn’t?
What if their degree takes longer than expected because the classes they need to take are oversubscribed? What if they can’t find a job in their chosen field after they graduate? And what if the job they do find doesn’t pay enough to make their student loan payments affordable? The answer: too bad. The student will still be on the financial hook. There is no money-back guarantee.