Harvard, Ivy Leagues Bust Tuition Cost Bubble:

John Wasik:

A high-priced college may not be worth the price of admission.
As the economy forces more students out of the classroom and graduates into under- or unemployment, a college enrollment bubble may be starting to deflate.
The recession, combined with rising college costs, has accelerated a college affordability crunch that is exacerbated by shrinking family incomes, diminished home equity and reduced household wealth.
As many as one-third of all private colleges surveyed by the National Association of Independent Colleges and Universities (Complete Report) said they expected enrollment to drop in the next academic year.
Almost 40 percent of those colleges said some of their students dropped out due to personal economic reasons and a quarter said full-time attendees switched to part time. Half said families had to cut back their expected contributions as the value of college savings plans dropped 21 percent last year.
The job market is so awful that I have encountered several graduates this summer who weren’t able to line up full-time employment, even though they had sound academic records. Some are even “taking the year off” or doing internships.