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The economics of college vs. the economics of private tutors

Summary:
How can you possibly justify a 0,000+ college expense? How can you justify a 0,000+ college expense? This is not necessary. The average tenure hopeful adjunct makes an hour. If you were to employ her as a private tutor at the cost of an hour, and had four hours with her a week, and did that for 14 weeks (that’s the length of an average college course folks) that is about ,400. Were you to employ three such professor-tutors, that would be about ,200, or a bit over ,000 a year. In four years you would have racked up ,000 in costs. But this is still ,000 less than the total for the ‘cost conscious’ universities. It is a quarter of what you would pay for Trinity. Remember: this ,000 is for private tutoring, where individual attention would give you far and away a

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How can you possibly justify a $200,000+ college expense? How can you justify a $100,000+ college expense?

This is not necessary.

The average tenure hopeful adjunct makes $40 an hour. If you were to employ her as a private tutor at the cost of $60 an hour, and had four hours with her a week, and did that for 14 weeks (that’s the length of an average college course folks) that is about $3,400.

Were you to employ three such professor-tutors, that would be about $10,200, or a bit over $20,000 a year. In four years you would have racked up $80,000 in costs. But this is still $30,000 less than the total for the ‘cost conscious’ universities. It is a quarter of what you would pay for Trinity.

Remember: this $80,000 is for private tutoring, where individual attention would give you far and away a better and more thorough education than the 300-kids-in-a-lecture-hall style of classes that dominate undergraduate education today.

But it can get even cheaper. Let’s say you take the general principle of group classes from the university. Say you can find four other people to take all of these other classes with you. Just four. Well that equals out to $680 per class, or $16,000 a person for four years of classes.

To be fair, add in $1,000-$2,000 for textbooks and a subscription to JSTOR, for a total of about $17,000 to $18,000 for four years.

That is from Scholars Stage from 2018, still relevant today.  (He went to the very reasonably priced Brigham Young University.)  As I’ve said before, contemporary university study should have more of both on-line education and private tutoring, and less of what comes in between.

The post The economics of college vs. the economics of private tutors appeared first on Marginal REVOLUTION.

Tyler Cowen
Tyler Cowen is an American economist, academic, and writer. He occupies the Holbert C. Harris Chair of economics as a professor at George Mason University and is co-author, with Alex Tabarrok, of the popular economics blog Marginal Revolution. Cowen and Tabarrok have also ventured into online education by starting Marginal Revolution University. He currently writes the "Economic Scene" column for the New York Times, and he also writes for such publications as The New Republic, the Wall Street Journal, Forbes, Newsweek, and the Wilson Quarterly.

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