If we look objectively and logically at the subject of lowering the cost of a college degree we could reduce the cost of a bachelors degree by 70 to 75% with three straightforward changes to the status quo. For a thousand years, colleges have been in place to train people for employment and careers. What has come into existence within the last 150 years is a K through 12 basic education system.
Nearly all bachelors programs consist of 40 courses. Now that we have K-12 , though, we no longer need the bachelors degree program to provide basic education (which was the case 1000 years ago), so we could eliminate 20 of those courses as they have no relevance to the employment/career field of the student. This change alone would reduce the cost of a bachelors degree by 50%.
Second, technology has changed dramatically over the last 50 years and some colleges have proven that offering courses online is very practical and effective. Most classes can be conducted this way, thus eliminating most of the expense of relocating to a physical campus in order to take classes. This also allows for far fewer professors needed for teaching as one instructor can teach online to thousands of students, reducing college payrolls substantially.
Third, colleges over the last 100 years or so have spent enormous amounts of money in businesses that have nothing to do with preparing students for employment and careers. Will I be better prepared as a meteorologist, engineer, or accountant because my college has an intercollegiate golf team, swim team, softball team, basketball team, or football team? I think not, so colleges being in the entertainment business (as well as other ancillary businesses) makes no sense and colleges lose millions on these businesses. Post high school educational institutions should refocus on their purpose of preparing students for employment.
Making these changes will make college affordable and functional and virtually eliminate the need for “student” loans that have become such a mess over the last 40 years.