Coronavirus disruption of elite universities boosts community college appeal
Finance expert Chris Hogan says colleges should adjust pricing or they'll suffer financially
‘Everyday Millionaires’ author Chris Hogan on the financial benefits of students completing their prerequisites at a community college before transferring to a 4-year university.
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Students across America are making difficult commitments to colleges and universities, while the coronavirus pandemic leaves the future of higher education uncertain.
Institutions nationwide have been considering the continuation of online learning into the fall semester and newly-committed students are concerned about losing the experience while still paying for it.
Financial expert Chris Hogan told FOX Business’ Neil Cavuto that incoming students should really take a look at price tag versus value, especially when the U.S. is facing $1.6 trillion in student debt.
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“If I'm a young person, I'm going to have a hard time stomaching paying $21,000 for a public university or $48,000 or more for a private school when you've got some options for virtual classes that are nowhere near that expensive,” Hogan said. “I would advise them to really look at community colleges -- an opportunity to knock out all the prerequisites online for about $3,600 a year.”
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Hogan said students should consider enrolling in community college as a way to “knock out” some prerequisite courses and save money. Students then have the option of transferring credits to a four-year institution, he said, and could graduate in two.
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Now that students are paying more attention to the value of their education, Hogan said colleges are going to have to reevaluate how they’re selling to students.
“Colleges are going to have to adjust their pricing or they're going to suffer greatly financially," he said.