The cost of an education at a four-year college or university in the United States has consistently risen at a rate greater than the overall cost of living. In 2013, the total cost increases (including tuition, books, fees, and room and board) were at their lowest level for both public and private schools. Public school costs “only” rose 3.2 percent, while private school costs “only” increased 3.7 percent. This cost percentage increase was the lowest that it has been since the 1980s; however, annual public school costs are $31,701, while private schools charge an average of $40,917. For most Americans these costs are still well above what they can afford to send their children to college. See: Sky Rocketing College Costs
Colleges (residential colleges, as distinct from online school) are coming to realize that the rising cost of higher education has priced many moderate and low-income families out of considering college as a first option. Many of these families instead have chosen two-year community colleges, military service, online school or employment as alternatives to a four-year education. A hard look at the economics of college education and the current pricing model presents some interesting questions about the future survival of the traditional college model.
Impact of the Economic Recession on the Cost of College
During the recession, college endowment funds lost [Read more…] about Can Universities Keep Charging an Arm and a Leg?