The Cost Of A College Education

Good Essays
It is obvious to anyone who looks that the cost of a college education is rising at an alarming rate. Increased tuitions, decreased government funding, and increased institutional debt contribute to a $1 trillion student debt crises. These factors, along with critical mismanagement of funds on the part of Universities create an environment where education has risen at more than twice the rate of inflation. By examining educational institutions finances, we can begin to understand the problem, and how to solve it.
In a study conducted by the Association of Higher Education Facilities (APPA) over a period from 2003-04 until 2012-13, the average instate tuition at America’s 52 top public Universities has gone up 31%. The new rates are effectively quadruple the tuition 25 years ago, while the average income has only increased 50%. The effect of this disproportionate rise in tuition means Americans must either save longer, or finance a greater portion of their education that in the past. During the same 25 year period, on average need based grants, such as Pell, went from covering approximately 75% of an education to only about 33%. This means that families are paying two and a half times as much for an education today as opposed to 25 years ago (2014, p. 31).
Universities point to decreased state and federal funding as a critical factor in the increase of tuition. State support for higher education has been drastically cut over the last ten years. The APPA (2013) cites a study
Get Access