The Rising Cost of College
79: percentage growth of college tuition between August 2003 and August 2013
2X: that’s twice as costs for medical care.
And 3X: the as the overall Consumer Price Index during that same period.
Overall, the cost of college has gone up over 500% since 1982.
Put in perspective:
If you spent $10,000 for a college education in 1982,
And had the increase in college tuition gone at the same rate as inflation:
That same year of college education would cost $24,471.61 today.
Instead, that year of college education actually costs over $50,000 today.
From 1984-1985 to 2014-2015 the average published Tuition and Fees for:
• Private 4-year institutions – up 146% (From $12,716* to $31,231)
• Public 2-year colleges – up 150% (From $1,337* to $3,347)
• In-state students at public 4-year institutions – up 225% (from $2,810* to $9,139)
*1984 prices adjusted to 2014 dollars
Why Are College Costs Rising?
• Appropriations are money set aside by governments to be used for a specific purpose. As state and local governments cut appropriations to colleges, tuition costs rise to make up the difference
• Institutional Subsidies are proportion of costs paid for from institutional sources. They typically come from state and local appropriations; at private institutions they come from private gifts, investment returns, or endowment income. During recessions, subsidies dry up.
5 most expensive educations, 2012-2013
1.Sarah Lawrence College, New York: $61,236
2.New York University, New York: $59,837
3.Harvey Mudd College, California: $58,913
4.Columbia University, New York: $58,742
5.Wesleyan University, Connecticut: $58,202