The cost of college has risen 25% over the past 10 years.
A 2020 survey pointed out that 56% of students feel they can't comfortably pay their tuition. 7% of respondents have had to unenroll and find full-time employment.
After the Great Recession, states faced an economic crisis and started investing less in universities and colleges.
They cut the tuition credits or financial aid they provided to students. The schools were required to make up the loss of money. That is the reason for the drastic rise in tuition after 2010.
From 2008 to 2018, 41 states spent less per student after adjusting for inflation.
The increase in the number of people enrolling in college nationwide means less money is available per student.
Many entry-level jobs now require undergraduate degrees. In turn, colleges are making changes to increase the value of the student experience.
It means hiring more faculty, improving the buildings, and making technological improvements, putting more responsibility on the students to pay the costs.
Student loans allow families and students not to worry because they can just borrow to pay for it without deeply questioning what they're really paying for.
Some schools take advantage of the student loan system by setting their tuition at the maximum amount undergrad students can legally borrow.
The most expensive university in the US is Columbia University in New York City. It costs $86,257 a year. Northwestern University is at $78,654, and Barnard College costs $78,044.
Tuition fees include faculty salaries, institutional support, research, student services, campus maintenance etc. It is not part of room and board and other fees. Students considering attending a particular school should look at the net-price calculator on the institution's website.
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