The future colossal costs of college

Author: Jared Fallon

To most people’s surprise, the most recent study conducted evaluating the overall increase of higher education costs shows satisfyingly minute changes. According to the nonprofit organization College Board, for the current academic year the average list price increase for four-year colleges is less than 1 percent over inflation – one of the smallest increases seen in the college world in a long time. Additionally, the average financial aid package increased, allowing colleges greater admission rates than will most likely be seen as the financial crisis begins to surface in other parts of the economy. According to the College Board however, the situation is not nearly as optimistic for the future, based on both past costs and expected future trends…reform is needed quickly.

The College Board assumes the average tuition cost to increase by 6% annually, a figure that is notably larger than both the general inflation rate and the average increase in expected incomes. According to the same data set, the anticipated cost of attending a public college/university for four years in 2026 will cost a staggering $81,900, with private institution costs totaling around $313,800 – and keep in mind these costs only reflect college tuition and standard fees. These estimates do not include other significant costs of attending a higher learning institution, such as room and board, books, and transportation. The increasing costs of the already colossal investment of acquiring a bachelor’s degree is intensified when considering that according to the USA Today 52% of college students take 5 years to earn their degrees.

Some of the pending legislation awaiting actions beyond their respective committee statuses aim to reduce the overall costs of higher education in anticipation for the shocking price increases. These increases will soon begin to hit some families beyond the current near-crisis point of nearly having to remortgage their homes. One such proposal has been introduced by Herb Kohl (D-WI) and is hoping to authorize the Education Department to match grants to high schools that establish dual enrollment programs, in the attempt to encourage students to start considering college at an earlier age and help reduce overall college costs by decreasing the amount of time it takes to earn a bachelor’s.

Another interesting proposal deals with a more systemic approach and requires less of an increase in government spending or grant/award programs. H.R.4149’s official goal is to “limit excessive fluctuations in tuition to help students and families plan for college costs.” The bill would require institutions to offer a binding, multi-year tuition and fee schedule for at least four years for the attainment of a degree. The proposal is rightly named the “Truth-in-Tuition Act of 2007” and would be enforced through amending the Higher Education Act of 1965. To discover what other reforms are on the table, follow this link and make sure your opinion is heard.

The future “war on the middle class” is going to get a lot worse if the increasing costs of education are not addressed. Reforms such as these need more dialogue if they are to have any hope of getting passed or, at the very least, inspiring other legislatures to step up to the plate and help combat the greatest outlet for opportunity that our future generations may very well be laregly excluded from.