The annual price tag for a college credential has risen about three times as fast as inflation, and there is no sign that it’s slowing down. In the last decade alone, tuition rates at public colleges and universities, which enroll about 80 percent of American students, rose by an average of 5.6 percentage points above inflation every year.
Despite those vast price increases, students continued to line up for admission to one of the nation’s colleges. To pay the bills, students and their families borrowed—a lot.
Some $110-billion in student loans was borrowed last year. That’s more than half the amount that was borrowed between the passage of the first Higher Education Act, in 1965, and the end of President Bill Clinton’s second term.
....
So going to college is worth it, but going to
any college at
any price may no longer be worth it. About half of Americans think that the higher-education system is doing a poor or fair job in providing value for the money spent, according to a
survey last spring by the Pew Research Center.
College presidents seem tone-deaf to those concerns. In a companion survey conducted with
The Chronicle, three-fourths of college leaders said the system was providing a good or excellent value.