The growing $1.1 trillion student debt burden in the US has been well documented, yet concerns are subdued. That’s because the burden, unlike the housing crisis, won’t cause a sudden economic crash. Instead, it will prompt a slow strangulation of spending spread over many years. Congress has made some minor efforts to reduce interest rates on debt, but the necessity for such large loans must be scrutinized. And that means confronting the indulgences of colleges.
Tuition costs have soared in recent decades. In 1973, the average cost for tuition and fees at a private nonprofit college was $10,783, adjusted for 2013 dollars. Costs tripled over the ensuing 40 years, with the average jumping to $30,094 last year. Even in the last decade the increase was a staggering 25 percent.
One thought on “What’s Behind America’s Soaring College Costs?”
Comments are closed.
Tuition loan program is as corrupting as the housing loan program was that caused the crash. The program needs to be phased out and replaced with a program where people can earn tuition by years of public service,business work school programs and such.Our present programs is lobbied by bankers who get their bonus selling the student the loan no concern is given to its corrupting affect in inflating college costs and enabling students to enslave themselves to a life of financial servatude.