Why College Tuition Fees Keep Rising – Ever wondered why the price for a college degree is so expensive? Well, this is a very prominent question in the education industry and needs to be addressed to all students, so that there is a better understanding of the rise in prices and overall inflation. According to a Forbes Article, tuition inflation has risen at a faster rate compared to the cost of medical services, child care, and housing! The net tuition amount has almost doubled in the past decade!
Why College Tuition Keeps Rising
The Real Cost – Often, most of the tuition fees that you come across for your universities have hidden cost that does not appear in the initial tuition fees. The true cost of going to a college is vastly understated. The tuition and fees usually do not include the other miscellaneous expenses that are bearded by the student, like transportation, books, and supplies, housing, medical facilities, etc. This is the main reason why the final amount of tuition becomes expensive.
Limited Higher Education Options – This is a very interesting point. While there are thousands of accredited universities worldwide, if you look at a typical student, the options are limited. This happens because if you hail from a middle-class family, or you cannot afford to study abroad, you end up studying in the local university, which is also accredited and the tuition is not so high compared to the colleges abroad. Hence, with few competitors, colleges end up ignoring price reductions or discounts and faceless competitive pressure to provide discounts or improve the quality of education.
The Traditional Campus Experience – Let’s face it. The traditional campus experience, with dorms, students, tall academic buildings, faculty offices, huge classrooms, etc. comes at a hefty cost. At the same time, for a student entering college life for the first time, these few factors play a major role in the overall college experience. Young students often require guidance to start their initial journey, getting well versed with everything around them. Therefore, the increased cost of tuition comes with all of this.
Tuition During the Pandemic – A lot of students showed their concern about no discounts on tuition during the Covid-19 pandemic. The pandemic was an eye-opener in terms of the education industry and its prices. Students have slowly started to realize the cost of online education is the same as traditional experience. The fresher’s who passed out of high school and were joining colleges did not get the added benefits of the traditional on-campus experience.
Another interesting thing to note here is that since the pandemic started, there has been an increase in intuition, but it has been way lower than before. It’s the lowest increase in a lot of decades. Hopefully, this article gave you a little more insight into tuition. It is extremely important to know what you want to pursue, keep track of your expenses, forecast the ACTUAL expenses, and accordingly take a strategic decision for your higher education!
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