College Costs

As most know, college costs have increased significantly the last few decades making college unreasonably expensive for most. There are a number of different reasons why college costs have outpaced inflation and most other costs in the market today. Funding for public universities from their respective states has decreased significantly and continues to be cut every year, contributing greatly to increasing costs. Similar to that private schools rely heavily on their endowments for covering costs, so when the economy suffers like in recent years so do these colleges. Inefficiencies on how these schools are run also are very prevalent, and the burden of these costs is placed on students. However a major reason why I think college costs has risen so much today is because it is such a demanded commodity to people. Robert Archibald explains “education is a critical component of the American dream of rising living standards from one generation to the next, and of social mobility based on hard work and achievement.” I believe that because higher education is seen as essential to almost everyone to be successful, improve your life, and to achieve this notion of the “American Dream”, they can charge what they want and really get away with raising prices. In the end there are a lot of people will continue to pay it. People will do whatever it takes these days to go to college, which is seen today by having millions of people willing to go deep into student loan debt for four years of a college education. While I think there are a number of factors that contribute to higher education costs including a lot of inefficiencies throughout institutions and decreased funding, I believe college cost have risen because the demand for college is continually increasing and its value amongst society allows schools to really charge what they want to inefficiently pay administrators large sums of money and build new, oftentimes unnecessary, state of the art buildings, classrooms etc.

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