Why Is College So Expensive?

The cost of attending college or university has continued to soar over the past few decades. Even when the economy stalls, the cost of a good education just keeps on climbing. This steady increase in tuition costs, is primarily to due to the following factors.

Higher Education Is in Demand

There is a huge demand for higher educated individuals in the workforce. In today’s job market, you often need a degree to even get an entry-level position. This demand ensures that there is a steady stream of students enrolling.

College Competition

Top level schools are competing for top level students. In their race to attract the best new students and to make college ranking lists, some colleges feel pressured to constantly invest in new facilities, the latest technology, and the best athletic programs. Many colleges are also increasingly offering tenured faculty raises and benefits packages as well – salaries comprise nearly two-thirds of a college’s budget.

Financial Aid

When it comes down to it, most students don’t actually pay the flat tuition rates, and in fact pay discounted rates through financial aid packages. When you consider what the average student actually pays the rates haven’t escalated quite as much a they appear to have recent years.

Are There Less Expensive Routes to Earning a Degree?

There are ways of earning your degree without winding up with massive amounts of debt. Attending a community college can save you a lot of money. Many schools offer the ability to transfer your credits to a four year college later on, if you decide to pursue your studies further. Additionally, attending state colleges and universities instead of private schools can often save you a great deal fortune in tuition. Many colleges and universities also offer courses, or even entire programs, online. Not only do these programs allow you to study in the privacy of your own home in your free time, they may also cost less than a traditional degree program. Some colleges and universities are even run entirely online.

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