{"id":8024,"date":"2022-06-21T09:00:57","date_gmt":"2022-06-21T13:00:57","guid":{"rendered":"https:\/\/scholarshipowl.com\/blog\/?p=8024"},"modified":"2022-08-30T05:25:58","modified_gmt":"2022-08-30T09:25:58","slug":"why-is-the-cost-of-college-so-high","status":"publish","type":"post","link":"https:\/\/scholarshipowl.com\/blog\/college-life\/why-is-the-cost-of-college-so-high\/","title":{"rendered":"Why Is the Cost of College So High?"},"content":{"rendered":"

Getting a college degree in the United States is notoriously expensive. Some colleges, like Columbia and Duke, cost students upwards of $60K a year. Although you can find colleges with a lower price tag, the truth is that most families rely on multiple sources to be able to afford the cost of college. This has led to nearly $1.75 trillion in student loan debt<\/a> in the United States.<\/p>\n

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As crazy as that number is, there is growing pressure to go to college. So, is the cost of college too high? And what can you do to lower costs?<\/p>\n

In this post, we will take a look at various factors that contribute to the rise in the cost of college.<\/p>\n

Increasing Demand<\/h2>\n

In today\u2019s competitive economy, having a college degree is invaluable. Because a college degree is pretty essential for landing a job, more and more students continue to enroll in college every year, despite the rising costs. At the end of the day, colleges are businesses that want to attract as many consumers, or students, as possible. To keep up with one another, they continue offering new perks and services and spend hundreds of thousands of dollars on marketing and advertising. These costs are then passed down to students through tuition, fees, and charges for room and board.<\/p>\n

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State-of-the-Art Amenities<\/h2>\n

When you sign up to get a college degree in America, you are essentially signing up for an all-inclusive college experience. Colleges and universities are competing with each other for your business. This means there is pressure to provide contemporary facilities that will attract students. Modern buildings, libraries, residence halls, student gyms, and all-you-can-eat cafeterias all contribute to rising tuition, fees and room and board. It costs money to maintain a nice campus, and the extra costs come straight out of students\u2019 pockets.<\/p>\n

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Increase in Student Services<\/h2>\n

Student services, like counseling and healthcare, have also been on the rise. While beneficial to students\u2019 mental health and academic success, these types of services are another reason for increased cost.<\/p>\n

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Administrative Positions<\/h2>\n

While you might think that it\u2019s professors who are making the big bucks, it\u2019s surprisingly faculty in administrative roles. There has been a surge in administrative positions over the years, with some administrators earning six-figure salaries.<\/p>\n

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Decrease in Public Funding<\/h2>\n

For many years, state and federal governments have not provided sufficient support for higher education, despite the ever-increasing costs. As a result, colleges pass these costs down to students through tuition, fees, room and board. Families have really struggled to meet these costs because the cost of living has skyrocketed while wages have remained relatively stagnant during that same period of time.<\/p>\n

More recently, there has been greater interest in providing some additional federal or state support for higher education. Some states now offer free tuition for community college, and some states offer grants or scholarships to students who attend in-state public universities. There is also greater momentum for increasing the Pell Grant at the federal level, so students with significant demonstrated financial need may one day receive additional support.<\/p>\n

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Increase in Financial Aid<\/h2>\n

Ironically, what helps students pay for college may also hurt them financially. Because students and parents can obtain federal student loans, some colleges have taken the opportunity to increase the cost of tuition and room and board. This is especially true of private universities, as these institutions are not as regulated as public colleges and universities.<\/p>\n

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Is College Tuition Too High?<\/h2>\n

So, is college tuition too high? While the cost of getting a college degree is truly mind-boggling, degree-holders fare much better financially than those without a degree. College graduate starting salaries are at an all-time high<\/a>. Graduates with a college degree earn $450 more per week than those without. Unemployment among people without a college degree stands at 5.4%. Among those with a four-year degree, unemployment goes down to just 2.8%.<\/p>\n

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How to Make College Affordable<\/h2>\n

While you can\u2019t control the outrageous fees, there are things you can do to make college more affordable for you. Here are ways you can cut the cost of college tuition:<\/p>\n