The Rising Cost of College: Exploring the Price Tag

The cost of college tuition in the United States continues to rise, with highly rated or selective schools charging exorbitant prices. Factors contributing to the increase include the high cost of employing professors and the lack of efficiency gains in the education system. Income inequality also plays a role, as wealthy families are willing to pay top dollar for prestigious universities. State funding for higher education has declined, forcing colleges to rely more on student payments and loans. While sticker prices have increased, the net price of college, adjusted for inflation, has actually decreased in recent years. However, student loan debt has skyrocketed, and the Supreme Court recently blocked President Biden's student loan forgiveness program.