Colleges adjust their prices to look and be more competitive, although the prices have been rising a lot more overall. College tuition and fee costs rose by 4.7% between February 2020 and February 2023. This increase was lower than the 15.7% overall price increase over the same time span. Tuition and fee costs for technical and business schools increased by 5.2 percent between February 2020 and February 2023.
Private primary and high school tuition and fees increased by 8.6% between February 2020 and February 2023, while the cost of child care and preschool increased by 10.3% during the same period. These price hikes were greater than those for technical and business school tuition and fees as well as college tuition and fees, but they were less than the overall price hike. The statistics I used are not regularly adjusted and come from the Consumer Price Index program.
One of the bigger factors influencing this rise is the overall economic climate. A lot of post-recession states have less money to fund their institutions due to mandatory spending programs such as Medicaid, resulting in higher prices. There are other reasons why this is happening that can't all be blamed on the economy but for high school graduates and those looking to further their education, it's an unfortunate situation.
https://www.bls.gov/opub/ted/2023/college-tuition-and-fees-up-4-7-percent-since-february-2020.htm
It is surprising that even though college tuition has been increasing for a while that it has increased its rate even further. It will be interesting to see how college tuition has been change either in price or in regulation in a decade or two from now.
ReplyDeleteCollege is getting to be so expensive! I wonder how this correlates with how many students are attending/applying for college now-a-days. Especially with how many other opportunities for jobs there are without having to go to college.
ReplyDeleteYou mentioned a lack of state funding for high schools, are we also seeing them pulling some funding from public schools? If this continue to happens, and parents and families seek change, are there other areas in the states' economies where they are likely to pull money in order to relocate to the schools again?
ReplyDeleteThis is a very interesting post! College tuition just continues to rise yearly as schools want to continue to stay competitive. I believe it defenetly does have to do with the economy and it will be intresting to see how much higher prices continue to get throughout the next 5-10 years.
ReplyDeleteDo you think that these college tuition price hikes can also correlated to a decrease in student retention/enrollment?
ReplyDeleteIt's actually quite shocking that educational institutions are allowed to increase overall costs by these rates...I'm curious to wait and see what the increased rates will be like come five, ten, twenty years.
ReplyDeleteI think the decrease in student retention and enrollment definitely plays a role in the price increase. I also think that the increase in transfer students and the risk of students leaving plays a factor.
ReplyDeleteIts interesting to see a 10% increase in child care and pre schooling, as well as the other increases, the 10% seems very high. It makes sense due to the price increase that have been taking place recently.
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