Rising Prices
We live in a fast-paced and changing world. New technological advances, discoveries and innovations occur every day. But amidst these glorious achievements lives a substantial issue: rising costs. From groceries to gas to college tuition, price tags continue to grow at an alarming rate. What is the cause behind these new costs, specifically in education, and is there anything that can be done to prevent further increases?
Inflation is known as “the natural increase in the cost of living over time,” or the devaluation of the dollar. This process is what causes prices of products to gradually rise over time. While the inflation of the general economy increases at an annual average of 2%, college inflation is rising much more rapidly at 4-6%.
In addition to these alarming figures, since the 1980’s college inflation rates surpassed the growth of a typical family’s income. Therefore, if this situation is allowed to continue, countless students will simply be unable to afford college without significant financial assistance.
One of the primary driving forces behind these rapidly growing costs is supply and demand. More students than ever are pursuing a higher education, causing the “demand” of attending a college or university to increase.