Friday, April 03, 2009

The College Tuition Bubble

Alternet reports:
In the past several decades, the cost of higher education has climbed at an astounding pace -- faster than the Consumer Price Index, faster even than the cost of medical care. Over the past 30 years, the average cost of college tuition, fees, and room and board has increased nearly 100%, from $7,857 in 1977-1978 to $15,665 in 2007-2008 (in constant 2006-2007 dollars). Median household income, on the other hand, has risen a mere 18% over that same period, from about $42,500 to just over $50,000. College costs, in other words, have gone up at more than five times the rate of incomes.