Why Is College So Expensive?

A college education is supposed to be the gateway to opportunity. These days, however, it often seems like higher education means lots of debt with little upside. How did we let college get so expensive?

For the past decade, around 3/4 of Americans have said college is too expensive. At both public and private colleges, inflation-adjusted tuition rates have quintupled over the course of about 50 years.

Part of the problem is that it’s hard to tell how much college actually costs. At 91 percent of American colleges, students still don’t have a clear idea of how much they’ll have to pay even to go to college in the first place. There are millions of job listings in America where employers ask for a college degree — even though most people already working in those kinds of jobs don’t have one. And that increase in demand for college degrees also helps to keep prices up.

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