Why Are Colleges So Expensive? Essay
April 25, 2016 Why are Colleges so Expensive?
These days not only is getting into college hard but finding a way to pay for it is even harder. According to Forbes, 75% of the students get into their number one choice. Nevertheless, recent data from the graduates in the 2013 class said that despite being accepted to their number 1 choice, 57% ultimately chose to not attend their first choice. The question is why? 62% said they couldn’t afford the school of their choice and 25% said their number one choice didn’t offer any financial aid. One reason for the high costs of tuition is as a result of the college ranking system. All prestigious schools want a good ranking so they pay to get the best teachers, spend the most money to upgrade the buildings and dorms just to get the highest ranking possible on some list. Another reason is inflation. Most colleges increase tuition by at least the rate of inflation each year and in fact, most colleges increase tuition by a rate that is much more than the rate of inflation. Colleges are able to do this by offering loans either directly through the college or through the federal government. The colleges each year use the financial aid/ loan package as a way to justify the yearly increase in tuition. In turn, students feel compelled to take these aid packages without taking into account the high cost of repaying these obligations. Colleges are expensive nowadays because colleges are in…