When will colleges be accountable to the market? In the midst of our major recession, they're hiking tuition fees again. As I reported in a previous post, if you want to see how out-of-whack college tuition is, compare it to inflation:
When I went to Northwestern University in the '70's, the tuition was a very high $3,000 a year;using 2 inflation calculators, I estimated that,last year, if tuition rose with inflation, if should have been between $12,000 and $16,000 a year. What's current NU tuition?
$40,223!
Here's a story from the Chicago Tribune that names what's going on: "Tuition, Pell Grants Rise in Tandem."
The "free" money of Pell grants drives their uneconomical use, and thus increases prices.
When I went to Northwestern University in the '70's, the tuition was a very high $3,000 a year;using 2 inflation calculators, I estimated that,last year, if tuition rose with inflation, if should have been between $12,000 and $16,000 a year. What's current NU tuition?
$40,223!
Here's a story from the Chicago Tribune that names what's going on: "Tuition, Pell Grants Rise in Tandem."
The "free" money of Pell grants drives their uneconomical use, and thus increases prices.
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