According to data compiled by US News & World Report last year the average enrollment in private universities in the United States increased about 4%, that is, $40,000 dollars per year.
The price of universities is still expensive, the average American would have to save about 75 years to be able to send a child to one of the prestigious universities in the country, however, this is relative since tuition costs increase substantially.
In detail, Harvard University for example; charges approximately $57,246 per undergraduate student in tuition and fees per year, by adding other expenses such as food, lodging, books, among others, the price increases to almost $100,000 dollars a year.
Recent figures from the Education Data Initiative indicate that inflation has been the main factor for the increases, the costs were not always like this, but having such a high inflation rate, enrollments were rising to more than 700%.
Another report indicated that between the years 1980 and 2020 both tuition and additional fees and expenses increased by 170%. The Center for Education and the Workforce at Georgetown University added that during that time wages for the youngest only increased by 19%.
For Catharine Hill, an economist at the nonprofit educational organization Ithaka S&R and former president of Vassar College, universities are also selective and they compete for talented students and families who can afford the sticker price. “These families have no problem writing that check. They want small classes, they want nice dorms, they want good food,” Hill said.
Therefore, if a university decided to reduce those amenities, “they would not end up attracting those students,” added the economist.
According to data from the College Board at a private university, the average student paid about $32,800 last year for tuition and other expenses, and according to the analysis when adjusted for inflation, the real price is reduced by 11%.
Keep reading:
Emergency savings: how much cash you should have at home according to financial experts
Source: La Opinion
