College Costs Out of Control

by Emily Bonney

In an article from Forbes Magazine, contributor Steve Odland provides some cold, hard numbers concerning the rising costs of college. Odland reminds readers that a there is a correlation between the amount of education a person has received and their average income. People without any college education earn almost $18,000 a year less than the US average wage, and less than half of what someone with a four year degree makes. While it is said that everyone has the same opportunities to receive this education, it is obviously not the case. Only 17% of the US population has earned an undergraduate degree, but the costs of college may change this in the future. Accounting for inflation, Odland states that while the consumer price index has risen 115%, but college education inflation rate has risen nearly 500% since 1985. Even with government aid, private funding, and scholarships, many students in today’s education system still have to take out loans which accrue interest. Odland attributes this rise in costs to the tenure policies, and the rise in spending on administration for the institutions rather than on professors or other capital expansions that would benefit the colleges.

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