The cost of higher education has far outstripped the cost of living. In the late 1960s, my tuition at an elite private school was $2400 a year, the equivalent of $12,381 in today’s dollars. Tuition today at that same elite school is $33,000. (Room & board is extra.) I’ve read reports that say that on a percentage basis, the cost of public colleges and universities has risen even faster.
At the same time, financial aid is down. (more…)