Week 9 (#1): Will College Become More Affordable?

It is no secret that college tuition is expensive and getting more expensive year after year. Overall, tuition at private colleges has been increasing more than 4% each year for the past three years with average tuition at a four-year private college costing $28,500 a year. According to an article from money.cnn.com titled “Colleges slashing tuition, offering 3-year degrees,” a growing number of colleges are taking extreme measures to attract more students by cutting tuition costs or speeding up the rate at which they graduate. Some private colleges are introducing substantial double-digit percentage cuts in tuition, freezing prices, or offering pilot programs, three-year degree programs or four-year graduation guarantees. These measures are in response to consumers’ concerns about the rising cost of college, and although have been used to some degree in the past, have become more prevalent since the economic downturn. In addition to making college more affordable for students, colleges want to offer more competitive prices to attract more students and increase their bottom lines as well.


With tuition cuts or reducing the time it takes to graduate there is a tradeoff, however. Temporary tuition cuts and freezes are typically accompanied by financial aid cuts, so the money isn’t all going back to the students. For example, the University of Charleston is slashing tuition but it is also reducing the amount of financial assistance that is available to students from $15 million to $10 million. Although the quality of the education will most likely not be affected by tuition cuts or freezes (unless an increase in enrollment results in a higher student-to-teacher ratio), some fast-tracked degrees might suffer. Eliminating core requirements to graduate sooner may leave out some very basic skills like writing and reading that have an important impact on job performance. 


These measures, with their cost-savings implications, are definitely good news to students like me! Lowered tuition costs allow students to pay less money out of pocket or have less loan debt due to college expenses. Since tuition is based on credit requirements, if these requirements are decreased, students will be able to get a degree that is just as good as one that would have cost thousands of dollars more a few years prior. Not to mention we would be able to obtain the degree in a shorter amount of time!

Source:

http://money.cnn.com/2012/03/22/pf/college/cost-cutting/index.htm?iid=SF_PF_LN