The election season has encouraged the candidates from both parties to make comments about the debt associated with college costs and to offer vague comments to address the issue. The promises in some cases have gone so far as to eliminate the cost of tuition.
The following comments are my thoughts about college costs. I will limit these comments to the college environment I know – state institutions, with a teaching, research, and service missions, including graduate work as well as a medical school. My comments focus on undergraduates attending such an institution within their own state.
I think the general public fails to recognize the sources for the cost of college and too often attributes their negative reactions to institutions providing the education. Tuition costs while the cost politicians can most easily influence make up a relatively small part of the total cost of an education. This may not be the case if you are attending a private college, a college in a different state, or a graduate program. Universities likely encourage increasing tuition costs because this is such a key part of their revenue and end up at odds with politicians as a consequence. To make up for the lack of tuition, institutions may attempt to attract more students. Of course, this puts any given institution in competition with other institutions. As is the case in most competitive markets, you spend money in an attempt to make money. Great dining hall food (in contrast to what I remember from my college days), fancy health clubs, competitive athletic programs (with free or very low ticket prices for students), etc. contribute to these costs. It is difficult not to take on some of these expenses as it seems they are so popular with students and they will consider access to such opportunities in making their choice of where to become e.
So, where does all of that money students spend go?
- Tuition (see previous comments)
- Books (not under the control of the institution)
- Equipment – computers for most, specialized equipment in other situations (institutions provide some as part of tuition costs, but often this does not meet student needs or desire for convenience)
- Food and lodging (real costs and must be competitive if run by the university)
- Entertainment (part of tuition in a few cases, but seldom limited to this in the behavior of most students)
- Transportation
- Interest fees associated with loans
I wish anyone interest in college costs would consider this or a similar list and recognize who gets the money. If you want to blame someone, at least recognize who gets the money associated with your resentment.
Is education expensive? I guess this depends on what it takes to provide the experience, what proportion of the expenses are truly necessary, and what is the benefit from the experiences. Will politicians reduce the cost of education? I do not see how they will make significant differences. They may be able to influence tuition costs and perhaps the interest on student debt, but these costs are first only part of the cost of an education and second someone must cover these costs. Political relief would essentially spread these costs across the general population, but this will take a tax increase. We seem to not agree on even more basic human needs such as universal health care so I am not certain I see the public agreeing to free tuition for all.
A reminder – The return on the education investment tends to be quite significant on average so the cost incurred must be considered against this typical long-term outcome.
