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Cost Of Higher Education Just Keeps Going Up
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Story By: Larry Stine



  Originally Published on: 9/22/2013

If you want a solid education, then it's going to cost you. The cost of higher education has surged more than 500-percent since 1985. Christine Romans looks at the tough choices parents and students face when it comes to college costs. "I started when he was two, and he's 19, and it's never enough." Patricia Rodriguez needs $13,000. "Where do you get an extra $1,200 a month," she asks. She's not alone. Nothing in American life has risen in price so quickly as the cost of college, up more than 500 percent since 1985. "I think the universities are the biggest scam going in America, the costs, there's no reason that a college education should cost thousands of dollars a year," says Stephen Moore, editorial writer for The Wall Street Journal. Why is it so expensive? Some say the easy money available to students has created a tuition bubble. Others say it's simple economics. "You have to go to college to get ahead," says Rick Newman, columnist for Yahoo! Finance. "At the same time, it's not as if new colleges are opening up all over America the way, like, let's say a new airline might start up. We basically have a fixed amount of supply and when demand is going up and supply isn't, prices rise." Grants and scholarships only cover about 30 percent of college costs, so students have to find or borrow the rest. Two-thirds of college grads have loan debt, averaging more than $26,000. Others have much more. "Right now, I'm almost $60,000 in debt, which will affect my ability to get a mortgage, to have children and put them through a good education, and it will effect what kinds of jobs that I choose," says Rachel Bohr, a Columbia University student. And jobs are what it's all about. Americans with a college education are more likely to be employed, and they earn more money. But in this economy, there are no guarantees. More than 36 percent of recent grads are working in jobs that do not require a college degree. That's why the country's most famous student loan recipient wants to hold colleges accountable. "What we want to do is rate them on who's offering the best values, so students and taxpayers get a bigger bang for their buck," says President Barack Obama. But finding the bucks in the first place, that's the real struggle for parents like Partricia Rodriguez. "All you want is your kid to go to school and do well, and that's what he's doing," she says. "And we don't have the money." Few Americans will have, if college costs keep rising.
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