Education forms one of the most essential sectors of any society. From the past, education has been the key area in development. But one notable thing has been the rising cost of accessing education.
The Millennials and the economy is a comprehensive report on the economy growth. Let’s see the past, present, and future of rising tuition costs.
Cost of education over the time
In the past, not many people knew the value of teaching. There was low demand for this service at such a time. In 1985 for instance, education was way affordable for anyone who wanted to access it.
Today, that cost has risen by over 538%. Compared to other sectors, education cost has been on the rise more than any other. In the 1980s, college education fees used to be $3,489.
That figure has skyrocketed to $19,339 in the academic year 2011-2012. There is no sign of relenting and training cost is predicted to keep growing for the foreseeable future.
Though the rise in education cost has been witnessed over all types of schools, the private sector has had the largest increase. For a 4-year program in a public college, you will pay an average cost of $8,890. On the other hand, a private college program for the same duration will cost you $30,094.
Why the rise in education cost?
While in the past only a few people knew the importance of education, the present masses are acutely aware of how crucial education is to them. Everyone, poor and wealthy, would want to access quality education. So one would ask, what is the force behind the rising education cost?
- Forces of demand vs. supply: there are millions of people out there seeking education services. The providers have not been able to match the ever-rising demands. Both public and private schools have not been able to meet fully the demand of education. This just translates to higher fees for those who are lucky to get slots in schools.
- Improved education quality: Compared to the past, education standards have improved over time. Such advancement has created the need for increasing costs to cover such expenses.
The future cost of education
From stats and trends in education, the cost will never go down in the future. If anything it will keep rising as demand continues shooting and supply struggle to match up the needs.
Parents and those who seek education will continue to pay more. In the forthcoming decade, tuition cost will have almost doubled from what you pay presently.
There you have it; education cost is never coming down now or in the future.