According to Bloomberg, college tuition and fees have increased 1,120 percent since records began in 1978, far outpacing the price inflation of consumer goods, medical expenses and food.
As this chart explains the rate of increase in college costs has been “four times faster than the increase in the consumer price index.” Medical expenses have climbed 601 percent, while the price of food has increased 244 percent over the same period.”
Earlier this year, the Associated Press reported the average tuition at four-year public universities had increased by 15 percent between 2008 and 2010. Private universities were also found to have had significant price increases.
Education Secretary Arne Duncan told the Associated Press in June that lowering college costs needs to be priority for the whole country.
“As a nation, we need more college graduates in order to stay competitive in the global economy,” Duncan said. “But if the costs keep on rising, especially at a time when family incomes are hurting, college will become increasingly unaffordable for the middle class.”
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