“Their price in the economy has gone up.” “Higher education is primarily produced by skilled workers - faculty and administrators,” she said. It costs a lot to employ professors, said Catharine Hill, an economist with the education nonprofit organization Ithaka S&R and the former president of Vassar College. So why is the price of college rising so rapidly? “While Gallup did not probe for reasons behind the recent drop in confidence, the rising costs of postsecondary education likely play a significant role,” said Megan Brenan, a research consultant at Gallup. The June poll found that just 36% of Americans have confidence in higher education, down more than 20 percentage points from eight years ago. That might explain why Americans’ confidence in higher education has dropped to a record low, according to a Gallup poll released this week. Over the same 40-year period, earnings for workers ages 22 to 27 only increased by 19%, the report found. After adjusting for currency inflation, college tuition has increased 747.8% since 1963, the Education Data Initiative found.Īnd between 19, the average price of tuition, fees, room and board for an undergraduate degree increased by 169%, according to a report from the Georgetown University Center on Education and the Workforce. Harvard University stands in Cambridge, Massachusetts, on July 6, 2023.
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