Aug. 18 (Bloomberg) — The cost of higher education has jumped more than 13-fold in records dating to 1978, illustrating bloated tuition costs even as enrollment slows and graduates struggle to land jobs.
The CHART OF THE DAY shows that tuition expenses have ballooned 1,225 percent in the 36-year period, compared with a 634 percent rise in medical costs and a 279 percent increase in the consumer price index.
Recent college graduates might be questioning whether they’re getting what they paid for. Unemployment among those 25-to 34-years old rose to 6.6 percent in July, exceeding the 6.2 percent rate for all groups. The jobless rate for that age group averaged 5 percent in the four years leading up to the last recession.
In summary, the graph is trying to portray that costs have risen but not always is something being done.
link: http://www.bloomberg.com/news/articles/2014-08-18/college-tuition-costs-soar-chart-of-the-day
What an amazing collection of information! I really enjoyed the graph and the info presented here. I have been a CUNY student since 2012 and have seen the tuition increase each and every year. To get an education in America has become increasingly expensive to the point where all graduates are in debt by the time we land our first post grad job. I subscribe to Bloomberg.com on Twitter and email. Bloomberg has leading news on finance, education, domestic and world affairs. As the recession hit most people went back to college to gain new skills, resulting in the government increasing college costs. Nice graph. I really learned.
It’s interesting to see how the cost of having a better education keeps increasing. I had looked at my financial aid award letter and noticed that this year the tuition went up $5000 compared to last year and this graph just bought all of the information together for me. Safe to say this just hit home aka my pockets. Considering the fact that I am one of those 6.2 % unemployed within the age demographic of 25-34 the realization of increasing tuition is all that more pending. What I didn’t realize was the fact that cost of health care has increased much less than tuition which I found hard to believe, one would think that your health would be more expensive than your learning ability but I guess not. One more way to weed out those who can afford to better their situations from those who can not. Thank you for this insight.
One problem with bare graphs like this without analysis is that they perhaps point in the wrong direction or make insinuations such as the “inefficiency” of the public and nonprofit sectors vs the profit sector. Yes, tuition and fees have gone way up, but where is there some explanation? Also, there is no differentiation between private and public education. If we restrict our attention to public education, a large part of the explosion is due to the fact that a smaller share of the cost of each student’s education being picked up by the city (community college) and state (senior college). All of this is not to minimize the increasing difficulty with which students in general are having in paying for their education.