The COVID-19 pandemic has changed the ways that people interact with schools, jobs, friends and family. With this, colleges seem to be acknowledging that many people’s lives have been turned upside down in these times. Throughout the pandemic, many people lost jobs or were unable to take the medical risk of going to work.
One of the major expenses for Americans these days is college tuition. Since the 1980s, inflation of college fees has gone up 213% in all public institutions. In the 1980s, annual tuition cost was $4,210; in 2018, the average cost of tuition in the U.S. was $20,700. That same year, 72% of undergraduates were assisted with financial aid, according to collegeatlas.org.
The price of college tuition per year is equivalent to a new car. So many people choose not to attend college or drop out due to the financial aspect of college.
Many high school graduates want to know what the true college experience is like, but not everyone can afford that experience. Society frowns upon those who don’t attend college after graduation because of the idea that college equates with success, with no other alternatives.
According to Fin Aid, a good rule of thumb when finding annual college inflation is to assume that tuition rates will increase at twice the rate of general inflation. Tuition tends to grow at about 8% a year. When looking at the college inflation rate, that means that the rate of inflation will double every nine years.
Colleges have recognized that lots of suffering has occurred throughout this pandemic, and many people are second-guessing college because of the world’s current issues. Universities have begun taking action to make college more accessible during this pandemic. According to Higher Ed Drive, many comprehensive fees have been completely waived. Room and board costs have been cut by 15%, and financial aid fees have been cut by 15%. Several colleges have made statements announcing that they understand families are experiencing financial difficulties and that tuition inflation shouldn’t be an increased stressor.