Why are college tuition prices on the rise?

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Why are college tuition prices on the rise?

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College costs are increasing, and fast. A recent study by the New York Times indicates the cost of higher education is increasing at almost double the rate of general inflation and the College Board reports the price students pay out of pocket to attend a typical college this academic year is around almost $2,000 more than last year. Although inflation has acted as a factor, this isn’t the only reason for the hike in tuition prices. There are five trends going on that are driving the cost of college upward. For one, both universities and colleges are trying to stay ahead of the times with new, cutting edge technology. It is a competitive factor between universities, and it’s not cheap. In fact, building libraries to expand the use of computers and other forms of information technology can cost more than $50 million. As technology becomes a necessity to universities, they must find ways to pay the price. In addition to technology, research requirements and academic programs need revenue

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