Price of US higher education hits new high

Sacramento: With rising college costs and mounting student debts, the soaring price for higher education in the United States has sparked wide concerns over college affordability and declining enrollment.

Several prestigious universities in the United States have announced their total cost of attendance will exceed $ 90,000 for the 2024-2025 academic year, Xinhua news agency reported.

This marks a new high in college expenses, with some institutions' costs surpassing the median US household income, according to a report issued by the Education Data Initiative this month.

At the University of Pennsylvania, the annual cost of attendance is now $92,288, according to the university's website. Cornell University's cost also exceeds $ 92,000, while that of Dartmouth and Brown Universities surpasses $91,000.

Stanford University's Board of Trustees has approved a 5.5 per cent increase in tuition and a 7 per cent increase in room and board for the 2024-2025 school year.

The university stated the increases will help maintain its financial aid programme and address inflation-related cost increases.

These increases outpace inflation.

The US Bureau of Labor Statistics reported a 2.9 per cent increase in the Consumer Price Index for the 12 months ending July this year.

In contrast, the College Board's "Trends in College Pricing 2023" report indicated that from 2022-23 to 2023-24, average published tuition and fees for full-time students at private nonprofit four-year institutions increased by 4 per cent before adjusting for inflation.

Public universities also saw increases in costs. The College Board report said that during the same period, public four-year in-state tuition and fees went up 2.5 per cent, while out-of-state tuition rose by 3 per cent before adjusting for inflation.

Room and board expenses have also increased significantly. At California Polytechnic State University, San Luis Obispo, room and board costs rose to around 18,000 dollars this year, 63 per cent higher than a decade ago, the San Francisco Chronicle reported Monday.

Other universities have also announced significant increases in costs for the 2024-2025 academic year. The University of Southern California raised undergraduate tuition by 4.9 per cent, following consecutive 5 per cent increases in the past two academic years.

The Duke University board approved a 4.35 per cent increase in the total cost of attendance.

Washington University in St. Louis announced a 4.5 per cent tuition increase, raising undergraduate tuition by $ 2,750 to $ 64,500.

This marked the biggest increase in the past decade.

The cost of higher education has steadily climbed in the United States over the past decade.

As the cost continued to surge, questions have arisen about the impact on enrollment as more students and their families become doubtful about the value of college degrees.

Faced with steep educational costs, many students resort to loans and often end up with substantial debt after graduating. This financial burden can significantly erode their earnings, and potentially reduce the overall value of their college investment.

A new survey, released by the think tank New America in late July, showed that Americans' confidence in the current state of higher education is trending downward.

The survey, titled "Varying Degrees 2024," revealed that nine in 10 US adults believed the high cost of education is the primary reason blocking Americans from pursuing higher education.

It also found that eight in 10 Americans thought the lack of college affordability was the biggest barrier to enrollment for students from low-income households.

The trend of declining enrollment at US higher education institutions has been confirmed by the College Board report.

Between fall 2019 and fall 2021, total college enrollment fell by 947,900, or 5 per cent. The public two-year sector saw a decrease of 883,000 or 13 per cent, according to the report.