From 1970 to 2020, college costs increased by 1,510% compared to a cumulative inflation rate of approximately 766.5%.
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FINANCIAL LITERACY
Charting Your Financial Future: How to Escape the Vicious Cycle of Student Debt and Low Income {With – Agnes Powers}
Colleges started getting expensive when society started pushing “college for everyone,” and student loans became easy to obtain. I don’t believe that everyone should go to college. Colleges would not be so expensive if fewer people borrowed outrageous amounts to attend college.
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For the past ten years, inflation has averaged less than two percent with two exceptions: Health Care (~six percent) and College Tuition (~eight percent). An eight percent college inflation rate means the cost of college doubles every nine years. Think of it this way, if your 18-year-old daughter enters a State University in 2019, you/she will pay over $100,000. If nine years later your nine-year-old son decides to attend college, you/he will pay ...
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