I’ve recently become fascinated by why tuition costs have risen so much in the last 30 years. I mean…it’s insane, and it doesn’t result in a better education. It turns out, for the most part, that it’s marketing. Universities spending money so that they look better than other universities so they get more and better students so that they can make more money (largely via student loans.)
Student loans mean well, and they’re vital. But the education industry has been economically incentivized by their easy access to raise prices and get more students paying more. Schools that don’t spend lots of money on luxury dorms and top notch sports programs don’t grow…kids don’t go to them because, effectively, it’s the same price for 18 year olds because the loans are available.
We should start a university that costs $3000 per year, but you have to sleep on a cot with six other people in the room. Like Hogwarts.