Over the past 30 years, the cost of college has risen dramatically, making higher education increasingly unaffordable for many students. Harvard University recently announced a new initiative to provide free tuition for students from families earning $200,000 or less, aiming to reduce financial barriers. This move comes as tuition and fees at top universities continue to rise, with Harvard’s undergraduate tuition alone costing approximately $56,000 per year.
Several factors contribute to the increasing cost of college, including inflation, higher operational expenses and declining federal funding. According to Bankrate, the average annual cost for in-state tuition and room and board at a public four-year college is nearly $25,000, while out-of-state students pay around $44,000. Private institutions are even more expensive, with costs approaching $59,000 per year. These high expenses place significant financial strain on students and families, often leading to long-term debt through student loans.
“I think people just aren’t feeling like maybe the return of investment of college degrees is the same as it was a few decades ago,” said Gailey.
College students are encouraged to lower their expenses by attending a community college, applying to work-study programs, scholarships and grants, and choosing degree programs that offer strong job prospects and a positive return on investment.
