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Tuition Inflation

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Submitted By matutino
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Inflation has big enduring social and economic impacts. Mere mention of this term snaps the attention of economists as rising inflation is undesirable. Economists are always concerned over rise in prices of commodities as it reduces the purchasing power of people. If high inflation of commodities is considered bad and taken so seriously, why is that they haven't paid much attention towards the rising inflation in tuition fees?
Like inflation affects the willingness and purchasing power of people, tuition inflation is affecting the cost of attending college. Extremely high tuition fees are acting as obstacles for entering a college or a professional course and turning it into a distant dream for many people. Even if some of them are fighting against the odds and arranging financial assistance for their education, it does not change the fact that education has become too expensive. It is making situation more tedious for parents saving for their child’s education as they are unsure how much should they save now that will be able to meet the inflation of tuition fees when their child graduates from High School.
Researches show that since 1986, cost of tuition fees or tuition inflation has risen a massive 498.31%. In 1986 the cost of tuition fees was $10,000, now a days due to inflation it has increased to an approximate $60,000. This is not just inflation; it is ‘disproportional’ inflation. In a situation, when inflation in a particular sector of economy exceeds general inflation, where form 1986 to 2010 general inflation has only risen 115.06%. Statistical data reveal that considering any 17 year period from 1980, tuition inflation has been in the range of 6% to 9%, which means that on an average, it rises 8% every year. In simple terms, these calculations can be summed up as cost of attending college almost doubles every 9 years. College Board Report shows that

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