The cost of attending college is rising faster than inflation, but not faster than the flood of criticism.
Today more than 75 private universities - including Tufts - charge more than $40,000 a year to pursue an undergraduate degree. It is speculated that this number will only increase in the near future as colleges strain to remain below the psychological resistance point of having a high sticker price.
As other expenses such as transportation and book expenses - not to mention 'nickel and diming' - only add to the bottom line, the sticker price for an embossed piece of paper from the University pushes $200,000 over a four-year period.
In 2004, 70 percent of students nationwide received a bachelor's degree from a private college. The number of student loans issued has more than doubled since 1993. At the same time, median wages for workers ages 25 and older with only a bachelor's degree have actually been declining, adjusting for inflation. This suggests it may be more difficult than before for debtors to repay their loans.
The fact that the bottom line is increasing at Tufts and at other institutions is only part of the discussion on costs. As students and parents continue to open their wallets wider, they, too, have increasing demands on universities.
Everything from the quality of toilet paper to the turf on the field comes under criticism. Every student, student organization and faculty member has a pet project they want to see the University undertake, or an upgrade they see necessary. But most universities are already loaded with extras.
The costs of maintaining a campus that has the aesthetic pleasure of public gardens and the building square footage of a Fortune 500 office park is enormous. There is also great pressure to provide luxurious dorms at prices that are not unrealistic for outside housing markets. Sports facilities, spacious campus centers, and computer labs only raise costs but add little to the educational experience.
No matter how high these costs rise, the value of Tufts provides is far beyond the five-digit number paid by students. At most private institutions, even the full amount of tuition does not cover the cost per student of maintaining a university. The value of a university education is misrepresented by its sticker price.
An education is not a commodity whose value can easily be ascertained. It has no consumption deadline and cannot be resold. But for most students, it is by far the largest personal financial decision they have made in their life and will likely only be seconded by a house or a really nice car. The alternative of bypassing four years of university for job experience and savings may outweigh the benefits of further education.
Although the University may not be a private corporation, it should cut costs in ways which do not compromise the learning experience. Increased outsourcing of non fundamental activities (e.g. maintenance) would help to either flatten tuition hikes or provide more of the services students demand.
The University should re-examine the allocation of certain valuable resources, specifically faculty. While much can be learned from professors, different, complementary lessons can be learned outside the classroom in the form of internships at a much reduced cost to the University.
The discussion of University tuition costs will not abate in the near future. What is necessary is a holistic evaluation of services received and their alternatives. If there is a more efficient way to spend four years and tuition money, let the alternative win.
