American universities have an incentive to seem extortionate
They are much cheaper than the “crisis of college affordability” suggests
The cost of many private colleges in America has reached $80,000 a year. The median household income in America in 2021 was $71,000 a year. This shows that college is unaffordable. Or does it?
The consensus view is that America has a college-affordability crisis and things are getting worse. According to the Heritage Foundation, a conservative think-tank, “college costs are out of control”. Bernie Sanders, a senator from Vermont, and other progressives have pushed for free college and loan-forgiveness for years. The White House attempted a costly bail-out of student borrowers which the Supreme Court recently declared unconstitutional. Both sides are telling a similar tale. But it does not reflect reality. Most undergraduate degrees in America are actually affordable, and in many cases going to college is actually getting cheaper.
This article appeared in the United States section of the print edition under the headline "Sticker shocker"
United States July 29th 2023
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