College is more expensive than it’s ever been, and the 5 reasons why suggest it’s only going to get worse

Will millionaires and billionaires help pay your college costs.

It’s a vicious cycle of supply and demand. Spencer Platt/Getty

 

“I’m happy with my life today and with the education I received, but it’s unfortunate that I’ll be paying for it for another seven years at least,” Kirdy, who attended a four-year public university, told Business Insider. He’s set to pay roughly $300 a month in student-loan repayments until he’s 35.

“There are many factors behind the cost of college, and some people have stressed one or another,” Richard Vedder, an author and distinguished professor of economics emeritus at Ohio University, told Business Insider.

But the ultimate driver of cost, Vedder said, is the sheer number of people vying for a college education. Higher enrollment has brought an expansion of financial-aid programs, a need to increase budgets for faculty pay and on-campus student services, and a decline in financial support from state governments.

Read more at ‘College Costs Getting Worse – The Reasons

 

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