Why college costs have tripled over the past 30 years
BOSTON - College is costing more than ever, in some cases it tripled over the last 30 years.
Following President Joe Biden's announcement Wednesday on student loan forgiveness many are asking the same central question: Why is college so expensive in America?
Edgar Wheby was touring Boston University this week with his youngest son. The father of three already has a daughter in dental school and a son studying to become an engineer. Wheby said his family falls through the cracks in receiving most financial assistance. The family pays a lot out of pocket, and it is starting to add up.
"It is getting much more expensive these days," said Wheby. "From one year to the other we feel the difference."
WBZ combed through records for local universities to see how their tuition and fees have changed over the last 30 years.
The data from each of the following schools is from university databases and reflects the cost of tuition, fees, along with room and board.
Prices reflect the change from 1992 to 2022:
Boston University: $22,510 to $82,760
Harvard University: $22,080 to $76,763
Boston College: $20,280 to $80,296
UMass Amherst: $8,449 to $31,728
The data showed Boston College and Boston University more than tripled the cost of attendance during the 30-year period.
Boston University told WBZ-TV their students average more than $44,000 in grants and scholarships.
Robert Kelchen is a professor at the University of Tennessee and specializes in higher education finance and policy.
"The cost of attending college has gone up much faster than general inflation," said Kelchen. "About the only industry that has been similar is healthcare."
Kelchen said there are several factors leading to the soaring prices of pursuing higher education.
For public schools, Kelchen argued, state funding has not kept up with increasing enrollment. He said faculty and staff benefits are costing universities more and students are seeking more amenities for their college experience. Whether it be new student centers, recreation centers or housing.
Most major universities have endowments, often in the tens of millions of dollars. Kelchen said that money can sometimes be used to help cover the cost of tuition, but often has limitation on how it can be spent. Kelchen said most endowments go toward infrastructure or faculty salaries.
"People have kept paying for the most expensive, most selective colleges because they think there is a lot of value," said Kelchen. "But as a whole, I think prospective students are getting more concerned about the price tag."