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SHOCKER: Colleges Stop Exorbitant Price Increases After Congress Caps Student Loans

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America’s colleges and universities have finally stopped their practice of annually gouging students with price increases for tuition, fees and room and board — to the accumulated tune of a growth rate of 400 percent in the last three decades.

Labor Department statistics collected by The Wall Street Journal show that aggregate tuition increases in 2017 rose 1.9 percent in 2017. This figure accords with the overall rate of U.S. inflation.

From 1990 to 2016, college tuition costs had increased at an average rate of 6 percent annually, which was more than twice the overall inflation rate for the same period.

This year’s steep decline in college cost increases has many causes.

One cause of the decline is the decision by Congress to stop raising the maximum amount of federally-subsidized student loans which college students can borrow to finance their educations. Congress has not increased this maximum amount since 2008, the Journal notes.

Subsidies cause the price of any good or service to rise. College administrators continually raised prices year after year — and decade after decade — precisely because the federal government generously subsidized those price increases with more and more student loans. Administrators responded rationally to the government’s allowance of bigger college loans by raising prices for college.

Now that the federal government has kept maximum borrowing rates the same for nearly a decade, college administrators have responded to the new economic reality by limiting price increases.

Other factors causing colleges to rein in their prices are societal and demographic.

For example, the United States now has 33 percent more schools offering two-year and four-year degrees than it had in 1990 but college enrollment across the nation has decreased over 4 percent from its 2010 pinnacle.

While a strong economy is causing fewer older people to seek new skills, a far bigger reason for the decline — and for a continuing decline in future years — is that there are fewer college-aged students because of declining birth rates.

The trend of fewer classroom bodies will almost certainly persist even if the economy remains perpetually robust because of the low birth rates. The Western Interstate Commission for Higher Education projects that high school graduation rates will remain stagnant until at least 2023, according to the Journal.

Also, the higher education group expects the number of white high school graduates — the demographic which tends to attend college the most — to decrease.

The decline in student enrollment is causing some schools to shut down, especially for-profit colleges and universities.

http://dailycaller.com/2017/07/24/s...-increases-after-congress-caps-student-loans/
 
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