In recent times, costs for education has risen exponentially, approximately, to with rise of 6 percent and many reasons have been given for this inflationary trends in education and some of them are being discussed below. This rise in prices for education has left guardians shell shocked as according to educational needs of their ward parents are making extra effort to increase their income.
Decline in Government Funding: During the period of last 20 years in the United States, the share of government in spending for education has gone down considerably that has resulted into increased tuition and fees at public institutions to compensate depleted state revenue.
Increase in teaching cost: The cost of teaching staff at colleges has gone considerably very high and nearly 60 to 70 percent operating budget of an educational institute goes to personal costs. Hiring tenured faculty poses for a life time commitment till staff’s working lives with increasing costs of supplies and other things. And costs get raised automatically when competition is met out in an International market.
Raised Operational Costs: As a student spent good four years of his life at college and there would be lots of activities be involved in educational curriculum like sports, seminars, academic support, counseling, health services, and campus security other activities all requiring good amount on operational costs. And college needs to entertain those activities to remain competitive in the market with increased costs forcing on students.
Introduction of new Technology: With advancement of technology and its simultaneous introduction into education as knowledge doubles every two to five years. A college needs up-to-date libraries, labs and other scientific resources to update with the environment thus make it imperative to increase cost of education.
Government Regulation: Introduction of new federal, state, and local regulations for educational institutions let them to increase education cost to meet out with accommodation with new laws and regulations. In the United States, apart from Consumer Product Safety Commission, all other federal agencies are involved in some extent in regulating higher education.
Economic UP and Down: Like other sectors like businesses, jobs, transport education by any means can not remain untouched from up and down of economies. As in present recession, institutions are making good use of charity donated to them otherwise tuition and fees would have to be raised.
