CPI and education
It's interesting to note that the cost of education has increased 72% from 2000 to 2008. These figures from the Bureau of Labor Statistics can be found by searching their website: http://www.bls.gov/bls/proghome.htm
What has been everyone's experience with tuition increases? Based on national tuition rates for my program, I've seen increases as much as 100% or more from 2000 to 2008.
Interesting points, Chris. Also a good idea to look at increases or no increases in salaries for the same occupations. The Bureau of Labor Statistics is a great resource for job information. But also look locally for tuition rates in your area for comparable programs, job openings, starting salaries, and similar. Information is vital for making decisions and creating creative solutions. Thanks, Susan
My observation has been that with the downturn in the economy, the increases in tuition have had a detrimental effect on both educational institutions as well as individual students. Our institution is not currently accredited. In 2008 we saw enrollment decreases approximately 40% which reflects the economic loss in income and Real Estate Values in the nation.
Graduating students are struggling financially to repay student loans that reflect the high cost of education from 2000 to 2008 and are attempting to repay them with the decreased salaries being paid upon graduation in their respective professions, acerbated by the increase in the cost of living. It is obvious this trend cannot be sustained. Cost of education should reflect the current economy and cost of living not a cost of living based on historical figures. Even with accredited institutions, the funding is not available as easily or as readily as it has been in the past, causing students to curtail their studies if not completely withdraw for them. This is will have a further detrimental effect on the nation as it struggles to regain its position in the global economy by having a competent and competitively trained and educated work force available.
Hi Anna
You have certainly pointed out an interesting dilemma. It takes more careful thinking when enrolling a student. It takes more work to develop an effective placement department that works with admissions to ensure that there are enough job openings available for all newly enrolled students. It takes working closely with community leaders to be sure your school is offering programs that meet the needs of the current and ever-changing workplace. Good luck, Susan
I have noticed that some of the neighboring schools had raised their tuition cost in the past year alone. However, due to the economic crisis we have experienced, we have decided to retain our tuition price to help students looking for help in acquiring new skills. Even with all our efforts, our school has had a decrease in enrollment of about 35% from the last year.
Hi Isabel
Interesting situation when it comes to tuition policies. You need to cover your costs and make a profit, keep competitive, make education accessible to students, and more. What to do? The major obstacle is always how will the students pay tuition regardless of the price? That's the reason to have several tuition assistance resources lined up to help the student. It is also important to show students that they are making an investment in themselves. Upon graduation they should get a higher paying job than before training and be able to pay their loans off. Thanks, Susan
