Word: tuitions
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Forty years ago, when we were at Harvard and Yale, lofty ideals were affordable. Back in the ’70s, the average annual tuition and fees for a private college were around $7,000, inflation-adjusted to today’s dollars. Four-fifths of American households had annual incomes in excess of that. Beyond assistance with the direct cost of college, very few students counted on parents for help with housing or income. Student loans were small, seldom more than $2,000 total, and most of those who borrowed paid off their loans quickly...
...average annual tuition and fees for a private college exceeded $22,000—a 200 percent rise over the last 30 years. Meanwhile, the real income of the median U.S. household has only risen 30 percent; today, only half of all households have incomes that exceed the average private college tuition. At the same time, entry-level pay in many fields (including public service) has declined since the early 1970s, while housing costs have escalated sharply, particularly in major cities, where many of the public service jobs are located...
...March, Harvard will announce its tuition and fee increases for the 2007-2008 academic year. If past practice holds, this year’s hike will again exceed inflation. There will be an official explanation pointing to rising costs, the improved quality of education, and increases in financial aid. Little controversy will ensue, for students and their families will figure that, in the long run, the price of a Harvard education will more than pay for itself...
...especially at Harvard and other well-endowed Ivy League schools, which can afford to absorb some of the costs of higher education. We have three suggestions for the Harvard leadership—and we encourage undergraduates to voice their support for them, before the University makes its tuition announcement in March...
...money coming from? The Harvard Corporation is unlikely to open the endowment’s coffers, so the University—like all corporations—has a limited budget, and therefore endeavors to minimize its costs. If security guards become more expensive, the University will either raise tuition or decrease employment. Since tuition raises are limited by popular outcry, benefits to unionized workers are likely to come at the expense of those who actually need wages the most: the unemployed, fewer of whom will be hired as new guards...