There is no doubt that college education is getting more expensive. Now add a pandemic to that and it is bound to shake things up. Perhaps you are wondering why college is getting expensive. You might also be wondering what your college tuition pays for. Well, we have compiled a quick guide to shed light on college tuition fee facts you might not know.
A Breakdown of your College Tuition Fee Expenditure
For starters, your college tuition pays for the salaries of the staff and instructors, the health expenses, food, security, and the residential fee, etc. The ongoing pandemic has flipped things around and many colleges have resorted to online learning. This means that there are costs that you might not pay for, including food, residence, and the likes.
Generally speaking though, average stats show that for every $100 you pay as college fee, $61.46 goes to cover the direct cost of your education. Let us break it down further:
- Salaries for faculty, the non-teaching staff, and student employees- $15.81
- The academic costs, facilities, and cost of classes- $11.47
- Cost of food, residential places, health expenses, and housing of the faculty- $9.61
- Cost of academic support including library fee, academic trips, and administration, museum visits- $8.26
- Cost of institutional support including logistics and IT support costs- $8.15
- Cost of your admission, registrar, and the curricular and extracurricular activities- $4.75
- Funds set aside for student aid- $3.41
The remaining $38.54 is used in covering the necessary costs that support the education process. Let us break it down further:
- Cost of running the college hospital and administration- $15.58
- Amount spent in advancing research, creating research centers, and developing projects- $11.66
- Amount charged in taxes and costs covering depreciation- $6.25
- Costs of community service responsibility and conferences- $4.52
- Costs of independent operations including funding research- $0.53
Public vs. Private Colleges: Which ones are Cheaper?
Your college fee will usually be higher if you attend a private college institution. The tuition costs per year in a private college is understandably twice as much as the fee in a public college. Well, most private colleges do not receive adequate support from the government compared to their counterparts in the public sector. As private businesses, they have to raise funds to cater for costs like faculty and staff salaries, and logistics from the students’ fees, etc.
Future College Fee Trends
Over the years, the amount of college fees you have to pay has risen drastically. Today, you are likely to pay more than you would have paid for the same degree or diploma about 20 years ago. So, what does the future look like?
We expect that college fees will still rise up but the rate at which colleges raise the cost might at least reduce. There are also calls to increase transparency to stakeholders like students and families.
College education is crazy costly but who is to blame? Of course, the buck stops with the government and education administrators. As you might have noticed though, there are lots of factors at play in the rising costs.