CRASH COURSE IN FINANCIAL AID SERIES – PART 3
Why College Costs So Much
If you are like many others, you are probably baffled as to why college is so expensive. Why exactly does it cost so much? Ken O’Connor, Director of Student Advocacy for Fynanz (aka: cuStudentLoans.org), named the following factors for college pricing:
1. Salaries for the educated: Education is, has been, and always will be a labor-intensive industry. This means that for every classroom of students, colleges still need someone to teach them. The heart and soul of the academic experience is found in the professors, and they are required to be compensated for their work accordingly.
2. Technology: You can’t stop progress! Judging by the huge molecular accelerator in a physics department, keeping up with progress isn’t exactly cheap. Learning instruments that the students love are mirrored in the giant tuition payments.
3. Facilities: You know that brand new, oversized athletic complex or rock climbing wall that enticed your child to choose his or her school? One way or another, facilities are paid for through the constant revenue stream of tuition dollars.
Ken O’Connor is a 10 year veteran of higher-education finance, having served thousands of students and parents during his career as a financial aid counselor. Having assisted so many families, each having their own specific financial and educational needs, Ken has gained experience in creatively solving a multitude of the financial problems that arise with attending college.