March 28, 2023- The UK. Inflation makes everything expensive as a result universities have also gotten expensive. However, the burden of increased prices is not shared equally. It is reported that higher education has almost tripled in the last three decades for both public and private institutions. Though, sticker price has been deceptive for so many students.
The trend of difference between net price and sticker prices has become a point of concern for those who do not receive financial aid. Considering the overall pace of increase in the prices, it is observed that both private and public four year institutions have increased the college fee however the net price is growing at a modest pace compared to sticker prices.
It is reported that the pace of increasing net price is slower for those who receive financial aid. Inflation affected the revenue adversely during the pandemic, therefore the majority of public and private institutions creased to increase the tuition fee. After the pandemic, colleges were pressurized to increase the price, yet with regard to inflation, the prices are now dropping.
When the cost of attendance is compared to the average net price, it is observed that the net price at a four year institution has dropped by 10%. The trend may not be relevant anymore because, in the recent recession, educational institutions are struggling to manage the costs. Especially, public institutions that are unable to receive state funding.
A few local colleges have decided to lower the sticker prices, claiming that lower sticker prices encourage more enrolments. However, it will be difficult for universities to make ends meet when students will be paying less. To pay the college bills, institutions are determined to increase the net price by cutting financial aid and increasing the sticker price.
There has been an ongoing debate on the apparent education inflation. Several factors are contributing to it and the consistently increasing sticker prices are a crucial factor. It is affecting the decision for many lower income families and therefore enrolment is falling for both public and private institutions.
As a result, discussions have become intense about making university education more affordable and accessible. Particularly those who are dependent on financial aid. It is worth noting that the cost of education in the UK is lower than in other counties, still restricting loans and grants might cut access to higher education.
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