As shown in the chart above, provided by Jasty Kunal in the article Where Does All That Money Go?, instruction has the biggest portion of allowance. Professor’s salaries fall under this category, and currently the average salary for a professor, per the information given by Glassdoor, is $114,134. In today’s world there is a demand for skilled workers, which increases wages, and therefore increases the cost of college (Why Does College Cost So Much?). So, technically, one is not paying so much for instruction, but more so for the experience and skill of the instructor. Overall, the strength of a professor indicates their experience and skill. The greater the strength of a professor, the better the instruction, and that is where demand is created.
The idea that a better instructor leads to a better education may seem simple, but there is a plethora of other factors that create the high demand for a college degree. Today, there are a higher number of high school graduates, thus more kids looking to go to college (Kumar & Hurwitz). In addition to the increase in graduates, our socie...
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...ated. Student Loan Hero tells us that students graduating this year have an average student debt loan of $37,172, which is six percent higher than last year.
Unfortunately, due to the lack of immediate possible change, the cost of college is going to continue to steadily rise. The more money schools put into their instruction, research, scholarships, and various other sources, the more the cost is going to continue to go up. Not only that, but college will and forever will be a service, therefore it will be affected by the economic laws. As more people seek to go to college, and the more colleges there are available to enroll in, again, the cost will increase. Lastly, as the United States’ inflation rate continues to soar, so does the cost of college. So, expect another 3.7% increase on Harvey Mudd’s total cost, and take note of CBS News’ five helpful tips.
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