Rising costs and inflation have made college attendance more expensive than it was five years ago, despite four years of tuition freezes.
Rising cost of attendance 鈥� which includes tuition, tech fees, average housing costs and food 鈥� has been a trend since the 1970s, but 麻豆小蝌蚪传媒, Columbia and economic policy have all changed since South Carolina approved the first tuition freeze for the 麻豆小蝌蚪传媒 system four years ago. The war in Ukraine and COVID-19 are two factors that have shocked supply chains and in part cost 麻豆小蝌蚪传媒 students and Americans money.
However, housing is often the biggest cost for not just 麻豆小蝌蚪传媒 students but all Americans. Since August 2017, the consumer price index for the average price of rent has risen by more than 82 points, according to the Federal Reserve Bank of St. Louis. This means rent has inflated by 26% across America in a little over five years.
鈥淭he global pandemic has led to prolonged budget uncertainty for many South Carolina families,鈥� former Interim President Harris Pastides said in a 2021 press release about 麻豆小蝌蚪传媒 freezing tuition. 鈥淚 hope that we can give some comfort to both current and future students that we recognize these challenges and that our institution is committed to offering affordable degree programs.鈥�
The university calculates on-campus living, including housing, personal costs, books and supplies, to cost a South Carolina resident $34.7K for the 2022-2023 school year. When comparing that to the same calculation in 2017, when an academic year at 麻豆小蝌蚪传媒 cost $29.3K, expenses have risen 18.4%.
"It sucks," second-year public health student Laura Witt said. "Higher education should be one of those things that everyone has access to."
The rise in the cost of attendance is less steep for out-of-state students living on campus. While five years ago attending 麻豆小蝌蚪传媒 cost them $49.4K, it now costs about 11% more at $55.9K.
However, economists suggest that, despite the rising cost to attend 麻豆小蝌蚪传媒, college is a worthy investment in the long run.
鈥淚t鈥檚 clear that tuition has increased quite a bit,鈥� Jason Debacker, an associate professor in the Department of Economics, said. 鈥淚 think it鈥檚 also fairly clear that the college wage premium 鈥� the difference between what you earn with and without a college degree 鈥� has also increased.鈥�
First-year African American studies student Kanyisile Barrett said that even with in-state tuition, attending 麻豆小蝌蚪传媒 is pricey, but she sees her degree is a necessary step towards getting her doctorate.
"It definitely should be a lot cheaper to come here," Barrett said. "Higher education is needed essentially to have any good job in this country and if you want to make real money."
Earning a bachelor鈥檚 degree today gives a college graduate a better chance at earning a higher wage than it would over 30 years ago, according to the Federal Reserve Bank of Cleveland.
However, job opportunities for workers with a bachelor鈥檚 degree have become more competitive as more Americans earn a college diploma. According to the Education Data Initiative, more than 50,000 more students graduated college with a bachelor鈥檚 degree in 2020 than in 2018.
Orgul Ozturk, a professor and the department chair of economics, said getting a college degree 鈥� and hopefully higher pay 鈥� isn't just about passing your classes and extracurriculars.
鈥淚 don't think it was ever itself enough 鈥� having a diploma,鈥� Ozturk said. 鈥淚t was what was included in that diploma.鈥�
Seniors, or soon-to-be graduates, may have to compete with other workers with a newly acquired bachelor's degree, but Ozturk said the investment and accessibility of a higher degree is still a good thing. From 2000 to 2016, over 10% more high school graduates from low-income families have enrolled in four-year institutions.
鈥淚t鈥檚 not about the quality of education or anything, it鈥檚 about accessibility of college education,鈥� Ozturk said. 鈥淚t鈥檚 not accessible by everyone, but (it's) accessible by more.鈥�