Let’s talk tuition: It’s a subject no one likes to talk about. Yet given the fact that almost every college student has to pay for their education, it’s a pretty important subject.
Why bring it up now though? What has changed? Well, the price is increasing every year, and that’s no different for us here at Sinclair.
According to univstats.com, the tuition has increased 2.97% over the last year alone. The cost for in-state tuition back in 2020 was $4,004. That number rose in 2021 bringing the cost to $4,329 and then remained the same for 2022. But here we are in 2023, and seeing another price increase. The tuition for this year is now up to $4,569. If you’re out of state, the cost is now at $8,316.
The tuition per credit hour increased 3.04% this past year. That might seem like a small percentage, but those numbers add up.
The cost might seem even more significant if you take a look at it compared to another local institution: Wright State University.
According to their website, the total cost for one semester was $4,033 back in 2020. For the 2022-23 academic calendar, the tuition is only up to $4,318 per semester.
So, why is Sinclair seeing a larger increase in tuition and what does it mean for us as students?
According to collegetuitioncompare.com, “The tuition & fees have increased 32.89% for the last 10 years.”
To understand why this might be happening, let’s take a quick look at the economy and how it has progressed over the past few years.
Photo from usinflationcalculator.com
We can see in the chart that inflation is not only happening in colleges, but also across the country as a whole. I feel like most of us have felt this, especially since the Covid-19 Pandemic. The housing market has risen, prices at the grocery store reached an all-time high, etc.
But what specifically does this mean for college students and the institutions?
Well, according to research.com, “With ballooning student loans, graduates tend to delay making major life decisions, such as buying a home, getting married, or having children. Other effects of rising college tuition include students enrolling at less expensive community colleges or dropping out of college altogether. Undergraduates will also consider starting a business while graduates might be forced to work outside their college major (Online College, n.d.).”
Back in 1963, the average college tuition for a four year degree was $1,286. If you adjust that for inflation, it would be about $10,500 today. From 1989 to 2016 the cost of college grew eight times faster than wages (Bustamante, 2019).
How has the rise in tuition affected your life personally? Are you glad you went to a local college? Did you go to a larger institution before coming to Sinclair?
If the cost of tuition increases at the same rate it has been, it might be impractical for people to attend higher education. Especially with the amount of online courses offered elsewhere.
It is definitely causing people to think more about their education, and if college is the best option for them. With the rise of side hustles and ways to earn “passive” income, it will be interesting to see the college attendance statistics in the next ten years.
Jamie Herzog
Intern