How did the cost of college tuition get so high?

the announcement from the Biden Administration will help Millions but it doesn't address the underlying problem how did College become so expensive with the price of tuition up a staggering 150% in the last 40 years Carter Evans shows us What's led to the major increase I knew that college was going to be quite expensive no matter where I went freshman Talia day is among 1700 students currently enrolled at Pomona College a prestigious school with a hefty price tag Gabrielle star is Pomona's pres

ident every time we wa raise tuition it doesn't feel good between 1980 and 2023 the average price of college tuition fees and room and board in the US skyrocketed 155% right now the average tuition for private colleges is more than $41,000 a year what would you say is the single biggest expense single biggest expense is people many colleges and universities Now operate op at like small cities and critics say that's led to administrative bloat there are now three times as many administrators and

staffers as there are teaching faculty at leading schools demand for degrees is also driving up costs I feel like young people have gotten the sense that in order to be a part of the American dream today you have to have your bachelor's degree diploma hanging on the wall Economist Beth akr says easy access to loans compounds the problem we can't just be telling people a bachelor's degree at any cost is the golden ticket and so people are signing on the dotted line basically at whatever price it

takes to get them in and through so what's the solution here if we get students and their parents to think about what am I paying here versus what am I getting then we really Force institutions to you know check themselves but even at the same school the actual cost can be different for each student we give out a lot of financial aid at Pomona 58% of students get some sort of Aid bringing their tuition closer to $116,000 a year but many still rely on loans that will take years to pay back is it

worth it all of the studies show that if you graduate from college it's worth it it's worth it in terms of the salary that you earn and it's worth it in terms of the other opportunities that it opens to you Carter Evans CBS News Claremont California