We know it is happening: the cost of college is going up. A few years ago the NY Times published an article based on a report by the National Center for Public Policy and Higher Education reminding us that college may soon become unaffordable for most in the U.S. This reminder was accompanied by the facts that there was a 439% increase in college tuition between 1982 and 2007 and a 147% increase in median household income during that same time period.
“Surely,” we think to ourselves, “the cost of college cannot continue at this rate. Don’t we believe in things like the laws of physics, which tell us that what goes up, must come down?” Unfortunately, the laws of physics are not applicable here. Inflation is likely to continue, meaning that the cost of college may continue to rise.