An increasing number of private colleges in the U.S are slashing their tuition prices.
Colleges have become very expensive over the last thirty years with a 213 percent price increase. Some colleges are even on the brink of charging $70,000 a year for tuition.
Upcoming high school graduates are finding other career opportunities that don’t involve taking out a huge loan.
Some colleges are going the other way and slashing their prices. This is a marketing tactic also used in other industries, like airline travel to increase sales.
According to the Washington Post, “St.John’s slashed tuition price from $52,734 to $35,000 the next year”.
The marketing tactic is known as a “tuition reset” where colleges lower their tuition in hopes of attracting new students.
Colleges have been using this marketing tactic since the 1960’s, but the past three years have seen an increase its use.
Since 2016 two dozen private colleges have cut their tuition bill.
Most of the institutions that are cutting prices are small, private schools trying to gain an upper hand in a competitive market.
Families that can afford the tuition are starting to ask “why should I pay double for an education at a public school?”
Private schools have always been more expensive than public universities. As more colleges face financial issues the pressure to recruit more students is increasing.
In 2018, the average tuition price to enroll in a 4-year private school was $48,500. That includes classes, room and board,
Between grants, scholarships, philanthropy and endowment payouts a large number students don’t pay the $48,500. That price tag is enough to deter families away from enrolling in that school.
Along with the government shutdown, many families are worried about sending their kid to college.
Depending on the student’s major, the family could be in debt for the next twenty years before they can pay off the loans.
A rise in apprenticeships programs over the last few years has given recent high-school graduates new career opportunities.
Google, Whole Foods, and Apple have publicly stated that you don’t need a degree in order to work for the company.
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