These costs factor in tuition, housing, food, university fees, and supplies such as textbooks, manuals, and uniforms.
Trends have shown that compared to today, colleges, public and private, cost double of what is expected from economic inflation.
Camilo Maldonado, a graduate of the Harvard Business School and writer for Forbes, detailed this issue: “The average for all four-year institutions comes out to $26,120 per year.
The University of Evansville, a private institution in Indiana, attempted to combat this issue by issuing a tuition freeze, according to Nick Anderson from The Washington Post, “market pressures related to the nation's economic anxieties are starting to put a lid on sticker price at private schools.
Zaragoza from the Orlando Sentinel found: “The increase is expected to generate about $1.4 million in additional money for UCF, about 30 percent of which will go toward financial aid for needy students.
[citation needed] The US Department of Education suggests decreasing the inefficient use of resources to reduce annual cost increases.
The United States Supreme Court, in Lockhart v. United States (2005) found in a unanimous decision that the federal government can withhold Social Security payments in order to collect any student loan debt, even if the debt had been outstanding for more than ten years.
[8] Graduates with extortionate student debt enter professions that have decreasing payouts when adjusted for inflation and the generalized cost of living.
A study by Roderick Jones from the Sociological Inquiry “showed student loan debt had a significant and negative association with suicide for people ages 20–24 and 25–34.”[9] That is, increasing student loan debt has shown to have a strong correlation with suicide rates.