(From Forbes.com):
By Thomas K. Lindsay
A new book by Frank Mussano, former dean of York College of Pennsylvania,and Robert V. Iosue takes on the crisis of tuition hyperinflation. The book’s title conveys its conclusion: College Tuition: Four Decades of Financial Deception. Summarizing their work in a recent article, Mussano and Iosue argue that “colleges need a business productivity audit” if we are to address what they identify as the primary drivers of the historic tuition and student-loan debt increases over the past forty years—“professors are teaching less while administrators proliferate.”
Mussano and Iosue find that, over the past four decades tuition has surged “more than 1000 percent, while the consumer-price index has risen only 240 percent.” Stated in terms that hit home for average college students (and their parents), they find that, whereas in 1970 the percentage of annual household income needed to pay for the average private four-year school was 16 percent, by 2010 the percentage had risen to 36 percent. CONTINUE READING HERE