Dr. Richard Vedder
Credit.com quoted Dr. Richard Vedder, Distinguished Professor Emeritus of Economics at Ohio University, in an article headlined “Are Students Getting Fed Up with the Cost of College?”
It seems like the high cost of college is fueled by the increase in the number of people who wish to get a degree. According to the Department of Education, colleges in the country experienced a total of 20.4 million students in 2017, over a 5 million increase from 2000.
According to Richard Vedder, an author and distinguished professor of economics emeritus at Ohio University, this is because the rewards offered by obtaining a college degree have expanded and grown over the years. When demand goes up, and supply does not match it, it is sure to raise prices.
According to Vedder, student borrowers could also be the reason why government financial-aid programs have increased and also why tuition is on the rise as well.
He said “In 1970, financial-aid programs were almost nonexistent. Generally, middle-income people didn’t get money from the federal government; the large majority of students did not.”
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