Monday, March 29, 2010
Like fine wines, the prestige of a college tends to rise in the estimation of the buyer when the price of the service (i.e. tuition) rises.
Many of the most prestigious colleges in the United States now cost more than $50,000 per year - a pretty healthy charge, to say the least.
For years there have been discussions that perhaps there would be a backlash against the cost of higher education, but this has not come to pass - not yet, at least. Application volumes at the most desirable colleges and universities remain at very high levels, with the concomitant admission rates very low.
Still, it would seem likely that the rate of tuition increases will eventually have to slow down.
This article in this morning's Slate has a good discussion about this topic.
"DIY U": The end of university prestige - Nonfiction - Salon.com