Even though students across the U.S. are saddled with tens of thousands of dollars in student debt, universities in the U.S. have been spending money that don’t have on new buildings, amenities and sports programs while making students foot the bill, according to an analysis conducted by the Wall Street Journal.
While public universities often point to a cut in state funding as reason to hike tuition, which three fourths of states did, the Journal found that they raised prices higher than was necessary. For every $1 lost in state support at the universities in the past 20 years, they increased tuition and fee revenue by nearly $2.40.
The uptick in spending is attributed to a multitude of factors including the lack of accountability required by colleges since they don’t have to track their expenses in a uniform way, allowing them to use their own discretion when categorizing spending. Schools are also competing for top students, with the average student paying more because of higher fees and prices as well as more high-paying out-of-state peers.
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