today, a deep dive into our education nation focus and the financial burden being shouldered by millions of students and their families just to get through school. more and more, the cost of college has become a critical part of deciding where kids will go. frankly, if they go at all. a study by the
university of california
earlier this year found that 43% of
say tuition costs are a very important factor. highest percentage ever recorded on that question. it's no wonder. on the left, you can see the average tuition cost of the college semester. over the past ten years, the
is up more than 25%. for
, ready for this it it's up more than 60%. that does not include room and board. it would be one thing if it was increasing at the rate of everything else but it's not. in that same
in what may have been an attempt to take advantage of the fact that parents and students could get cheap loans, the average tuition cost rose 71%. at
, tuition costs have more than doubled.
called on congress to freeze
rates as part of an effort to keep
from getting out of reach.
we can not price the
or folks who are willing to work hard out of a
. we can't keep saddling
with more and more and more debt just as they're starting out in life.
so as college has become more cost prohibitive, universities are being forced to come up with new ways to get students to enroll. schools are offering record amounts of
to incoming freshman. other universities are freezing tuition and cutting costs to make their programs more attractive. this spring,
announced it will freeze tuition at its flagship campus.
is the president of
. he's in washington to receive the prize in outstanding achievement. congratulations on that. this issue of college, you know, we're having this political fight over the cost of
there. but the root cause has been this incredible i would say irresponsible increase in the cost of education over the last 20 years. is there any defense? you're just there so you don't have to own the problems of the last 20 years. is there any defense over this from the
i think it was only human for people to do what they did. no, i think the outcome's indefensible. we at
are -- decided we're getting off, first of all, the sticker price treadmill. there was an assumption apparently correct for a while that the more you charge, the more value people would assume was in the product, which is not the case. you know,
because it was so easy, people -- my theory was it's too easy to get loans, too easy to make a parent get a second mortgage.
absolutely. with the best of intentions, we subsidized loans and grants into higher eds. students and their families were no better off. so i think something very different is coming. and universities, and we intend to lead there at
, will need to deliver an excellent education at a very affordable price. prove that students learned and grew while they were there. we think that's the future. not a continuation where we've been.
do you think you will have a market of students that graduate in less than four years? basically, universities become -- the idea of the four years is an obsolete number.
i really think that's a great goal to have. four years is not the rule for instance in europe and other places. if we used our facilities, more in the summer, as we're working hard to do, make at least possible for students to move quickly and go to school year round if you wanted to. we're a major engineering and
. we've got a number of disciplines that probably do require four years or even a little more. but that's okay because our students get employed when they leave. they make good incomes. they don't have trouble paying for any
that they might have taken. we've got to make sure that's the case ten years from now.
what is it universities are using this money for? i look at where i went to school at gw and they made a massive building expansion. new buildings and new dorms. i thought, boy, they built these new dorms but does every -- it almost feels like it was extravagant, unnecessary --
amenities. food that's so good you wouldn't recognize it if you went to school even a few years before. i mean, i lived on rameen noodles, there's nothing wrong with. really very lavish facilities. that's certainly part of it. administration has grown. it's not all the university's fault. a lot of it was required by government and so forth. but no question that it's been too easy to add these nice to do items and just send the bill to, a, taxpayer, b, the student's family. and that game's up.
i want to ask you a pet issue of mine when it comes to
and that's the
. is there any way of making this a functioning body that
can feel confidence in, that the
is a fair organization, but at the same time, also has the students in mind first?
gee, i hope there's an answer to this somewhere.
meets three tests that i wish every university did. has very
of conduct for all its student athletes.
of academic performance. our athletes have outperformed the
. and we pay for ourselves. there's no subsidy from the tuition dollar to the athletic problem.
one of only seven
schools in the country that do that.
, and i do know these folks, they're full of really good people. they want to do the right thing. they don't have the tools really to enforce many of the improvements and reforms they'd like to, i know, bring. i think they're working on it as hard as they can. i really think universities are going to have to police themselves.
are you done with politics?
as much as you can be on a
they say it's
than anything, any capital, right?
no, it isn't.
all right. fair enough. good to see you, sir. go bail boilermakers.