HIGH COST OF COLLEGE TEXTBOOKS

Source of picture: State University of New York at Genesco (http://news.milne-library.org/)

The cost of textbooks is a major complaint among college students nationwide.  And for good reason – the College Board reported that during academic year 2011-2012  students on average spent $1213 on textbooks and related course materials at a private four-year college. The numbers at public institutions were similar with students spending $1,168.  

Textbook costs have reached these numbers because for decades their prices have risen rapidly, faster than inflation.

The chart below from the January, 2012 issue of Technology Review shows the longterm trend; the red line showing the costs of college textbooks has gone up much faster since 1980 than home prices (green line) and overall inflation (blue line).

  

What can and should be done?  One opportunity is to develop inexpensive course materials from free information on the inter-net.  More about that in my next post.