Colleges and universities are not transparent about the true cost of tuition and fees and are opaque about how much credit (if any) students can earn before enrolling (which in turn can reduce the cost). Presently, students lack the information they need to make smart choices about if and where they should go to college. The first step to make college more affordable and expand access to more Americans is to increase price transparency about the true cost of college, and ensure prospective students get credit for college-level work they have completed before starting their degree. But student loan forgiveness is a one-off gift to one generation of borrowers, that does nothing to prevent the problem from repeating itself year after year. Calls for canceling student debt are understandably popular with those burdened with those loans. In response to the exponential surge in the cost of higher education, policymakers have focused increasingly on proposals to expand financial aid and loans, and canceling the vast sums of debt that college students have accumulated. In 1988, the average tuition for a private nonprofit four-year institution was $15,160, in 2017 dollars. The price jump at private schools has also been significant. Thirty years later, that average has risen to $9,970 for the 2017-2018 school year. Students at public four-year institutions paid an average of $3,190 in tuition for the 1987-1988 school year, with prices adjusted to reflect 2017 dollars. The numbers for private tuition are also stark, with a jump from 1988 to 2018. From 1988 to 2018, tuition at public four-year institutions (in real terms) rose 213%. Over the last 30 years, college tuition has skyrocketed.
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