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Why Is College in America So Expensive?

Before the automobile, before the Statue of Liberty, before the vast majority of contemporary colleges existed, the rising cost of higher education was shocking the American conscience: “Gentlemen have to pay for their sons in one year more than they spent themselves in the whole four years of their course,” The New York Times lamented in 1875.

Decadence was to blame, the writer argued: fancy student apartments, expensive meals, and “the mania for athletic sports.”

Today, the U.S. spends more on college than almost any other country, according to the 2018 Education at a Glance report, released this week by the Organization for Economic Cooperation and Development (OECD).

All told, including the contributions of individual families and the government (in the form of student loans, grants, and other assistance), Americans spend about $30,000 per student a year—nearly twice as much as the average developed country. “The U.S. is

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