It’s been eight years since the Great Recession caused many states to scale back their higher education budgets, and the vast majority of states haven’t fully restored that spending despite improvements in the overall economy.Inflation matters, too.
A new report from the research firm Young Invincibles, a millennial advocacy group, finds that 48 states -- all but Alaska and North Dakota -- are spending less per student on higher education than they did before the recession. Louisiana’s funding has fallen the most since the recession (41 percent), followed by Alabama (39 percent) and Pennsylvania (37 percent).
On average, states have cut funding per student by 21 percent since the recession. Tuition at public schools has increased 28 percent over the same period. (Private school tuition has increased about 20 percent in that period, according to the College Board.)
Three-quarters of American college students attend public colleges.
As States Cut Funding, Tuition at Public Colleges Soars
In a low-inflation environment, employees have lower raises and repay debt in more expensive dollars.