Why has Wake Forest increased tuition, yet again?

College tuition prices have reached an all-time high, as they have inflated at a rate of approximately six to nine percent per year. Yet the question everyone is wondering is will the rise in prices ever come to a stop?

From an economic standpoint, the cause of the inflating college tuition prices is simple: as the demand for a college education increases, but the supply remains the same, the prices are going to rise. When comparing the current college-aged individual to their parents’ generation, the demand for a college education is dramatically greater for the 18-22 year olds today, due to the need of a college degree in order to receive a stable and comfortable job.

Now there are some exceptions; there are the entrepreneurs who create thriving businesses as teenagers who find no need for a college education, and there are dedicated citizens who chose to join the military, and there are many who would prefer to work on top of attending a community college and are perfectly successful, but the majority of American citizens desire an education from a prestigious college or university.

For Wake Forest University specifically, the total average cost is broken up into sections: tuition and fees, housing, meals, books and supplies, personal expenses, transportation, and the Federal Stafford loan average fee which adds up to be a grand total of $66,582 for the academic year of 2016-2017, with just $49,322 tuition cost.

According to College View, the tuition cost for Wake Forest University for the academic year of 2015-2016 was $46,200, indicating an approximate 6.76% increase in tuition for the upcoming academic year.

The question we again are all asking ourselves is why? Why does each student have to pay now an extra $3,122 per year? And where is all of that extra money going?

Current students at Wake Forest know our campus has been under construction all year, with the building of McCreary Field House, the new freshman dorm, the renovations being done on the track, and of course, the brand new Sutton Center. So, is that where all of the extra tuition money is going?

Wake Forest University prides itself in academic prestige and providing facilities that promote success on all fronts whether it is athletics, academics, the arts, etc. But there seems to be a disconnect between the Executive Board, which is assumed to make the financial decisions about the university, and the current students and their families who are paying the current cost of attendance per year for reasons they are not even aware of.

Wake Forest is highly ranked on a variety of “Best Colleges in America” lists like Forbes, and U.S. News,  so the tuition cost is definitely worth it for most, but if the cost of tuition increases every year at an inflation rate of 6.76% like it did this year, the ability to afford this prestigious university is going to be unattainable for most.

Nearly every student at Wake Forest whom you ask will proclaim their love for the school and all that it has to offer, so from a moral standpoint, the thought of those who could thrive and succeed at a school like Wake but not be able to due to financial restraints is devastating. But again, from the economic standpoint, the price of tuition for Wake Forest specifically is not going to stop rising until the demand diminishes because the supply, in this case being one school, is so minuscule relative to the demand making the price do nothing but increase.

This economic concept can be applied to nearly every single college or university nationwide, which is terrifying because unless a national price ceiling is set to lower or maintain the price of tuition, there will come a time where it costs $100,000 per year to attend a college or university and people will start to not receive that level of education due to financial constraints which will alter the entire economic, occupational, and social playing field worldwide.

As of now, it is unpredictable how the government will handle this issue, and also unpredictable what the economy will look like in a decade or two, but it is inevitable for those who’re actively aware of these risks to fear what the future of college level education will look like from an economic standpoint.