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College tuition makes people angry. Take a look at a graph of tuition prices over time, and it’s easy to see why! Birmingham-Southern College takes a stand against tuition inflation, announcing a drastic published price reduction today.
Full disclosure, I study at BSC right now, it’s how I got this heads-up!
As iPhones hit $1,000, it’s a relief to see something DECREASE in price. Higher education “sticker shock,” as BSC calls it, has only gotten worse as inflation seems to leave wage increases in the dust. At the same time, “college remains the greatest driver of socioeconomic mobility in America.” Everyone from CNBC to the federal government to former presidential hopeful Bernie Sanders has tried to tackle, or at least highlight, the problem. But, at least until recently, few colleges have taken substantive action.
Birmingham-Southern College yesterday announced it would slash its tuition prices by just over 50%. In addition to slashing rates for new students, it has issued a freeze on tuition for current students.
“The marketplace spoke, and we listened” – BSC President Linda Flaherty-Goldsmith
While changing the sticker might not seem like a lot, it’s a big deal. Publishing a price closer to what people will pay after need-based, merit-based, and other scholarships removes a psychological barrier from many parents’ minds.
Many colleges bend over backward to award as much financial aid as every qualified, low-income family needs to give their child a better education and a better hope for the future. However, that reality often isn’t reflected by published tuition prices. This disconnect often discourages students with the highest potential from applying for and receiving financial aid.
The tuition reset will not apply until Fall 2018. Shame, really, I’ll have graduated by then (knock on wood)! I just hope that this encouragement from BSC catches on.