The prestige sector of higher education – private colleges and universities reject a large portion of applicants – has resembled a cartel for decades. Since the late 1950s, every year has the tuition charged by competitive colleges rise by 5 to 10 percent, with most such schools’ tuition staying within a few hundred dollars of each other. A financial aid nonprofit estimates average tuition hikes are about 8% per year, at which pace the cost of college doubles every 9 years.
At last! First signs arrive that shortage of students is causing tuition cuts at brand-name private colleges
