http://www.nytimes.com/2014/09/21/upshot/why-federal-college-ratings-wont-rein-in-tuition.html?ref=us&abt=0002&abg=1
The Obama administration is working on a program that would provide more information on the prices, graduation rates and other information for potential college students. The program aims to help lower the tuition cost by allowing students to choose the college that best fits their needs in terms of pricing and academic stress. However many are doubtful that the program will have any effect. This is because most college students attend public universities who do not act in a competitive market. There is price discrimination because many of the institutions charge out of state students a higher price than in state students, limiting the competitiveness of the market.
Do you think that providing more information to the consumer's will aid in a student's choice of education, or are the flaws in the market too large to be overcome merely by information?
Even more than the issue of price discrimination, there's the problem raised in the article of public funding versus tuition. As the author notes, revenue per student is roughly constant since 1988, the only difference is that students pay a larger share, hence rising tuition. I agree with the author that when it comes to the cost of public universities, political issues are key. For example, I think the cheaper in-state funding is just as much a mechanism for garnering in-state support for subsidies as it is a form of price discrimination.
ReplyDeleteI have to agree that politics has a significant manipulation on public fund for universities and a college rating system under Obama administration will work only if it is not manipulated by politics. The aim of the college rating system is "to improve the quality of higher education while also bringing down costs" but I agree with the author that is it not going to work. With the money that the schools have to spend to market their reputation, the tuition would never be held down. More information leads to too much information and that create the flaw in the education market.
ReplyDeleteNo, I don't think that by providing more information to consumer's will aid in a student's choice of education. As stated in the article, "The bottom line is that better-informed consumers can’t do much to hold down prices in public colleges, because those prices are not set in a competitive market. Instead, they are determined through a political process, so it is only through the ballot box that people can affect them. Perhaps one of the quiet goals of the proposed rating system is to rally voter support for increased funding for public colleges." This notion holds true for public schools, but may be different for private ones. For private schools, the rating system may be more useful, potentially nudging students to community colleges. At the end of the day, though, this program does't lower tuition.
ReplyDeleteI believe the intention behind empowering consumers with more information is ultimately good. However, like Cam, I am not convinced that more information for prospective students will create enough pressure on colleges to decrease tuition costs at public schools. If tuition were to decrease anywhere it would be by private schools that are more exposed to a competitive market. For some private schools, lower tuitions and not enough endowments could result in the closing of the college.
ReplyDeleteAnother concern is that by giving benefits only to schools that produce good results, some colleges will become more selective by turning away “at-risk” students. According to the Chronicle, some critics are considering this the “shame list.”
Lastly, my biggest concern is the rating agency. In providing prospective students with information, the rating agency must gather large sets of data. A lot of the data that the Obama administration has proposed to use such as graduate’s earnings is either missing or incomplete. As a result, the rating system will be flawed and may give some people biased opinions of certain schools. Also, I do not believe that quantitative data alone can fully capture the essence of a college.
http://chronicle.com/article/Obama-Proposes-Tying-Federal/141229/
I personally am really not that convinced that by giving students more information about prices or graduation rates will really have that much effect on where student decide to go. Personally, I think that many students in high school do not think about cost, at first when looking at colleges. Students look and when they find a college that they like, they then figure out if they will be able to afford to go there. However, I may have a biased opinion on the matter as I am an athlete and the decision to attend certain colleges was very dependent on that.
ReplyDeleteWhile further informing consumers may be helpful, I agree that this policy is flawed and most likely will not have an effect on tuition prices. The fact that public universities are not set within a competitive market already points to some of the potential flaws in this plan. The in state vs out of state tuition price discrimination that public universities practice, even further shows the lack of competition within the market, and prohibits many out of state students from even applying.
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