The Economist notes that “America’s universities have raised fees five times as fast as inflation over the past 30 years” and yet “still the universities keep sending begging letters to alumni and philanthropists.” The Economist reports that Vance Fried of Oklahoma State University found a way to provide a first class education for just $6,700 a year. Some of the cost cutting techniques include:
- Separate the funding of research and education, and make sure that students are only paying for their education and not subsidizing the institution’s research.
- The student-teacher ratio should be increased. Both business and law schools achieve good results with higher ratios than those that currently exist at undergraduate institutions.
- Eliminate and consolidate programs that receive little interest from students.
- Reduce administrative costs that have risen by as much as 61% in the last 15 years.
Read about other ideas and the universities that are seriously implementing them over here.
Source: The Economist