Education
10:55 am
Fri November 30, 2012

In move to Dartmouth, UM provost calls tuition increases 'unsustainable'

It was announced yesterday that University of Michigan provost Phil Hanlon will become the next president of Dartmouth College starting July 1, 2013.

Hanlon, 57, is a graduate of Dartmouth and will become the college's 18th president.

In a New York Times piece, Hanlon indicated that university funding, in its current form, is reaching a breaking point:

Dr. Hanlon, who will be the 10th Dartmouth graduate to become its president, said he expected to focus closely on the college’s cost structure and finances. “The historic funding model for higher ed is close to unsustainable,” he said. “We can’t continue superinflationary tuition increases.”

Political leaders such President Obama and Gov. Snyder have called on universities to get tuition costs under control.

The housing market bubble burst, and lately, we're hearing more talk of a 'tuition bubble' (though some are skeptical that such a bubble exists).

No doubt, the cost of college has skyrocketed.

In the last 30 years, the increase in cost of a college education has outpaced increases in medical expenses and food, according to Bloomberg News:

A chart from Bloomberg News and the Labor Department showing cost of college next to other measures.
Credit Bloomberg News and the U.S. Labor Department

The CHART OF THE DAY shows college tuition and fees have surged 1,120 percent since records began in 1978, four times faster than the increase in the consumer price index. Medical expenses have climbed 601 percent, while the price of food has increased 244 percent over the same period.