The Economics of Higher Education
- ISBN-10
- 1512164763
- ISBN-13
- 9781512164763
- Pages
- 44
- Language
- English
- Published
- 2015-05-13
- Publisher
- CreateSpace
- Author
- United States Department of the Treasury
Description
Higher education is a critical mechanism for individual socioeconomic advancement and an important driver of economic mobility. Moreover, a well-educated workforce is vital to our nation's future economic growth. American companies and businesses require a highly skilled workforce to meet the demands of today's increasingly competitive, global economy. Higher education is provided through a complex public-private market, with many different types of individuals and institutions participating. President Obama has supported higher education by increasing the Pell grant, establishing the American Opportunity Tax Credit, expanding income-based repayment for student loans, and freezing the interest rate on subsidized student loans. College enrollment has grown rapidly since the mid-1980s, with almost 20 million undergraduates enrolled today.8 The vast majority of students (73 percent) attend public institutions, ranging from local community colleges to large research institutions. Eighteen percent of students attend private non-profit schools, a category which includes private universities, liberal arts colleges, and small religious institutions. Though for-profit schools have existed for decades, they have recently become a larger share of postsecondary education and have experienced rapid growth in enrollment. Today, nine percent of students are enrolled at for-profit schools.
