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The cost of college education is fast rising and almost everyone in our country can vouch for this fact. Why this is happening is not always as clear. We can only turn to higher education for an explanation even as students graduate without jobs or without any means to pay their loans back. Our country is now facing record levels of student loan debts.

According to Washington DC based Center for College Affordability and Productivity director Richard K. Vedder, people have reached a breaking point which is evident with the number of agitations in the past couple of years.

Apart from great expectations from students, reduced state aid and escalating employee costs are some of the reasons attributed to rising tuitions. A highly dismal picture is being painted by critics. They portray a broken system which is highly inefficient with expensive new facilities, too many administrations and unnecessary programs and services all of which greatly hike the college price.

According to Ohio University economics professor Vedder, borrowing more was the solution for years and the situation has reached its tipping point now. From the university and college point of view, the root cause for escalating costs is their desire to provide only the best in the form of facilities, faculty, financial aid and quality of students.

Another factor contributing to spiralling costs is the annual rankings published by US News and World Report. In their bid to be better than the rest and go up in rankings, colleges tend to spend more the burden of which goes to the student.

In the past two decades, the average fees, tuition and accommodation costs at public universities and colleges have tripled says the College Board that keeps track of pricing in colleges. Due to steep state funding cuts, tuition revenue is the only source public institutions rely on. With increased enrolment and decreased state funding, institutions are forced to replace their loss.

No matter what the reason, there is a phenomenal rise in student debt. Each student leaves college with at least $25,000 debt according to a latest study. As a part of his election campaign, our President is threatening colleges of losing federal dollars if they do not cut costs.

Many ways are being advocated by Vedder’s organization for cutting college costs that include outsourcing services, cutting down on administrative staffs, streamlining and eliminating programs and utilize university buildings to the optimum level.

By following all these measures, Vedder says that it is possible to reduce college costs by at least a quarter and this could lead to a considerable reduction in college tuition. Colleges on their part are trying sincerely to cut costs by tightening their belts.

Albany based Commission on Independent Colleges and Universities President Laura L. Anglin says that a very efficient operation has to be run by tuition dependent schools in order to ensure that students benefit from all available resources. Anglin said that it is evident all schools have been striving hard for the last few years to find creative ways to keep costs down.