![]() The difference is covered by taxpayers and grants at public colleges and by endowment earnings, gifts and grants at private colleges. Unlike in business, the price colleges charge - that is, tuition - is almost always less than the cost to provide instruction. Cost is the amount of money the provider spends to produce that good or provide that service. ![]() Price is the amount of money charged to a consumer –- in this case, a student - for a good or service. Source: Ken Stewart/Getty Images for Clinique/AFP Many students are balking at the idea of paying full tuition when they are learning remotely. But there’s a big difference between the two. These two things might often be misunderstood because the terms “price” and “cost” are often used interchangeably as though they are the same. In addition, it’s important to understand the difference between the price of education and the cost of education. ![]() In other words, most students are already getting a discount. They are getting a break through scholarships and need-based grants from the colleges. One of the most important is that fewer than one in five families pay the full price for in-person instruction to begin with. Is it right to expect to pay less tuition for online learning? Or are colleges justified in charging the full tuition price when classes - at least at many schools - won’t be taking place on campus?Īs a longtime college admissions and enrollment leader - and now as a professor of higher education - I have some insights. ![]() After all, they were not getting the football and basketball games, student clubs, access to labs and the library and the out-of-class conversations that are all part of the typical campus experience.Īlthough students who study online will not pay the room, board and activities fees that typically cover non-academic costs, concern about paying full tuition continues this fall, as many universities opt to continue online instruction in the interest of keeping students, faculty and staff safe from the pandemic. Not long after the COVID-19 pandemic caused colleges to start teaching remotely, students balked at the idea of paying full tuition for online learning. ![]()
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