Why is college debt so high?

A friend of mine, let’s call her Mary, began college at the University of Washington in 1967 and graduated with an undergraduate degree in 1971. According to the university’s records, she paid $3,160 (in 2020 dollars) for her final year of in-state tuition.

Mary’s granddaughter, Emma, graduated after four years from the University of Washington in 2020 and paid $10,630 for her final year of in-state tuition. Essentially, school administrators more than tripled tuition at the state’s premier public university during that 50-year period.

The cost of living also increased in the last 50 years. Ac...