Kahn Associate Professor of Economics Caroline M. Hoxby '88 testified before a Senate committee yesterday in a hearing on the rising cost of college education.
Hoxby, the author of a study entitled "The Return to Attending a More Selective College: 1960 to the Present," spoke before the Governmental Affairs Committee, chaired by Sen. Fred Thompson (R-Tenn.).
Hoxby's testimony came on the first day of a two-day investigative hearing, "The Rising Cost of College Tuition and the Effectiveness of Government Financial Aid."
The hearing--which was prompted by skyrocketing tuition costs around the country--focused on the reasons behind high tuition, including the influence of federal financial aid. Another aspect of the discussion was the impact of debt burden on students' educational and career options.
Hoxby testified that tuition at top colleges is increasing in response to rising student demand.
That demand, in turn, has been fueled by three key factors.
First, recent growth in technology has created more "high intensity" jobs that require well-educated employees.
Furthermore, colleges are drawing on an increasingly informed and mobile pool of potential students.
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