We are all aware of the skyrocketing cost of college tuition, but did you ever look at the cost of textbooks? The following graph with data developed by the American Enterprise Institute illustrates just how much textbook prices have changed since 1978.
There has been an 812% growth in textbook prices that far surpassed the increase in college tuition and fees within the same time period. This only adds to the burden of cost of higher education. Surprisingly, two democratic senators, Al Franken (Minnesota) and Dick Durbin (Illinois) have introduced a bill promoting open-source textbooks. By definition in the bill, open-source textbooks are texts “licensed under an open license and made freely available online to the public.” Now, whether this bill will make any headway in the gridlocked congress is another matter. But the onslaught of technology will continue to disrupt the higher education industry in significant ways. Stay tuned and continue to be an educated consumer of education.