A Problem of Fit: How the Complexity of College Pricing Hurts Students-and Universities

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Phillip B. Levine

A Problem of Fit

How the Complexity of College Pricing Hurts Students-and Universities

Phillip B. Levine

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English

University of Chicago Press
22 April 2022

Social mobility; Social classes; Funding of education & student finance; Universities

A critical examination of the complex system of college pricing—how it works, how it fails, and how fixing it can help both students and universities.

How much does it cost to attend college in the United States today? The answer is more complex than many realize. College websites advertise a sticker price, but uncovering the actual price—the one after incorporating financial aid—can be difficult for students and families. This inherent uncertainty leads some students to forgo applying to colleges that would be the best fit for them, or even not attend college at all. The result is that millions of promising young people may lose out on one of society’s greatest opportunities for social mobility. Colleges suffer too, losing prospective students and seeing lower enrollments and less socioeconomic diversity. If markets require prices to function well, then the American higher-education system—rife as it is with ambiguity in its pricing—amounts to a market failure.

In A Problem of Fit, economist Phillip B. Levine explains why institutions charge the prices they do and discusses the role of financial aid systems in facilitating—and discouraging—access to college. Affordability issues are real, but price transparency is also part of the problem. As Levine makes clear, our conversations around affordability and free tuition miss a larger truth: that the opacity of our current college-financing systems is a primary driver of inequities in education and society. In a clear-eyed assessment of educational access and aid in a post-COVID-19 economy, A Problem of Fit offers a trenchant new argument for educational reforms that are well within reach.

By: Phillip B. Levine
Imprint: University of Chicago Press
Country of Publication: United States
Dimensions: Height: 229mm, Width: 152mm,
ISBN: 9780226818559
ISBN 10: 0226818551
Pages: 176
Publication Date: 22 April 2022
Audience: Professional and scholarly , Undergraduate
Format: Paperback
Publisher's Status: Active

Preface Introduction Chapter 1: The Institution of Financial Aid Chapter 2: An Econ 101 View of College Pricing and Financial Aid Chapter 3: The Real Cost of College and Its Worth Chapter 4: Pricing Transparency Chapter 5: Addressing Affordability Chapter 6: Fixing the Pricing System in Higher Education Chapter 7: Other Barriers to College Access Conclusion Acknowledgments References Index

Phillip B. Levine is the A. Barton Hepburn and Katharine Coman Professor of Economics at Wellesley College, a research associate of the National Bureau of Economic Research, and a nonresident fellow at the Brookings Institution. He is the author, coauthor, or coeditor of five books devoted to statistics and the analysis of social policy and its effect on individual behavior.

Reviews for A Problem of Fit: How the Complexity of College Pricing Hurts Students-and Universities

If you want to understand the nuances of college affordability, pricing, and finance, this book is for you. Levine has taken an issue that impacts the majority of families going through the college search process and deconstructed its complexity. Whether you are a student, policy maker, or higher education practitioner, this is an important read. -- Angel B. Perez, CEO, National Association for College Admission Counseling Levine combines accessible economic explanations with cogent policy recommendations to frame the challenges facing students and families navigating the complex world of college financing. His forceful critique focuses on analysis and solutions rather than anger and blame, forwarding ideas about targeted new funding and improved communication with the potential to help students enroll at the institutions that will be the best fit for them. -- Sandy Baum, Center on Education Data and Policy at the Urban Institute