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00:00 Today's average cost of a four-year public university is more than 30 times what it was in
00:05 1969. Millennials have an average of more than $37,000 in student loan debt. Why has college
00:12 gotten so expensive? Firstly, supply and demand. In 1970, only about a quarter of 18 to 24-year-olds
00:19 were enrolled in post-secondary education. By 2015, that number jumped to 40%. Over the last
00:26 40 years, having an undergraduate degree went from being considered an option to a necessity,
00:31 and the more people want something, the more the people selling it can charge. Plus, colleges have
00:37 no incentive to control costs because they know the federal government and other loan agencies
00:41 will keep running the cash. And finally, administration costs have ballooned as much
00:47 as 60% in the last 25 years. Despite the costs, a four-year degree is still a good financial
00:53 investment for most students. But that may change if costs keep rising.
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