Using college endowments

Acollege degree is considered crucial for career success, yet American families are struggling to pay for higher education. Parents of newborns worry about college costs even as they buy diapers. Students are taking out high-interest loans that will saddle them with debt through middle age. The cost of tuition, fees, room and board -- adjusted for inflation -- has increased by double digits every five years over the last two decades, according to the College Board. Families and policymakers alike wonder why, when academia seems awash in cash, tuition increases are as predictable as the changing color of leaves in fall.

By Charles E. Grassley

October 12, 2008