Running head: FINANCE IN HIGHER EDUCATION

Finance in Higher Education

Derek Smith
University at Buffalo
Fall 2015

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The decision to attend college is one of the most life changing decisions that individuals
make in their life. There are so many factors to consider, choices to make, and obstacles that are
in place for some. The average college student pursuing a higher education in the coming years
is going to be more ethnically diverse, poorer, and older. As professionals in the student affairs
field, we need to analyze what this means for higher education through the lens of financing and
accessibility. An analysis of this paper will answer two main questions, one of which discusses
the driving forces of increases in higher education and two, what can we do to make college
more affordable for students.
Brief History of higher education
Where you sit affects what you see is the mentality that sparks debate amongst many
legislatures, university presidents, and students. From the chapter The Landscape of the College
Cost Debate by Robert B. Archibald and David H. Feldman in their book Why Does College
Cost So Much? They highlight the importance of understanding the differentiating perspectives
one views financing in higher education. There needs to be a distinction but also an underlying
common ground between what is actually being analyzed. Income levels are continuing to
decrease for all except the top percent of the income distribution levels. There have been
increases for in-state and out of state tuition for 4 year public and private schools. It is estimated
that the price for public schools at 4 year institutions is 42% higher than 10 years ago (Trends in
College Pricing 2014). The changing dynamics during the 1960s caused the shift in the
mentality and purpose of higher education. It was not until the 1970s where we saw a shift in the
support from the federal government via Basic Educational Opportunity Grant (also known as
the Pell Grants). Seeing the assistance from the government during this time allowed and
encouraged more and more students to apply for these funds. The American dream became a

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reality during the 1960s where roughly 45% of students who completed high school went on to
pursue a college education (Baum et. al, 2013). There had been a change in the purpose of higher
education that we could see over time- for some it may have been for societal uplift, to learn a
trade skill, or perhaps something to do post war time. Not realizing the demand changes that
would take place over the next few years, many states started to appropriate the cost of tuition.
One example is California, and its Master Plan to subsidize the cost of higher education in
making the cost free for residents. Over time, as more students enrolled, state funding
decreasing, and cost going up, the Master Plan did not seem as practical.
Public versus Private- Pursuing the degree
There has been much debate as to who should pursue higher education and why higher
education should be pursued. Some argue that people should pursue higher education for
personal development and knowledge while others argue that people should pursue higher
education for its many effects on society. I too, agree with the later statement and believe people
should pursue higher education for so many reasons that not only benefit themselves but serve as
a trickle-down effect in that their actions benefit others around them. Before discussing the
purpose of why students should pursue higher education, I think it is important in discussing the
differences between different higher education institutions because it affects access and choice of
why people pursue and actually attend. Typically public institutions are known for the education
of citizens whereas private colleges are known for making money out of producing a good or
service-perhaps the student. Most public institutions receive their funding through taxes and
borrowing whereas private institutions receive most of their funding to date from tuition and
different university fees. (LaDelfa, 2015) The purpose of briefly discussing private versus public
is important in not only to go over the options between different types of institutions but to also

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bring to light the financing behind it. As discussed in class, if we assume that an institution is
private then what that means is it will exclude many of those individuals with low
socioeconomic statuses. If we assume that higher education is a public good, then there are
thoughts that since it not only benefits oneself but others around them, then that part of the cost
should be split amongst tax payers. It is important to make a distinction between public versus
private. Higher education in not necessarily entirely public nor is it entirely private. Mc Pherson
et al. ( 2011) highlights an important point in that individuals of our society are less inclined to
pay for a good or service if it did not solely benefit themselves hence why the burden of paying
for higher education should be reevaluated in that people would under-invest in their education
should they be held accountable for the full amount. Again, people should purse higher education
because it creates more civilized and educated individuals in the world. Individuals who pursue
higher education also less likely to participate in public assistance programs, are more likely to
earn higher after-tax earnings, are more likely to vote in an election, are less likely to smoke
knowing the risks associated with smoking, are more likely to exercise, and are more likely to be
informed on political issues (LaDelfa, 2015). These are some of the many reasons why I think
people should pursue higher education but also why I think it is important to discuss the impact
that many of the above mentioned items such as smoking affects others around them and in
society that again may have a trickle down affect for others. A simple example as smoking; it is
said that pursing higher education produces individuals that are less likely to smoke knowing the
risk associated. Hypothetically person A is a smoker and person B pursues higher education and
does not smoke. Person As decision to smoke not only affects his/her family, friends, and people
they surround their selves with but their selves as well. Smoking over time can and may lead to
health related risks, leading to hospitals having to use facilities, equipment, doctors and nurses

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having to allocate time to help this person. Whereas person B who pursued higher education will
be less as likely to impact society in a more negative way. Prior to the 1960s and 70s the
purpose of higher education has changed. To date, the letters at the beginning of ones diploma
signifies opportunity to be something more. It is prevalent more than ever that individuals are
obtaining degrees because thats just what the norm is rather than obtaining a degree for
substance and purpose. In an article titled College Graduates Dont think their degree pays off.
Theyre wrong, the author discusses the viewpoint that recent graduates have about their college
degree. Some students in the article say that their college degree is devalued while researchers
point out that over time individuals who obtain a degree will make roughly $500,00 more over a
lifetime. Today, not going to college carries a negative stigma which perhaps increases the
demand for wanting to go to college. The reason why we should worry about who should and
can attend higher education comes from the economic principles. Higher education is much
different than most private sectors in that applying economic principles depends on which lens
you are viewing profit from. Higher education has positive externalities in that others reap a lot
of the benefits that come from attending a college or university. Like other businesses higher
education does not necessarily have repeat consumers. If a student really likes their philosophy
major they are not going to spend the money to repeat their philosophy major again. It is
important to know who can attend college because it allows us to understand and provide
direction. It helps in knowing students ability versus their willingness to pay so that an optimal
price can be sought out. It is important to know who can attend college from a supply and
demand perspective. Colleges and universities need to know their limits in terms of what they
(institutions) are able to supply. Colleges and universities may experience upward sloping supply
curves where they may need to raise cost in the event that they get an influx of students. This

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cuts down on who is able to attend because capacity might be limited and institutions are able to
adjust certain pricing to make sure that they can attend to those students. When demand to attend
higher education increases but prices remain the same, universities experience a horizontal
supply curve meaning that an institution will have a relatively low cost of margin because of
excess capacity. For highly selective institutions such as Harvard or Yale, they have the ability to
charge a greater amount because of the prestige associated with students attending their school,
again the importance of worrying about who can attend. The last supply curve in relation to
enrollment is a curved supply curve which discusses price in relation to capacity (LaDelfa,
2015). The four examples of the supply curve relate to understanding and knowing who are
students are, how much they are able and willing to pay for higher education because of the
different patterns that institutions may face. An important factor in worrying about who can
attend higher education is through the lens of demographics. As stated in the beginning of the
paper, students coming into the higher education realm are going to be more diverse, poorer, and
older. Knowing who can attend allows us to see what we can do to help those who cannot attend.
One example is Dr. Nathan Daun-Barnett, a professor in the University at Buffalo Higher
Education program who has worked with the Say Yes to Education-Buffalo (Say Yes, 2015)
program that helps students complete high school and postsecondary education. Knowing who
can attend also allows colleges and universities to provide adequate resources for students such
as financial aid. Once colleges know who can attend, they can decide how to divide up funding
to students based on need or merit.
Prices in higher education
Taking a deeper analysis at the relationship between enrollment (who attends) and the
price, we can see the importance in correlation between the two. We can see how elastic a price

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is based on its response to changes in demand. Before discussing the trends in price across the
nation, it is important to note who is affected by this problem. Lower income families who are
easily susceptible to changes in price, knowing that it is much harder for them to pay versus a
higher income house hold are therefor at the forefront of being more price responsive. Leading in
to competition brings up the point on ability versus willingness to pay once again, many colleges
and universities award financial aid based on merit, which recognizes highly qualified students
in their academics (Smith, 2015). This discriminates those who cannot afford to pay for college.
A huge flaw with this type of merit based aid hits on the points of privilege one has that lead up
to before one attends an institution of higher learning. A young child growing up in a poor area
of the Bronx in New York City is going to have less resources, less opportunities, and less help
as opposed to a young child growing up and attending a nice wealthy school district in Eastvale,
California where students at some of their schools get laptops, iPad, new books, tutoring
services, etc. We should take into account equity and efficiency when discussing affordability.
This relates to competition in that merit based aid is more favorable amongst institutions because
of the ranking and profiling that is being done to increase enrollment while attracting the
best students. How this relates to price is through competition.
Prices in the higher education realm are increasing for a number of reasons. As the article in
Trends in College Pricing 2014 discusses, trends with net prices are continuing to go up. Over
the years, federal grant aid has taken over a more dominant role in students abilities to go to
college. Given the economic recession and the budget cuts students are now unable to take on
more of the burden of paying for college that was once put in place for them. This goes back to
tie into what we have been discussing on students ability to attend in the first place. The federal
government markedly increased its funding for students, causing average net prices for students

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to decrease in years when tuition was rising rapidly but between 2010-2011 grant aid was not
matched (Trends in College Pricing, 2014). What is happening is that financial aid is becoming
less and less readily available for students and their award is being decided upon based on other
factors than need. What needs to be taken into account is affordability. This ties into the
discussion above regarding public versus private education. If institutions are considered a
private good then the government does not need to fund or provide aid to higher education and
the money can be used elsewhere- but that is not entirely the case. Increases in prices put a
financial burden on low income households in which 20% of the lowest family incomes
declining from 4.9% in 1983 to 3.8 in 2013 and the share of the highest family incomes rising
from 15.3% to 21.2 percent. Due to selectivity and within certain universities, they are able to
increase the price and not worry about losing students or enrollment rates. A lot of colleges and
universities are increasing their enrollment numbers without taking into account spacing which
drives up the price without finding an optimal point.
Cost in higher education
There are a number of reasons why the cost in higher education continue to rise. Inflation
is a primary cause for the rising cost of higher education. Higher education institutions use
resources that are generally higher in rates of inflation such as technology, books, and insurance
which leads to an overall increase in the cost to attend college. Technology in higher education
adds to the overall cost of higher education because it is used as another resource on campuses
but does not replace existing labor-it adds to the productivity and efficiency of institutions. The
reasons why institutions continue to spend so much on technology is because of competition.
Vedder and Denhart (2011) discuss some of the reasons why college cost so much and bring up
the point on the different mindset that university presidents play in their role at pleasing their

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stakeholders. Alumni and politicians are amongst many of them who are important for several
reasons. Alumni give back to college in the form of donations or through large (un)restricted
endowments. Many are given athletic packages that are undoubtedly expensive that students will
end up paying for the cost. Favoring the politicians helps in terms of them advocating or not
advocating in the universities favor in the long run. This article also discusses an important point
that most businesses would never do-turn their customer away. Ivy League schools such as
Princeton, Harvard, Yale, and Stanford are looked upon as having some of the best curricula and
best graduates. However, every year these schools turn away so many applicants who are highly
qualified allowing some of these schools to charge an erroneous amount of money to attend.
Vedder and Denhart discuss the three Is information, incentives, and innovation. Information
that we are given and producing needs to be well assessed and measured to see if it is even
effective in order to save or lower cost. Incentives are needed so that we are logical with
spending. Why spend money when it is not needed. At the end of every fiscal year the goal in
most departments is to spend the remainder of your budget so it does not get cut. Personally
working at an auxiliary organization at an unnamed institution, we were always told to spend and
order things for the office that could be used for next year. Pens, markers, white boards, new staff
shirts, promotional items, and printing were some of the items that could be used for next year
when that money could have been saved or put into reserves. The last I is innovation and the
authors mention a need to be innovative if we want to lower the cost of attending colleges and
universities because not everyone is going for the right reasons. A surprising 17 million
graduates in 2008 were underemployed. The authors discuss ways to be innovative in providing
more technical career opportunities for people to pursue rather going through the four years of
higher education to say become a flight attendant or a plumber. Despite the roar surrounding

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higher education costs, Dr. Johstone (2001) and Archibald and Feldman (2011) put ease at the
notion that higher education rates are out of control. Both articles talk about the big disconnect
of how society views price in relation to cost as out of control and administration, faculty, and
staff feeling like they have no money to work with. It is a given that higher education tuition is
going to move at a faster and rise at a much higher rate than inflation. Notably, this is nothing to
be concerned nor panic over given the history and trends with goods and services from history.
Archibald and Feldman (2011) point out that the upward trend of real higher education cost is
very similar to the evolution of real prices for other services. Most people today would advocate
for the use of technology as it is used to enhance certain workforce sectors. Cost disease is a
concept that talks about productivity not being equal across all industries, yes technological
advances in wheat manufacturing are beneficial and save perhaps time and money but not
necessarily for service industries where quality, satisfaction, and meaningfulness are benchmarks
for this sector. One quote from this article that resonates with me is As a consequence colleges
and universities cannot choose to use technology the way other businesses do. Other industries
only adopt new technology if it will improve the quality of the firms product or reduce the cost
of producing the product. Colleges and universities have to adopt new practices and new
technology even if doing so results in higher costs (American Council on Education, p.6). This
proves our point in that colleges and universities are put into a constant bind always having to
get the latest and greatest in order to compete with other schools. I think this alone increases
competition between schools because nowadays most schools are concerned with rankings and
where they are in terms of the top best. If a school does not adopt new practices and
technology then they will not be as competitive in terms of producing the most effective and
newest findings in terms of research. Faculty and staff are going to less likely apply to work at

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schools who resources are out of date when they can attend another school with top of the line
equipment. Also staying up with the latest technology allows institutions to be more competitive
with the latest research to help with grants proposals. Prestige causes the cost of higher education
to go up. Most colleges and universities aim to be on the US News & World Report Best
Colleges rankings. With that, comes with recruiting and paying for highly competitive tenured
professors. Money to get the perfect student also is a cost that adds up, colleges need to spend on
advertising materials, and staffing through different offices- such as an open house or school
fair. Faculty and staff salaries are a large part of the cost associated with increases. University
presidents, vice presidents, and athletic coaches to name a few are making hundreds of thousands
of dollars a year. Some faculty such as research institutions strive to attain tenure status and then
focus most of their time on research while passing on the teaching responsibilities on an adjunct
or a TAs. More resources have been another reason why cost has been driven up. Cost are
continuing to go up because local state and government appropriations are continuing decline
ever since roughly 1978 when family spending on higher education was relatively low at 30% in
comparison to state and local government spending at around 60%. The article from the
American Council on Education (2014) discusses a few alternatives when cuts to funding do
occur. Colleges can raise tuition and fees, cuts services- even though some resources on campus
help and support students which may affect student success, or they can limit how many students
they admit. The authors of this article also discuss tuition discounting. Given the competition to
be on top for prestige many colleges and universities are discounting tuition to find the perfect
student or perfect freshman class not realizing that.

Federal government help with funding higher education-Students and Institutions

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Earmarks and State Aid
As previously discussed, the higher education sector did not start coming about until
roughly the 18th century. With the passage of the Morrill acts, which essentially gave states
money to purchase land to build colleges and university the federal government had one of its
first opportunities in being connected to education. The federal government hands out earmarks
which is essentially large amounts of money given to institutions. Delaney (2011) discusses the
amount of earmarks given to institutions in which 920 were awarded earmarks totaling to $2.25
billion dollars. With these funds, comes much debate because earmarks are not regulated and
often times thrown into a bill last minute before lawmakers and other politicians have the
opportunity to discuss the appropriateness and effectiveness for the use of the money. Some
states and particularly institutions are granted earmarks because they are not granted peer
reviewed research opportunities. In peer reviewed situations institutions are critically analyzed in
terms of providing what restrictions they would amount to. Today in higher education states are
primarily responsible for providing funding to institutions through state budgets. Another way
that the federal government helps students and institutions with funding to higher education is
through state programs such as Georgias HOPE Program which awards scholarships based on
the states lottery. The HOPE scholarship does not really have any restrictions, is not based off
merit nor financial need (Cornwell et al., 2006). Cornwell discusses the impact that the program
has had in terms of funding higher education and proves that the program has been beneficial in
that it has helped roughly 850,000 students giving out $3 billion in funds for tuition, fees, and
books. Just in the beginning development of this program the state has seen enrollment go up by
5.9% in which the program has added 2,889 freshmen per year (Cornwell et al., 2006). There are
also other programs such as the Kalamazoo Promise where students in the district are given

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subsidizes for college tuition starting in high school leading up to college- the funds are given by
anonymous private donors (Lachowska, 2012). There are programs such as Indianas TwentyFirst Century Scholars Program in which has a focus on retention of students before high school
graduation. Like many of the other programs, this one scholarship program pays for tuition at
any private or public institution within the state. This type of program stems from more of the
need based aid versus merit based aid in hopes of societal uplift.
Pell Grants
Pell Grants are a form of financial assistance that do not necessarily have to be paid back
like many other loans. It has been extremely popular throughout the years because of its view
that some people had in a path to higher education. An equal educational opportunity is one of
the goals that the Pell Grant intended to achieve. There were many options in deciding how the
Pell Grant should have been distributed in which the federal government decided to disburse aid
directly to students instead of to institutions to ease the burden of paying for college at the
household level. The Basic Educational Opportunity Grant which is known today as the Pell
Grant. The federal government in 2013-2014 has proposed for $775 billion in federal aid through
this program which is another increase from before. Throughout the years, beginning in 1976 the
federal aid participation continued to grow at a constant rate (Mullin, 2013). Mullin (2013)
discussed some reasons for the increases in the growth of the program which includes eligibility
for students, legislative restrictions and changes, a new program in itself, and an increase in the
Pell Grant award. By the federal government supporting students through programs like the Pell
Grant, it allows them to invest in their future and focus on college completion. Currently, the
program is under scrutiny to see if it is providing any educational effectiveness by providing aid
to students. There was a study performed on institutional effectiveness done at two year colleges

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to see if the aid was effective. The study did not prove to be all that helpful and somewhat
limiting because most people who attend a two year college transfer out. I personally have
received the Pell Grant during my undergraduate years and I know it has helped me
tremendously to afford and attend college. I believe my entire tuition was paid for and I received
money back. Is it enough? I personally think higher education funding is enough with the caveat
that resource allocation for campuses be critically assessed and analyzed. This question resonates
with the activity that our finance class performed. The class was given the actual numbers for
2014 and 2015 and we were supposed to come up with projected budgets for 2015 and 2016 with
certain restrictions and guidelines. It was one of the most difficult activities to partake in given
the reality and knowing that this is what colleges and universities go through. However, it does
take a thoughtful analysis at trying to reconfigure and try out new innovative ideas, practices,
and structures that relates to the Vedder and Denhart article in their suggestions for why college
cost so much. With the help of federal aid from the Pell Grant comes many obstacles, one of
which I have known other students who have participated in. Reported Abuse of Federal Aid is
a growing problem. Mullin (2013) discusses that although some students receive the aid and
withdraw immediately following the disbursement of funds, that this type of abuse is taking
place. Again, why I think the federal government is doing enough in terms of supplying the
amount of money but what I do not agree on is the way in which it is operating because it does
not seem effective and that all the details and loop holes have not been figured out to make sure
that every penny is accounted for and disbursed.
Suggestions for the future
As Archibald and Feldman discuss on the topic of affordability, there is this common
notion to think that when tuition rises it becomes out of control and not affordable for students

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and their families, when in reality there are a number of factors that go into being able to pay.
Needless to say some people do not realize the impact that their purchasing power has on
purchasing goods and services. The United States is no longer in the top rankings for higher
education. We are 15th in rank in males holding a degree and 16th in ranking for females holding a
college degree. I agree with the authors Archibald and Feldman in that we should continue to
prosper and provide incentives to be more innovative in the work that we do and the education
that we pursue. There is no one simple answer as to what to do to address the affordability
problem. The article by Ehrenberg and Webber discusses that student service resources on
college campuses have been deemed wasteful in spending (Ehrenberg et al., 2010). Across
colleges and universities, we can see the shift in ways of thinking between student affairs and
academic affairs professionals and whole departments. It is often thought that student service
jobs within higher education are useless and a waste of money but in reality they attribute to
persistence and graduation. Colleges and universities receive funding for each student, so
keeping students around attributes to them receiving more funding from the federal government
(Webber et al., 2010). Many would argue that we should decrease and cut the cost of faculty
members. However, from the study done by Ehrenberg and Zhang, they performed a study to see
the effects of cutting faculty. The study found out there was a correlation between faculty and
graduation completion rates. A shocking statistic is that a 10% increase in PT faculty was
associated with a 2.65% reduction in the graduation rate (LaDelfa, 2015). One suggestion that I
have is as we discussed in class, lowering the requirement for faculty retirement in that those
funds that are tied up can be given to new professionals. I think increasing the number of
endowments and fundraising efforts is another suggestion in starting to solve the problem. The
more students feel connected to their institutions and feel supported by their institution the more

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likely they will give back in the form of donations. I know personally, I felt connected to my
undergraduate institution and I am more likely to give money when I receive calls from the
alumni association. My suggestion is to take a holistic approach in analyzing current and best
practices. I think the federal government needs to first ask and analyze what the needs of
students are and how those needs could be fulfilled creatively. It is apparent that cutting funding
is bound to happen but at the same time colleges and universities need to understand and be
financially responsible in saving despite left over money from the previous fiscal year.
Conclusion
Financing higher education has been one of the most challenging tasks that colleges and
universities have had to deal with. From the beginning of time when the federal government
supported colleges and universities with land grants to the very highly sought out Pell Grants,
money still is an issue today. Higher education is an externality that offers up so many benefits,
not only to the direct person attending but for those around. Student enrollment is continuing to
go up and providing limitations for students creates an affordability and access problem.
Through an analysis of cost and price we saw that the correlation between the two existed in
some sense. Colleges and universities are in the service sector and must constantly compete and
stay updated with the latest and greatest to continue being ranked and on top. We also discussed
the various funding methods that benefited institutions and students directly. Understanding that
there is no one answer in solving this cost and funding equation for higher education. What needs
to be done is an analysis of the overall current state, looking at innovative ways with current
resources, and continued outside donors until we come up with an accurate formula that best
represents our nation on the competitive higher education spectrum while providing students
with an accessible, affordable, and quality education.

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