| In today's job market, a college education has | | | | So why do textbooks prices keep going up? |
| become the minimum bar to enter the workforce at | | | | Textbooks, along with tuition and other fees, are |
| an entry level position. Many candidates are seeking | | | | affected by inflation. By nature, a new product this |
| jobs with a minimum of a bachelor's degree, putting | | | | year is going to be less than the same new product |
| those candidates without one at a great | | | | five years from now. Inflation, however, is not the |
| disadvantage. What's more, employers are less | | | | main reason why the costs of textbooks have |
| concerned with the candidate's bachelor's degree | | | | increased in recent years. According to the GAO, one |
| concentration as they are with candidates' exemplary | | | | of the main reasons contributing to increased |
| achievements of discipline, intelligence and focus that | | | | textbook costs has to do with the rising costs |
| a degree requires. This signals to the potential | | | | associated with developing products designed to |
| employer that the applicant is more likely to be | | | | accompany textbooks. These products include such |
| reliable and should make a good employee. | | | | things as CD-ROMs and other instructional |
| Economists refer to this as a screening/signaling | | | | supplements requested by the instructors of the |
| device for employers. Based on the assumption that | | | | courses. Although the instructors feel these ancillary |
| having a college degree puts one at an advantage | | | | products are important, many wholesalers, retailers, |
| when interviewing for a job, let's then explore why | | | | and others expressed concern that the creation of |
| so many American's still lack a college degree in | | | | these new "supplements," in addition to more |
| today's marketplace. | | | | frequent revisions, might unnecessarily increase costs |
| The cost of education is usually the foremost reason | | | | to students. |
| why people either never start college, or begin but | | | | WAYS TO SAVE: |
| later drop out. One of the main costs associated with | | | | Although the costs of textbooks are continually rising, |
| obtaining a college education, besides tuition | | | | there are creative ways to save. E-commerce has |
| expenses, are books. According to the Government | | | | opened up a whole new market for college |
| Accountability Office (GAO), the cost of college | | | | textbooks. Places like and (a subsidiary of eBay) allow |
| textbooks have increased 200% over inflation during | | | | students to purchase books over the internet which |
| the past two decades. This is an astonishing figure | | | | may be cheaper than their local bookstore. Once |
| considering textbook inflation is roughly the same as | | | | students finish a semester, they can go to these |
| tuition inflation during that same period. | | | | sites to re-sell their books online. Although buying |
| Students are certainly feeling the pinch from the | | | | books online can significantly save students money, |
| increased cost of textbooks. Daniel Cooper, a | | | | there are some drawbacks. First, students may not |
| student at Northlake College in Irving Texas said, "I | | | | be able to find the books they are looking for. |
| spent about $800 on classes last semester before | | | | Additionally, when buying and selling textbooks online, |
| books. I was shocked when I went to the bookstore | | | | shipping cost and time can often be a major |
| and found out my books cost more than my | | | | deterrent. Although small, retail websites do charge a |
| classes." One of the problems Mr. Cooper faced at | | | | commission for selling books. |
| the end of the semester was selling his books back. | | | | Another alternative with similarities to the |
| "I went to sell my books back to the library, and out | | | | e-commerce sites, are sites that provide students |
| of the six books I had, three of them they wouldn't | | | | with an opportunity to buy and sell books to other |
| buy back, one of them I bought for $172, and they | | | | students at their particular college/university with no |
| offered me $54 for it, and the other two combined, | | | | fee. It's simply an online marketplace that lets users |
| I sold for $52." He continued, "Out of the three | | | | locate their college or university, and either list a book |
| books they wouldn't buy, two of them were lab | | | | they want to sell or contact someone with a book |
| manuals for biology courses at Northlake, so if they | | | | listed that they want to buy. This option makes it |
| wouldn't buy them, I have no option to sell them." | | | | somewhat easier for students since they do not |
| What Mr. Cooper experienced is something that a lot | | | | have to worry about shipping costs, fees, or time |
| of students experience at the end of each semester; | | | | frames. The one drawback, like the other |
| the bookstore buyback issue. Most bookstores make | | | | e-commerce sites, is book availability. However, these |
| an average profit margin of 22% on books they sell. | | | | sites can be helpful to students like Mr. Cooper, who |
| At the end of the semester, they typically buy | | | | purchased books that are only used at one particular |
| books back at roughly 50% of what they sold them | | | | school. |
| for and then resell them for slightly less than the | | | | Textbooks are an essential part of obtaining a college |
| original sales price. In effect, they are selling the | | | | education. They are full of knowledge and need to |
| same books multiple times which in turn drives up | | | | be continually updated if they are to remain current. |
| their profits. This is a completely logical maneuver for | | | | By remaining focused and persistent, almost anyone |
| the bookstore, but unfortunately, the student gets | | | | has the intelligence to graduate college, and with a |
| the short end of the stick. | | | | few of these money saving tips, they can find |
| CONTRIBUTORS TO HIGHER COSTS: | | | | creative ways to pay for it too. |