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WASHINGTON, DC -- Earlier this year, Congressman David Wu charged the U.S. Department of Education with the duty to investigate the rising cost of college textbooks. That study officially began today in Washington, DC with opening testimony from Congressman Wu and a group of panelists who have expertise in economics, higher education and the textbook publishing industry. Congressman Wu believes one way a college education can be more accessible for all students is to make textbooks more affordable.
"The cost of higher education is increasing and the buying power of financial aid is decreasing. For our knowledge-based economy, these trends pose a serious problem," said Congressman Wu.
"The rising cost of college textbooks is part of that problem. I have received more communication in my office on this problem than any other education topic.
"The college textbook industry is a classic broken market. And every year that the cost of textbooks doubles compared to the overall average of prices, is another year students experience an even greater barrier to a college degree. I intend to find solutions to this problem that is plaguing our students."
The study follows Congressman Wu's amendment he passed in July of this year to address the rising cost of college textbooks. His amendment listed specific steps textbook publishers, faculty, bookstores and institutions of higher education should take to make college textbooks more affordable for students.
The study also follows the release of a Government Accountability Office report requested by Congressman Wu that confirmed college textbook prices are increasing and are a growing financial burden as students pursue higher education. The GAO report found that:
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Textbook prices have risen at an average of 6% each year since 1987, compared with overall average price increases of 3%.
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Since 1986, textbook prices have nearly tripled, increasing by 186%, while tuition and fees have increased by 240%. Overall inflation since this time increased by 72%.
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The cost of textbooks and supplies as a percentage of overall tuition and fees is 72% for community college students.
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For students at four-year public institutions, the cost of textbooks is 26% of their college tuition and fees.
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Textbook "add-ons" such as CD-ROMS and other supplemental materials often contribute to the rising cost of textbooks.
Congressman Wu is hopeful the study will bring together all stakeholders and will reveal ways to reduce the rising cost of textbooks.
The study is being carried out by the Advisory Committee on Student Financial Assistance of the U.S. Department of Education. It is expected to be completed by the summer of 2007.
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