As a way to help lower the overall costs of attending college, Chicago area school are planning on renting text books to students. McHenry Community College and Prairie State College will be joining three other local colleges and will start renting textbooks so their students can save some money on their college education.
One of the largest expenses for any college student outside of tuition is textbooks. With an average new psychology textbook costing $143, these local community colleges plan on renting textbooks to students for almost half the price. A new book that would be taken out as a rental would cost $85 while a used book offered as a rental would be $58. With the average student paying $900 per year for books, this new rental program would surely save students a lot of money.
With tuition rates increasing every year something needs to be done to help lower the cost of a college education. If the amount of money it costs to earn a college degree does not start to decrease, higher education institution run the risk of pricing out some students who are unable to get financial aid. Currently, a large number of students have to turn to federal student loans or private loans to pay for their college education. Finding new and unique ways to help lower costs is a great way to make college more affordable for everybody.
This textbook rental idea could just be the start of out of the box thinking by college administrators. Perhaps moving all of the course materials online is another good way for colleges to cut out the expenses associated with textbooks all together as students could just log on to the internet and read the course material there. The options really are endless when it comes to lower college costs. Let’s just hope that those in charge figure out a way to lower college expenses before they get too high.