Why Are Textbooks So Expensive?
- March 8, 2022
- Admin
Why Are Textbooks So Expensive?
The costs associated with getting a college degree are high. Really high. Consider these sobering statistics:
From 1987-to 2017, average tuition at private non-profit institutions increased by 129 percent, while the fees at public four-year institutions went up by 213 percent.
As a nation, Americans hold over 1.3 trillion in student debt alone.
Tuition and debt aren’t the only things students are paying through the nose for. In 2015, NBC reviewed data from the Bureau of Labor Statistics and found that textbook prices have gone up more than three times the inflation rate since 1977.
That’s an increase of 1,041 percent. According to the College Board, a not-for-profit that aims to improve access to higher education:
The average college student studying at an American university or college spends approximately $1,200 a year on books and supplies
5.2 million students have used their loans to purchase textbooks.
Much like a big-city rental market that’s gone haywire, textbooks appear to have no pricing cap. So, what’s behind the high fees? Why are textbooks so expensive? Here are four factors to consider:
The textbook industry monopoly
A big part of why textbooks are so expensive is a lack of competition. The Student Public Interest Research Groups (PIRGs) published a survey in 2016 called Covering the Cost.
One of their discoveries was that only five big publishing companies or textbook companies controlled 80 percent of the textbook market. With behemoths such as Pearson and Wiley exerting control, it’s tough for the smaller guys to break through.
Henry Farrell, a professor of political science and international affairs at George Washington University, discusses this further in an article penned for The Washington Post. “Students usually have to take a few required big courses for their major, and they have to buy the required textbooks for these courses.
That means that the market is price-insensitive (which is economic jargon for saying that demand doesn’t go down as much as it should when prices go up).
Businesses can make big, big profits from selling to price-insensitive markets since they can jack up prices without weakening demand for their product.”
Textbook publishers
The major publishers use crafty tactics to increase their profits, one of which is issuing new editions.
Publishers will regularly release new editions of required textbooks (sometimes every year), rendering old versions obsolete.
This tactic directly undermines the used book market, as students often can’t sell their old textbooks when professors assign material that only exists in the new edition.
The PIRGs report describes this new edition as “a rip-off.” They say that the textbook industry and publishing companies artificially inflate textbook prices by producing costly fresh editions that barely differ from previous editions.
Professor of physics Rhett Allain, writing in Wired, agrees. “Most textbooks are essentially the same. [The reps] bring in a fancy new textbook and argues that I should use it because it’s better. I respond that textbook A and textbook B are nearly the same.”
Access codes for supplemental material
In a study released in early 2018, PIRGs found that many professors assign textbooks that publishers then bundle with ‘access codes.’
These codes are students’ entry into supplemental materials such as problem sets, quizzes, and question packs. These are normally hidden behind a paywall and inaccessible without the unique code.
The study found that of the bundles, only 45 percent were available anywhere other than the campus bookstore, which drastically reduces the opportunity for students to comparison shop.
The unique codes also render used textbooks and course materials obsolete as they don’t allow access to supplemental material.
Kaitlyn Vitez, the study’s author, says that nowadays, the materials students need to succeed in classes go far beyond a traditional textbook. With extra material only accessible with a code that expires at the close of each semester, students are stuck.
Without the codes, they lose out on valuable learning opportunities. But by purchasing them, they’re racking up debt.
Professors are the textbook decision-makers
Consumers choose the product they want and then use it in most cases. But this isn’t true for textbooks. With course materials and textbooks, professors willingness are the ones who decide which book to adapt for their courses. But professors aren’t the ones paying for the books—students are.
“Textbook adoptions are a weird business,” says Rhett Allain. “Faculty selects the textbook, but the students are the ones responsible for buying. I’m not the consumer, but I am making the buying decisions.”
When you put a group of people in charge of choosing a product that they don’t have to pay for, cost becomes less of a factor.
The really hard work is in getting a professor to adopt a textbook. Publishers know this. They employ reps whose sole job is to convince professors to assign their book as the required text for their course.
As GWU’s Henry Farrell notes, “once a textbook or learning material is assigned, it very rarely changes, which results in a steady stream of income for the publishing company….publishers have a strong incentive to get professors to adopt their books—once they’ve done this, it will be the gift that keeps on giving.” It is, Farrell says, “a sweet deal for academic publishers, but not so great for students. ”
Should textbooks be available for free?
To be successful in class, you must purchase a textbook from any institution, whether a university, community college, or technical college.
Some textbooks aren’t even open for the entire semester, and the information and statistics inside can be outdated, affecting your overall knowledge on certain topics.
Furthermore, free textbooks can improve the quality of education provided by teachers and provide greater accessibility to working students.
Although councils and administrations cannot approve cost-free textbooks, policies such as Open Textbook, bookstore rentals, and the Affordable Textbook Act should be made available across the country.
Individuals will get a taste of the profession they want to pursue during their college years. Whether you’re majoring in engineering or just getting a certificate, you’ll need a textbook to finish the course.
At the rate of advanced technology, textbooks can be easily accessible via the internet without having to haul a book when choosing the “perfect time to study.” With this luxury, students can do homework on any day without the physical materials needed besides a phone or laptop.
How about ebooks?
Ebooks are online resources and slowly becoming the new way to read. However, it’s not as efficient when compared to textbooks. While ebooks are more convenient to carry around, they’re not shareable and expensive.
In addition, some ebooks have features that make them difficult to print or copy-and-paste from.
Students still prefer print to digital books, and there was no link between overall preferences for e-textbooks and the number of e-textbooks previously used.
Getting a Better Deal on Books
Following what you’ve just read, you might be feeling a little pessimistic about your chances to save money on textbooks.
Fortunately for you, many of your colleagues have noticed this troubling trend and have already formed a resistance group dedicated to providing the same textbooks at a much lower cost.
Renting Books
While most college bookstores buy back textbooks, they’ve recently taken steps to streamline the process and reduce costs. Most college bookstores allow students to rent books rather than purchase and then resell them.
“Rental books are a fantastic resource,” Vickie Englert, a Stevenson University junior, says. “It seems like a waste of money to buy new books when I know I’ll just return them at the end of the semester.”
This method works as you might expect. Renting a book gives you access to it for a semester, with a strict deadline to return it after finals. A rented book is usually much less expensive than a purchased book.
Investigate the used books market
College textbooks are no exception to the rule that buying used books is always cheaper than buying new ones.
Students can search for and buy used textbooks on various websites, including Chegg and Amazon, for less than half the original sticker price.
These sites also allow you to sell your books, so if you have any old materials lying around, now is the time to get rid of them and make some money.
Locate Free Books
Books are sometimes given away for free in some places. Thousands of college textbooks are available for free at Project Gutenberg, Open Book Project, and the Online Books Page, to name a few.
While these sites are useful, their selection does not compare to the other sites mentioned in this article. Don’t buy books from college stores because they are expensive.
While it’s worth looking to see if you can find what you’re looking for, you shouldn’t rely on these sites as your sole source of textbooks.
Although the cost of college textbooks has risen dramatically, you do not have to pay full price for these materials. It’s not difficult to find good deals on high-quality materials if you do your research and look hard enough.
Pay a visit to the library.
The majority of school libraries have duplicates of popular textbooks in their collections. You might be able to get a free copy of the book or photocopy relevant chapters to use at home.
Share it with a friend
If you’re taking a class with a friend (or have a friend who plans to enroll next semester), split the book costs.
Just make a study schedule ahead of time, so you don’t have to fight over who gets a book when it’s time to cram for finals.
Opt for a previous edition
Having the most recent version of a book is essential if you work in a quickly-changing field, such as computer science or accounting. However, in some subjects, such as English or philosophy, an older edition will suffice and save you a lot of money.
FAQs: Why Are Textbooks So Expensive?
Why are college textbooks so much more expensive in the United States?
According to Alex Neal, CEO of Campusbooks.com, textbooks are expensive because publishers release expensive new editions every year, undermining the used-book market.” Because publishers don’t profit from used book sales, their business model is to make older editions obsolete and force you to buy a new book,” he explains.
What is the average textbook price?
The average number of textbooks per student from grades K-12 is 19.90 each semester. According to a US Department of Education study, the average American student spends between $700 and $1,000 on textbooks each year.
Why are textbook costs so expensive for students?
Some textbooks aren’t even open for the entire semester, and the information and statistics inside can be outdated, affecting your overall knowledge on certain topics. Furthermore, free textbooks can improve the quality of education provided by teachers and provide greater accessibility to working students.
What are the statistics for college textbook prices in 2021?
In 2021, full-time undergraduate students at a four-year university spent an average of $1240.00 per year on books and supplies, with students spending the most (average of $1420) at public two-year colleges, compared to $1220 at private four-year colleges (average of $450-$625 per semester).
What are e-books and digital textbooks?
An ebook, also known as an ebook, is a digital book that consists of text, images, or both and can be read on a computer’s flat-panel display or another electronic device.
How can college students avoid having to pay for textbooks?
Rather than buying and then selling your learning materials and books, rent them from the start. Rentals are now available on sites like Chegg.com, and Amazon and Barnes & Noble have followed suit with some fantastic deals. You can also use “used books.”
Conclusion
An 80 percent market share held by big publishers, new editions that aren’t new, pricey access codes that expire, and decisions being made by non-consumers—all of these factors contribute to making textbooks trickle down to students at the eye-watering prices that they’re sold for today.
But, by being a little resourceful, you can avoid becoming a victim of these practices. And, when all else fails, there’s always the library. What are your thoughts? Let us know in the comments below! Thanks for reading!
Do you have any tips on how to save money on textbooks? Let us know in the comments below!