Cost Structure of College Education

Higher education is an important form of investment in human capital. In fact it can
be regarded as a high level or a specialized form of human capital, contribution of
which to economic growth is very significant. It is rightly regarded as the engine of
development in the new world economy. The contribution of higher education to
development can be varied: it helps in the rapid industrialization of the economy by
providing manpower with professional, technical, and managerial skills. In the
present context of transformation into knowledge societies, higher education
provides not just educated workers, but knowledge workers to the growth of the
economy. It creates attitudes, and makes possible attitudinal changes necessary
for the socialization of the individuals and the modernization and overall
transformation of the societies. Most importantly, higher education helps through
teaching and research in the creation, absorption and dissemination of knowledge.
Higher education also helps in the formation of a strong nation and at the same
time helps in globalization. Higher education allows people to enjoy and enhance
life of mind, offering the wider society, both cultural and political benefits. This work
is an attempt to analyze the cost of college education to evaluate and guide the
resource allocation decision and utilization pattern. In the context of college
education, an attempt has been made to explore the broad structures of college
education.