CHART: College Degrees Cost 1,120 Percent More Than They Did 30 Years Ago

In just three decades, the price of a college degree has skyrocketed 1,120 percent, according to a report from Bloomberg News. That rate of change is higher than medical care, food, and shelter:

As costs for college rise, the number of people dropping out before they receive a degree grows, even as many of those dropouts have already accrued debt. And the problem will likely get worse, since all indications are that the cost of college will continue to climb. Indeed, a degree would cost around $422,000 for children born today, if current trends hold.

The House of Representatives’ budget, meanwhile, would slash Pell Grant funding by $170 billion, making college even less affordable for more than a million students.