The dramatic rise in university tuition costs is placing a greater financial burden on millions of college-bound Americans and their families. Yet only a fraction of the additional money colleges are collecting--21 cents on the dollar--goes toward instruction. And, by many measures, colleges are doing a worse job of educating Americans. Why are we spending more--and getting less?

Economist Richard Vedder, in his book Going Broke by Degree (AEI Press, July 2004), examines the causes of the college tuition crisis. He also warns that exorbitant tuition hikes are not sustainable and explores ways to reverse this alarming trend.