About Dr. Maestas

Thursday, September 11, 2014

The Cost of College Textbooks

My last blog focused on the millions of college students who have started college classes this fall.  One of the daunting tasks facing college students across America is the purchase of college textbooks.  For students and parents who, in many cases, pay for the textbooks, the cost is very high, actually outrageous in some cases. 

The College Board reported the average cost for books and supplies for the 2013–2014 school year was $1,207 at public colleges and $1,253 at private colleges.  But the cost can vary dramatically between the public and private schools.  For example, Harvard University lists on their official website the average cost of books as $3,643 per year, three times the national average.  I also looked at a typical public university, Humboldt State University, in northern California and their average cost of books is $1,612, or 56% less than the average cost of books at Harvard and 33% higher than the national average.  For additional comparison, I examined the cost of attendance at St. Louis Community College and their website lists the cost of books as $1,000.

The Huffington Post reported that the cost of college textbooks has risen 812% since 1978, compared to medical services at 575%, new home prices at 325%, or the Consumer Price Index at 250% over the same period.  Like tuition, the cost of college textbooks has outpaced all other consumer goods. 

An important variable that impacts the cost of college textbooks is the discipline.  College textbooks for mathematics, the hard sciences, medicine, or law will be much more expensive than books in other disciplines.  In other words, a college calculus book will cost a lot more than an introduction to psychology book.  For example, a new college calculus book by James Stewart, 7th edition, touted as the world’s best-seller, will cost $285.50 on textbooks.com or less for a used version of the book, depending on the condition of the book.  An introduction to psychology book will cost $170.75 new on textbook.com and as little as $25 for a used copy. 

Part of what drives up the price of college textbooks is the publisher bundling the books with supplemental material such as work books, study guides or CD’s and access to websites.  When textbooks are bundled, a student cannot buy just the text book. Another strategy textbook publishers use to jack up the price is to issue newer editions of the book.  It is estimated that new editions of textbooks are released on average every 3.9 years. 

I have some solutions to the high cost of textbooks.  I have always told my students to buy used books as they will be much less expensive.  I have also informed student to buy books from students who took the class previously, assuming the professor is using the same book.  I have also suggested to buy a book with a classmate and share it.  However, sharing can have it drawbacks, like not having access to the book when you need it.  Another option to consider would be to buy the books on-line via textbook.com, eBay, or Amazon.  They typically are cheaper than college bookstores.  Other options include renting a text book or buying an e-book or electronic version of the book, but you will need to have an e-reader or a computer.  However, renting a book may not always be cheaper, as you lose money if you don’t take special care of the rental book when you have to return it.  And e-books aren’t always that much cheaper than buying a new book.

I suggest, before renting a book, you should consider the cost of a used book and the money you will recoup when you re-sell it to the bookstore, versus the cost of renting the same textbook.  My students, and most students in the different universities with which I have been associated, have preferred used books over rentals or e-books.  At the bookstore of one university where I worked, 65% of the books stocked and sold were used, and, as a result, the students at that school wanted more used text books. 

Another suggestion is to purchase an older edition of a college textbook since they tend to be cheaper, but one has to be careful that the material has not changed significantly.  Also, if it is a mathematics book, the end of each chapter can be different.  But that can easily be solved by borrowing the new textbook from a classmate and copying the new problem sets. 

One final suggestion and a little known fact that most students on college campuses may not be aware of is that most colleges and universities will place a textbook for their courses on reserve in the library.  This is great for students who can’t afford to buy textbooks, but there is a downside.  Typically, college libraries will not allow students to check out books on reserve or, if they do allow check-out, it will be for a very short period to time, in some cases only a couple of hours. 

I talked to my son, who is a senior majoring in mechanical engineering, and he does not buy e-books, but rather prefers used books and re-sells them to the bookstore if he decides not the keep the book.  An informal survey of his friends confirms that e-books are not a common choice.  They too prefer used books. 

It is worth the effort to do the research and consider all options available before purchasing a college textbook.  It will pay off in the short term and may save you lots of money over the course of four… or five….years of buying textbooks.