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University books are not cheap. A single textbook can cost up to $100. The cost of textbooks for 3 years at university of London can easily top $1,200. So why are textbooks prices going up? We've detailed a few reason below.
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Lack of competition
80% of the textbook market is dominated by 5 companies, the lack of competition is driving up prices. Also, the market for textbooks is not like the others, if you wanted to buy a phone, you would shop around for different price points. In the textbook market, your professor will assign you a textbook where you cannot buy an alternative at a lower price.
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Lack of used textbooks
Publishers do not make money when students buy and sell used books. To stop textbooks from circulating in the used market, they release new editions every few years in order to make used textbooks obsolete. They used to publish new editions every 5 years, but now it's every 2 - 3 years
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Faculty control
In most high schools, the department of education makes the choice of books and negotiate prices with publishers. In universities, individual professors have complete control over their choice of books and some professors will assign expensive textbooks they authored themselves.
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Selling a few textbooks
Publishing companies expect to sell a few textbooks because some students will scan or photocopy and some will be bought by libraries and provided to many students. To keep the companies going, publishers would sell a few copies but raise the price to almost $150 per textbook.
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Sheer number
Compared to high school, a semester at university uses a lot more textbooks. You'll have a longer reading list and many courses will assign readings from more than one textbook.
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What are students doing to reduce cost of textbooks?
One study reported that 67% of students skip buying textbooks altogether because of high prices, but that ends up hurting their grades.
Another study reported that 75% of students drop courses with expensive textbooks and choose courses with fewer and less expensive textbooks.
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Get 650 UOL textbooks at only $30, was $50
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