These lawmakers want to make textbooks cheaper - MarketWatch

"College students spend a small fortune for their textbooks. But imagine a world where the required reading list was affordable. A group of lawmakers is trying to turn that utopia into a reality with a bill that would establish a competitive grant program for universities to create textbooks that anyone could access free online. The hope is that by incentivizing colleges to develop a free alternative to traditional textbooks, students and faculty will have an affordable option and publishers could be forced to bring their prices down. The lawmakers are looking to take advantage of this moment where students and faculty are looking for cheaper alternatives. 'The traditional textbook market is changing,' said one of the sponsors of the bill, Sen. Dick Durbin (D-Ill.), noting that students can now shop around online. 'Let’s make it change for the benefit of the students.' Over the past few decades the cost of textbooks has skyrocketed 945%, according to calculations from Mark J. Perry, a professor of economics and finances at the University of Michigan-Flint. That’s compared with a 262% increase in the consumer-price index—a measure of how prices change on a certain group of goods—during the same period. Last year, in-state residents at public four-year universities spent $1,225 on books and supplies on average, according to the College Board ..."