Although college textbooks are starting to decrease in price due to the growing number of alternatives, they do still give many students sticker shock. A 2020 report by U.S. Pirg found that 65% of students had not bought their assigned textbooks because they were too expensive. But why are college textbooks so expensive in the first place, and how can you find cheaper ones? Here’s a bit of background on the textbook industry and eight practical ways you can cut textbook costs—and lessen the price tag panic.
Why Are Textbooks So Expensive?
The cost of college textbooks increased by 88% from 2006 to 2016, growing at a faster rate than college tuition and fees. Reports show that soaring prices were due to the frequent printing of new editions and the bundling of books with pricey software. In addition, the college textbook industry had been largely dominated by five companies that controlled 80% of the $3 billion market, which became the subject of an antitrust lawsuit filed in January 2020. As the demand for more options in textbook formats and vendors has increased, however, the pricey trend is reversing. Textbook prices decreased by 26% between January 2017 and January 2019, according to a survey from the textbook price-comparison website CampusBooks.com. At the same time, the textbook rental market almost doubled, and e-book sales increased 95%.
How To Cut the Cost of Textbooks
While it has been a turbulent ride for college students struggling to fit the course materials they need into their college budget, the good news is that there are more digital solutions, online sellers, and rental opportunities for textbooks these days. Here are a few ways to cash in on the changes and lower your textbook costs.
Buy Used Textbooks
Consider Renting Textbooks
Instead of buying textbooks, you can often opt to rent them at a lower price. During the 2020-2021 academic year, the National Association of College Stores (NACS) reported that 35% of students rented textbooks. Shop around to compare textbook rental offerings by searching for the book’s ISBN, then reading the fine print to learn about terms and cost. For example, look at shipping costs, late fees, and use rules (e.g., can you highlight within the book?). Some textbook rental companies to check out are:
Get the Digital Copy
Use the Library
Don’t forget about your school’s library as well as the public library. You may be able to find copies of books or supplemental materials there, which can help you cut down on costs.
Get the Books Early
Get a head start on shopping to beat the pack. If there are any used copies available, for example, the early bird has a better chance of getting one. Early shopping can also give you time to comparison-shop online and off, and snag a good deal before someone beats you to it.
Look at Open-Source Options
In recent years, there has been a move toward colleges providing courses with free and online Open Educational Resources. Also known as OERs, these educational materials consist of textbooks, software, and other tools that are not restricted under copyright laws. That means they are free for student access.
Consider Inclusive Access Courses
Some college institutions are adopting an Inclusive Access model, in which online materials are included in the cost of tuition. The school makes bulk purchases of e-textbooks, which earns it a steep discount from the publisher. As long as the costs are “below competitive market rates,” they can legally be added to tuition costs and fees.
Claim the Costs on Taxes
Beyond saving when you initially buy your textbooks, you can also save at the end of the year. The IRS has two education tax credits for money spent on qualified education expenses, which include textbooks. You can also claim the credit if your expenses were paid by a third party such as a friend or relative.The two credits available include the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). The AOTC offers up to a $2,500 credit per student, of which 40% is refundable. The LLC offers up to $2,000 per return and is not refundable. You’ll need to review the qualifications and terms to see which fits your situation.
