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What is the reason for lower US college enrollment?

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It's no secret that the US has less college graduates now than several other industrialized nations. And it's no secret how poorly US high school students have been doing compared to their counterparts in several countries, industrialized or not.

What I'm wondering is, does lower US college graduation have more to do with poor academic performance, or the extremely high cost of going to school in the US?

I live in Germany right now, and the average German pays 500 Euro per semester for college. This is much lower than US students have to pay. I know many other European countries have low college costs too. Canada is, for the most part, also cheaper than the US. I would argue that US colleges and universities are still among the best in the world, but why is it becoming harder for US students to access that education?