Are College Entrance Exams Too Expensive?

Hello all,

We have spent much time discussing how there are systemic flaws in the education system that leads to inequity across socioeconomic, and by extension, racial, lines. Ideas related to affirmative action, tuition price, and income equity have been explored to an impressive degree. 

To offer another vantage point to a cause of this inequity, I want to bring the cost of the actual entrance exams required to attain admission to most universities in the country to discussion. Though most of us are familiar with the requirements for college admissions, a refresher on the number of exams that just one student often must pay for are: SAT Reasoning Test, ACT, SAT Subject Tests, AP Exams, IB Exams, and sometimes more.

Companies like College Board that administer many of these exams are supposed to operate as non-profits, since they essentially run a monopoly on goods that the majority of teenagers absolutely need to purchase to further their advancement in society. However, upon research, the College Board pays exorbitant salaries and bonuses to its many executives, indicating a high excess of return that these firms make on the exams that students are essentially required to take.

So my questions to the caucus are:

Do you think that the cost of entrance exams is an area that could lead to amelioration of the socioeconomic inequity that is present in our college admissions process currently?

How culpable are the administrators of these exams, like College Board, in setting the price of exams so high?

Is the free market just doing its job in giving College Board an incentive to operate in this industry, or should there be price controls on, essentially, a public good?

Below are a couple articles on the issue, including the barrier cost of the LSAT, a graduate exam whose cost is limiting the number of lawyers in our country.