Economics of College Essay

Economics of College Essay

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As we grow up, everyone asks us what we want to be when we grow up. Once we get a little older, they ask where we want to go to college. They ask every question imaginable, except how we are going handle the financial responsibility. The decision to attend college quite often results in major student debt. This debt often influences a person’s decisions on where to attend college or if they are able to attend college.
With attending college there ensues a large financial burden, but it is difficult to find a job without a degree. The need for a college degree is growing, as is the cost. The unemployment rate representing people who have not graduated college is currently 7.3%. While that has decreased from where it has been previously, it is still higher than the unemployment rate of 5.9% for those who have graduated with an associate’s degree, and even higher than the 3.1% rate of those who have graduated with a bachelor’s degree or higher (Bureau of Labor Statistics).
The cost of college is intimidating and discourages many people from attending. There are more than 4,400 colleges in the United States of America with prices ranging from zero to more than $60,000 per year. The average cost of a public college for an in-state student in a four year program is $18,391. For an out of state student, the same program costs $31,701. A four year program at a private non-profit college averages at $40,917 (College Board 2013).
The price of college has risen over the years. In 2013-2014, the percentage in tuition and fee prices for out-of-state students increased 3.1%, slightly higher than state residents, at a four-year institution. The dollar gap between the two prices increased from $12,887 to $13,310 (Colle...

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...ard. Web. 6 Dec 2013. .
"Employment Status of the Civilian Population 25 Years and Over by Educational Attainment." Bureau of Labor Statistics. United States Department of Labor, 06 Dec 2013. Web. 6 Dec 2013. .
"Facts About the Income of Graduates." Minnesota Office of Higher Education. U.S. Department of Education. Web. 6 Dec 2013. .
May, Kristen. "The Average FAFSA Aid." Synonym. Demand Media. Web. 6 Dec 2013. .
"What is a College Education Worth." University of Washington. University of Washington. Web. 5 Jan 2014. .

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