However, what they have to pay back is often more than the degree is worth in terms of income. The cost of college has increased by three hundred and seventy five percent, but house hold income has raised only one hundred and twenty seven percent. The government continues to tell student to pursue education and society believes that education is the best way to go. However, the value of a college education, based on earning potential, after graduation, is falling. Based on research, some students are intimidated by the amount of money they will eventually have to pay back.
College tuition is rising beyond inflation. Such an immense rise in tuition has many serious implications for students; for example, fewer students are attending private colleges, fewer students are staying enrolled in college, and fewer students are working in the fields in which they majored in. As the high school chapter is coming to a close, many students have to make a decision that will affect the rest of their lives. Hopefully, for many that decision is to enroll in a college and attain a higher education. However, as tuition costs rise, students have to take a second look at their options for a better future.
There is no escaping the fact that the cost of college tuition continues to rise in the United States each year. To make it worse, having a college degree is no longer an option, but a requirement in today’s society. According to data gathered by the College Board, total costs at public four-year institutions rose more rapidly between 2003-04 and 2013-14 than they did during either of the two preceding decades (Collegeboard.com). Students are pressured to continue into higher education but yet, the increasing costs of books and tuition make us think about twice. Sometimes, some of these students have to leave with their education partially finished, leaving them with crushing debts.
Many people all around the world can not afford college. Even though scholar ships are offered it is still difficult for some people to pay their way into college. It is also more difficult to get a scholar ship if a person’s grades are not good. To get a good scholar ship a person needs to make A’s and B’s but no lower. In the article “College Costs More Than You Think” it says, “Freshman say they will finish in four years, but most will be paying tuition for five or six years” (Marcus).
Another reason why students are dropping out of college today is because of the tremendous increase in tuition. Tuition is becoming unaffordable to many students because of the economy and budget cuts, students have to rely on an outside income. Although the boards and government are trying to fix this problem, if the economy doesn’t get better the tuition will continue to rise. The students shouldn’t suffer because of other political issues. In this generation college is very important and finding a career is competitive, therefore education and obtaining a degree is very helpful.
A free college education would also help me be able to find my career so much easier without spending thousands of dollars for classes I’m not interested in before finding the one I really want to have a career in. Peter Thiel, co-founder of PayPal, noticed that the cost and demand for a college education has risen significantly between when he was a college student and today; he describes this rise as irrational. Thiel thinks that students today are taking larger student loans which leave them in debt and their
Nowadays, many people seek higher education for a better advantage in finding a job and getting a better life. Even though many people think going to a four year university directly from high school is a good idea; they are wrong. Starting out at a two year college is more affordable. Also, it helps people explore careers and prepare people to do better in four years universities later down the road. Going to four a year college directly after high school would cost a fortune amount of money.
For those students who do decide to attend college, they are forced to take out loans provided by either the government or their university, which has a large interest rates. In a recent study done by Project on Student Debt, it was reported that in the graduating class of 2015 from public and for nonprofit schools, about 68% had student debt, averaging around $30,100. This is a 4% increase from the 2014 class. As of 2016, the debt in America just from student loans is almost at $1.3 trillion, the second highest debt, first being the housing debt. These two debts will continue to increase, as college graduates are pushing off buying their first home, mostly because they cannot afford it.
Most students will acquire a huge debt in college forcing them to find a job or multiple jobs to support themselves. In the study, “The Myth of the Student Loan Crisis” it disagrees that student loans are a problem, but the numbers of students who have earned a degree and do not use it in their field of work is astronomically growing. Student loans are causing people to have to settle for low-paying jobs, because they are having to pay month to month. Per a study by Jesse Rothstein most people with college loans will have a low-paying public job like waiting tables or becoming a secretary. People go to college and major in a subject because they want to love and be successful in their job.
According to Abel and Deitz, “In recent years, students have been paying more to attend college and earning less upon graduation—trends that have led many observers to question whether a college education remains a good investment” (2014, p. 1). If the student cannot find a job that pays a decent amount of money, after graduation why should the government ‘fund it?. College costs are rising each year. Future generations may not be able to go to college because tuition will be too high. But Abel and Deitz explain the reasoning behind it, “The return has remained high in spite of rising tuition and falling earnings because the wages of those without a college degree have also been falling, keeping the college wage premium near an all-time high while reducing the opportunity cost of going to school” (2014, p. 1).