Effects Of College Tuition

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A study done in 2014 shows that 21 million people currently attend college in The United States. This number has increased by 5.7 million since 2000 (U.S. Department of Education). This increase in interest for education has been extremely important to the structure of society, however the cost of college tuition is leaving many citizens not thrilled about the college experience. In 2012 and 2013, the average price for one year of undergraduate tuition, room, and board was $15,022 for public schools, $23,153 for private for-profit schools, and $39,173 for private nonprofit schools (U.S. Department of Education). High college tuition is altering the ability for students to get the quality education they deserve, and leaving them in considerable …show more content…

Reports show that college tuition has rose 439 percent between 1982 and 2007 (Student Loans). However, with the rise in tuition, comes the rise in student loans. Government loans are offered to students who otherwise would not be able to go to college, with the agreement that students will pay back the loans with interest. Therefore, the government spends $34- $45 billion on student loans (Belkin). However, due to the 18.5% unemployment rate in 2009, the US Department of Education concluded that 46.3% of loans go into default (Student Loans). Student debt is becoming a seriously growing problem in the United States. Student loan debt is growing $2,853.88 per second. There is more than $1 trillion in educational debt, causing student debt to become a larger problem than credit card debt or mortgage debt (Iosue and Mussano). Tuition has also risen three times faster than consumer price index and two times faster than medical care (Belkin). Due to the combination of inflated college prices and poor economics, the average graduating student was left with $24,000 in student debt in 2011. A survey by the Institute for Financial Literacy stated that 13.6% of people with bachelor degrees filed for bankruptcy in 2010. The students dealing with debt also had to worry about the 18% youth unemployment rate. In order to have a job to make money, college graduates are forced to work in jobs that do not take a college degree. Usually, these underemployment jobs are not sufficient enough to pay off their debts, causing a rise in student loans who go into default (Student Loans). In Rutgers University in New Jersey, there was a survey done with the graduated alumni after their first year out of school. One quarter were disappointed in their starting salaries, while another quarter had to work below their education level. As most of them had to work below their intelligence, one quarter of the

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