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.
In the article, “Freedom to Fail? The Board’s Role in Reducing College Dropout Rates.” by Stan Jones says, “ To retain students, boards should consider an approach to governance that reduces the time it takes for a student to graduate, lessens the number of choices, and provides more predictability and structure.”(Jones, Stan 20-23) At least the Boards and Government is taking charge of this issue because college dropout increasing and that can affect the future of this country. Although going to college in the United States is a high demand, there are many students who drop out in their first year school due to, high tuition, inadequate academic preparations and how their raised. One of the main reasons why students drop out is because of how they are raised. Parenthood is very important in a child’s life.
The cost of tuition for higher education is quickly rising. Over half of college freshmen show some concern with how to pay for college. This is the highest this number has been since 1971 (Marill and O’Leary 64-66, 93). The amount of college graduate debt has been rapidly increasing also. With limited jobs available because of the high unemployment rate, college graduates find themselves staying in debt even longer.
Average tuition, fees and room and board in 1964-65 was $13,233 a year; in 2010-2011, it was $31,395, an 137.2 percent increase (Mathews, 2013).” This 101.7 just goes to show you that tuition is way too high and has been substantially increasing over the past fifty decades, but for what reason? Not only is the tuition increase making it harder to pay for school, its also influencing students on their future careers. "To repay their debts, students are anticipating the need for immediate and lucrative employment after college so they choose both “practical” and “well-playing” fields of study, resulting in the decline of majors such as philosophy, history, and English literature." By the increasing prices its making the students choose more ordinary jobs that they know they will land in order to pay off their debt. There are three main reason for the tuition increase, the first being that at public colleges and universities, the story is mostly that states have cut higher education funding, and schools are making up for it with increased tuition.
The amount of college graduate debt is rapidly increasing. Also, the little amount of jobs available because of the high unemployment rate, are having a harder time paying off debt. Even though the students can get loans and financial aid. Although some claim that higher education is still worth it, with higher unemployment rates and tuition is still increasing it makes it harder and harder to pay off. Most states are needing to make a cut in their budget.
Policies exist that govern the ability of institutions increasing their fees and at the same time federal government provides payment subsidy to students in order to make the education more affordable. Literature review Governments have shrunk their support for higher education. This decreasing support of higher education by the state governments is the leading factor that drives the rise in education fees at public colleges and universities. Another very important factor is the rising costs, faculty and administrators demand huge payment that are in turn offset by the students in so doing the college fees increases. Between 2000 and 2010 funds per student at government universities in America reduced by 21 percent.
One year at the prestigious Yale University will cost an average of $38,300 (collegeboard.com). Many students who deserve to go to this school may miss out because of the cost and lack of financial aid. The rising cost of college may put higher education out of reach for the average American. This paper will look into the reasons behind the steady rise in prices, the legitimacy of a college education, and why recent graduates are struggling to find jobs in this tough economy. A college education is now as necessary for success as a high school education was in the 1970’s according to the job industry.
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.
Student borrowing is based on the idea that “a student’s future income will be more than able to cover the costs of getting a degree.” (Schumpeter Blog, 2011). In a dissertation on student debt aversion, Benjamin Keys notes that about 17 percent of students in their sample of full time undergraduate students rejected interest-free loans for which they were eligible. (Keys, 2009) In the United States, the cost of higher education continues to outpace nearly every public service, but in the majority, there are few options left but to ‘bite the bullet’ and get the loans. This is the best bad option left for students, to take out loans and
In recent years, there has been a tremendous increase in student enrollment in higher education after high school effecting the need for financial aid for all students. Education has become a growing part in America where more students want to better their lives with a college education. However, the cost of college tuition has increased and more students find themselves struggling to pay off the enormous tuition rates. In a recent study by the Consumer Financial Protection Bureau, student debt has reached $1 trillion in federal loan debt. Student loan debt has crippled the economy and students are struggling to pay off federal loans.