Introduction Economic factors that influence the college-making decision Today, due to state budget cuts, federal changes in student loans, unemployment, and reduced college endowments, economic issues weigh heavily on the minds of students. Cost, financial aid, and employment opportunities are the top factors in influencing students’ enrollment decisions for all types of colleges (Noel-Levitz 4). State universities have now become, in many cases, prohibitively expensive for many families. Financial aid at formerly generous private schools has dwindled and merit scholarships have gotten smaller or disappeared completely. In fact, 31% of students who did not enroll in their first-choice school said that their main reason was that they could not afford it (Vadala and Falkowski).
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.
The average debt being $21,326 for a bachelor’s degree may sound like a hefty amount. Nonetheless, the gap of $18,500 between a high school diploma and a four-year degree shows the value of higher education. In all honesty, this is not taking into effect the differences of vertical movement over the years. Consequently, the difference of the potential earnings in the long term will become even greater between the two. In conclusion, the value of a higher education is one hundred percent worth the cost of student loans.
It is worth spending the time and money on a college education because people who have a college education can have more Job opportunities, more benefits, and bigger salaries. One of the many reasons why getting a college education is worth it is because there are more job opportunities. Most job now a days don't just require a high school diploma. A lot of employers are looking for people with degrees because they have more knowledge and will get the job done right. Between December 2007 and January 2010, jobs that required some one with a college degree grew by 187,000.
In the end you will make more money, you would have gotten a higher education and you will end up being happy with what you have and are going to accomplish. Money, Money and more Money. Let’s admit, it 's all we think about and it 's also vital to our survival. When we hear the word "college" the first thing that pops into most people’s minds is money and debt. Of course college means money, but it really means money on both sides.
There is no true price that you can pay for what collegeoffers. That is, because a high school graduate can readily and unfortunately expect “higherunemployment rates than college graduates” (Fain 1). And if those high school graduates happento find a job, they can expect college graduates to make approximately “$17,500 more” (TheRising Cost of Not Going to College 1) than college graduates. The statistics for going to collegemight be scary, but the ones for not going to college are terrifying.So, what exactly is so good about college? It might not seem like it, but college isn’t justthe lesser of two evils, really, college can be great for most people.
Vedder, author of Pell Grants Raise the Cost of College and Cause Education Inequality, cites Pell Grants and financial aid as important factors in the rising cost of college. Although both authors offer strong arguments, I think Vedder presents the stronger argument because he has more credibility, being and economics professor. When students are looking for colleges to apply to, one consideration might be how much it will cost them to attend that college. This is a very important matter to consider because the cost of going to college is the highest is has ever been. Even though there is some aid to assist students in paying for college, those services are not available to everyone.
The cost of higher education has become somewhat of a business and has become more expensive as time go by. Especially, the for profit schools it’s like paying a mortgage. Free college education will encourage more people to continue their education to develop their skills and obtain higher paying jobs. Top schools such as Harvard, Princeton and Michigan have launched an open course for teaching online. “leading up to the Million Student March.
Sending a child to college can be a substantial financial drain on the average American family, however, the return on the investment will be well worth the cost. According to Earnings of College Graduates in 1996, written by Theresa Cosca, the median earnings for a college graduate were nearly seventy-five percent more than a high school graduate's earnings.
Instead, to a large extent, the purpose of college is to act as a costly signaling mechanism to assist employers in screening employees. A college education is more about showing off than acquiring useful job skills. However, this showing off comes at an enormous price. We waste billions of dollars per year on this showing off, not to mention the four years of someone's life. These tremendous social costs require us to rethink hiring practices and how universities serve their students.