The High Costs Of Education Essay

The High Costs Of Education Essay

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Over the past few decades’ education costs have soared to all time highs, and are projected to rise even more in the coming years. According to the College Board, the average annual cost of tuition and fees at an in-state public university for the 2015/16 school year was $9,410, and for an out-of state public university was $23,893. Private universities were much more expensive with an average cost of $32,405. These totals still do not include the cost of room and board which averaged from $8,003 to $11,516. The high costs of education in the United States often hits the middle class the hardest, since they can not afford to pay the full amount, but do not qualify for many subsidies. Some students are lucky enough to get substantial scholarships, but for many student loans are the only option. The average amount borrowed per student is approximately $24,300. Outstanding student loan debt in the United States is currently over $1.3 trillion. The average student in the graduating class of 2015 graduated with an outstanding student loan debt of almost $35,000.
Colleges set the price of their tuition and room and board and based on the student’s family income calculate the Estimated Family Contribution (EFC). Colleges then cover a percent of the students financial need through merit based financial aid such as awards and scholarships, or financial based need in the form of loans, grants, scholarships, or work-study. In the 2012-2013 school year, approximately $238.5 billion in financial aid was distributed to undergraduate students. From this, each undergraduate student received an average of $13,730 including about $7,000 from grants and $5,000 in federal loans.
With such a drastic increase in the cost of education, students may s...

... middle of paper ...

...the United States were enrolled in college, it would reduce the unemployment rate by nearly 2 million people and less people would need government assistance such as welfare programs and food stamps. Therefore, a federal program used to fund higher education would mean the United States would spend less on governmental assistance programs (Samuels 2012). There would be a significant increase in the United States labor force, the labor force participation rate, and the employment-population ratio. One of the main reasons that the United States has such a high unemployment rate has to do with people’s reservation wage. A reservation wage is the wage that a person requires before accepting a job – the higher the reservation wage, the more likely one is to be unemployed (Colander, 2013). With more people holding higher degrees, they would be able to demand higher wages.

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The High Costs Of Education Essay

- Over the past few decades’ education costs have soared to all time highs, and are projected to rise even more in the coming years. According to the College Board, the average annual cost of tuition and fees at an in-state public university for the 2015/16 school year was $9,410, and for an out-of state public university was $23,893. Private universities were much more expensive with an average cost of $32,405. These totals still do not include the cost of room and board which averaged from $8,003 to $11,516....   [tags: Higher education, College, Academic degree]

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