The Problem with College Tuition and its Solution Today in America, students graduate from college but struggle to pay off their student debt for years. Other times, smart individuals drop out of college because they cannot afford to pay the rest of their college tuition. In the 1960s and 1970s, tuition was only a small fraction of what it is today, and many were able to afford it with the money they earned over the summer. However, as the years went by, college tuition became expensive and eventually started to rise faster than inflation. Currently, tuition at selective and private colleges and universities has risen annually by two or three percent more than the rate of inflation, which has caused an ongoing controversy within America to …show more content…
Unless changes are made, a great amount of individuals will face a horrific future full of debt and regret.
In the article of “The Reason College Tuition Costs so Much,” Paul F. Campos finds that a large fraction of the increase in tuition can be explained by increases in subsidies. Over the course of the past few decades, administrators have said that the cuts in public funding is the reason why universities raise tuition year after year, which in turn, is the reason why the millennial generation is forced to take on crushing educational debt loads (Campos 1). Yet, contrary to popular belief, public investment in higher education in America is vastly larger today, in inflation-adjusted dollars, than it was during the supposed golden age of public funding in the 1960s. According to Campos, “the military’s budget is about 1.8 times higher
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Interestingly, increased spending has not been going into the pockets of the typical professor. In fact, salaries of full-time faculty members are barely higher than they were in 1970. In such matter, full time faculty members are very rare to come across in a college or university. Today, half of post-secondary faculty members are lower paid part-time employees, meaning that the average salaries of those who teach in American higher education are actually quite a bit lower than they were in 1970. The real major factor driving increasing costs is the increased amount of university
As McArdle points out, the cost for a college education has gone up over the years, leaving students in debt. I agree with this statement, because a college education was more affordable years ago and now it has doubled it’s cost. According to the article, McArdle states “The average price of all goods and services has risen about 50 percent. But the price of a college
According to the Bureau of Labor Statistics, college tuition and relevant fees have increased by 893 percent (“College costs and the CPI”). 893 percent is a very daunting percentage considering that it has surpassed the rise in the costs of Medicare, food, and housing. As America is trying to pull out of a recession, many students are looking for higher education so they can attain a gratified job. However, their vision is being stained by the dreadful rise in college costs. 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.
Rep. Dick Zimmer predicts that at the current rate of rising college costs, by the year 2000 the average price tag for attending a four-year public university will be over $50,000 and the average four-year cost at a private university will exceed $104,000. (College costs continue to climb, 14) During the years between 1970 and 1994, the consumer price index increased just under four times, but the average cost of tuition, room, and board at four-year public colleges went up nearly five times, and private college costs rose almost seven times, from just under $3,000 to over $20,000. According to the U.S. News Cost of College Index, the average middle-class worker must now labor 95 days to pay for a year at an average private college. Two decades ago, it took slightly more than half as long to pay for the same education. (Elfin, 90) By 1994, the average four-year cost at a private college was over three times the typical family's annual income. (Reiland, 59) However, The College Board recently announced that US college tuition and fees for 1996-97 increased at nearly the same rate as they had in the previous year, adding that the more than $50...
As The “Progress of Education Reform” suggests, tuition discounting is major contributor to the rising cost of college in the sense that while it provides a tuition discount to the one particular student receiving the grant or scholarship it places a heavier burden on the majority demographic that attends the university without such discounting. (The Progress of Education Reform” 1). In contrast to popular opinion, scholarships and grants which are normally regarded as blessings are ironically a contributing factor to rising tuition prices. Basically, the universities have to make up for the money they lost by awarding the scholarships so the majority of the student population who did not qualify feel it in their pocketbooks. A final cause of this ludicrous tuition spike is the shift in university budgets to cater to the administration departments of the schools. Jobs in this department are non-teaching jobs that provide student services ranging from student safety to counseling and wellness programs. These jobs are definitely
Fighting the cost of college tuition is a hot topic these days. As long as I can remember, tuition has always been a reason why most people don 't pursue their bachelor’s or even associate degree. Today 's society has changed students are fighting for grants, financial aid, and even loans to pay through school. In order to be financially comfortable in the 15th century a college education is a must. It is an everyday battle getting financial support from a college’s administration. Colleges need to be more affordable, obtaining funds less stressful, and colleges must enact policies that condone these principles.
One cause of increased tuition is the reduction of state and federal appropriations to state colleges, causing the institutions to shift the cost over to students in the form of higher tuition. State support for public colleges and universities has fallen by about 26% per full time student since the early 1990s. In 2011 American public universities took in more revenue from tuition than state funding. About 80% of American college students attend public institutions. In a financial bubble, assets like houses are sometimes purchased with a view to reselling at a higher price, and this...
Student Loan Debt According to US news, “the average bachelor’s degree holder takes 21 years to pay off their student loans.” The authors of “The Student Loan Crisis” are persuading the readers to not be afraid of student loans. I strongly agree with the article “Here’s Your Crisis: Student Loan Debt Isn’t a Myth” because they give very compelling evidence that student loans are a very big deal. The total student debt is over $1 trillion now according to the Consumer Finance Protection Bureau.
According to a Pew survey, 75% of Americans believe college is too expensive for most to afford. The cost of college has skyrocketed since 1978. Tuition and fees have risen a 1,120% since 1978. Nearly 35% of students were unable to attend their first-choice college because of the cost—despite being accepted. There have been many presidential discussions on this topic.
An article written in 2015, by the Center on Budget and Policy Priorities explains that “States cut funding deeply after the recession hit. The average state is spending $1,805, or 20 percent, less per student than it did in the 2007-08 school year” (Mitchell and Leachman). With approximately 20 percent less per student given to educational institutes over the course of time, this will amount to a great deal of money lost and schools will need to adjust accordingly. Unfortunately, one of the ways that educational institutes are working to correct this is by increasing college tuition for students. When you do this, it is much harder for scholars to justify attending institute. Some individuals will argue that you are able to get financial aid. However, this does not turn out to be so for must students. This, again, is a setback in getting an education. An article writing by Michael Mitchell and Michael Leachman states that “In Arizona, published tuition at four-year schools is up more than 80 percent”. With this increase of education, how do students know where the money is being spent. Scholars would like to know that the cost of their education is not being spent incorrectly and are curious as to why the cost of education is increasing when there is no increase for them in the
One reason that higher education is not affordable is that the states’ revenue is low and the states are in debt. Because of their decreasing tax revenues, many states need to make cuts in their budget. As a result of this, tuition is rising and other changes are happening throughout colleges. Some of these changes include: higher student to faculty ratios, less but larger classes, and fewer on-campus jobs that normally support students (Hulsey 24). These changes affect students and impact their view and decisions of certain colleges. The tuition rate has also “been rising at about 6 percent a year for most of the past ten years” (Marill and O’Leary 64-66, 93). This percent inevitably makes it harder for students to find an affordable college. High tuition prices also keep some people from attending their dream college. All of these changes have an effect on the students and the rising tuition prices.
Is Debt Driving Recent Graduates to Move Back in With Mom and Dad? The growing total student loan debt in the United States has many experts worried about the future of both higher education and millennials entering the work force. In 2016, more 18-34 year olds moved back home than ever before and the total student loan debt market crossed the $1.4 trillion mark. To combat this, many students have moved home after college to cut costs and get a head start on loan repayments, but is it the best decision long-term? Saving Money
With the rapid growth of college tuition, it has become an important issue in higher education. College Tuition is simply defined as the charge or fee for instruction, at a private school or a college or a university. Most people agree today that college tuition is too high or that it needs to be completely dismissed. There are some however, that may disagree with the claim about college tuition and state that college tuition is necessary for college growth, and it’s primary purpose is to pay for college expenses to support the institution financially. Research shows that college tuition is too high and that debt has become a standard in America after attending post-secondary school.
Vedder, Richard. “More Money Is Not the Answer.” Editorial. Rising College Costs: A Federal Role? The New York Times, 3 Feb. 2010. Web. 19 Oct. 2011. .
Have you ever thought about the inflation of college tuition in the United States? College tuition is the number one topic in every college student's or potential college applicant’s mind. College tuition rates have increased dramatically in the past decade: they increased by 266 percent in just 16 years. If this trend continues, college education will be available only for the few privileged ones because of its high price. Meanwhile, higher education is extremely important as it gives young people new skills and increases their chances of getting well-paying jobs. It goes without saying that college tuition rates should be controlled by federal and state government and partially funded by it because everyone should have the right for higher
Education institutions need to raise funds. There are a lot of things that need to be done in order for an institute to operate. The money is collected through fees, donations, and any other means (Menon, 2011). Colleges should rely more on donations than tuition fees, the stare could help donate to colleges. “Yes, college is worth it, a four-year degree has probably never been more valuable” (Leonhardt, David). A college degree is valuable, but then why is there so much debt stuck with it. One can say it is a way of doing business but to get best education and facilities one has to provide the funds as well (Menon, 2011). In order for colleges to run they need to have their own funds, they should not be forced upon a student, or at least minimize the tuition fees. If more students are attending college, why not bring down the price for tuition if they are making more money. “The pay gap between college graduates and everyone else reached a record high last year”, according to the new data, which is based on an analysis of Labor Department statistics by the Economic Policy Institute in Washington” (Leonhardt, David). “Americans who attend a four year university and obtained a degree, made 98 percent more and hour than on average 2013 than people without a degree” (Leonhardt, David). That is great, people have really worked hard