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College tuition impact on students
College tuition impact on students
Effect of tuition fee on students enrolment
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Post-secondary education has became the necessary gateway for young adults to gain access to skilled white collar careers, with even some unskilled labour now requiring at minimum a two year college diploma, the need to have access to post-secondary increases annually. However, access to education has become a gateway to sometimes crushing student debt following graduation that can take a lifetime to repay; even stunting the ability to achieve things such as home ownership, ability to access credit to start a small business, or in extreme cases, afford to move out of the parental home. Governments have made strides in improving the amount of funding available for students to go to college or university; they have also cut the amount of funding given directly to the institutions to offset operating costs, which in turn has lead to annual increases in tuition costs. This dichotomy in reasoning has lead to increasing tensions between students and the administrations of post-secondary schools across Canada. Most recently in Quebec, large student walk-outs and protests were held to...
One statistic that Owen and Sawhill presented was “Hamilton Project research shows that 23- to 25-year-olds with bachelor’s degrees make $12,000 more than high school graduates but by age 50, the gap has grown to $46,500 (Figure 1). When we look at lifetime earnings—the sum of earnings over a career—the total premium is $570,000 for a bachelor’s degree and $170,000 for an associate’s degree. (Owen, Sawhill pg 641). Owen and Sawhill also mention that “with tuitions rising faster than family incomes, the typical college student is now more dependent than in the past on loans, creating serious risks for the individual student and perhaps for the system as a whole, should widespread defaults occur in the future. Federal student loans now total close to $1 trillion, larger than credit card debt or auto loans and second only to mortgage debt on household balance sheets” (Owen, Sawhill pg 642). Basically, what the authors are saying is college is expensive, but for some career paths, the training and education received in college is necessary to have that job and the benefits outweigh the costs. With a high paying career where a college education is necessary, paying off student loans is no problem. On the other hand, people who go after low paying careers that don’t necessarily need a college degrees,
In recent discussions of university tuition cost, a controversial issue has been whether post-secondary education should be free or still pertain high costs. My own view is that universities should not consider complementary education because of opportunity costs, unnecessary amount of graduates, and the possibility of the purpose and quality of education being altered. And isn’t government spending of education ignoring the holistic view of other vital crisis such as the immense $18 trillion national debt? By reserving the costs of tuition we will be able to maintain greater advancements to our nation.
Individuals are struggling nowadays to acquire an education higher than a high school diploma. One of the main reasons for this issue could be very well the price it is to attend college. The prices have skyrocketed throughout the years. A lot of the people who attend college have to take out a “student loan,” just so they can get by. I believe one should not need to be in serious debt before they even graduate, all because they want to go out and further their education, and become successful in their life. College is a popular topic for most and Sanford J. Ungar and Charles Murray has a unique way of explaining both their opinions.
Mark Kantrowitz indicates in his article, Why the Student Loan Crisis Is Even Worse Than People Think, that “Student loan debt is increasing because government grants and support for postsecondary education have failed to keep pace with increases in college costs”(Why 1). This means that the government no longer covers for college tuition fees. College graduates are 20% more likely to work at a job that is outside of their major by the debt they are in. Kantrowitz also mentions that “students who borrow to attend college, it appears that more than a quarter (27.2%) of them are graduating with excessive debt” (Why 1). In reality, leads to student saying that the financial cost was worthless, ending up with a job that is especially not what they went to school
There was a time in America where college was based solely on merit, higher education and pursuing the American Dream to obtain a career and gain social status to be successful in society. According to the Economist newspaper, rising fees and increase of student debt, shared with dwindling financial and educational returns, are undermining at least the perception that university is a good investment. Now due to high cost of an average good university, students are leaving college owing back over $100,000 and are not getting the job of their original dreams.
For the past decade, The United States has stressed the importance of college education, to those seeking employment, and better careers. For most people, college is the logical next step in education, as it provides a working knowledge of a desired field and opens the door to many opportunities, but college has become increasingly more expensive as time goes on. Many people feel that college is no longer an option financially. Even with financial aid and scholarships, the cost of a college education can still be very taxing. This is due to massive price increase across the boards, but the main issue on most people’s minds is the debt that will be acquired from higher education.
With tuition rising every year, students face the challenge paying the debt achieving a college degree comes with. “Student debt surpassed credit-card debt in June 2010 for the first time in history, rising to about $830 billion — or nearly 6 percent of the nation 's annual economic output”(Clemmitt, Marcia). Not everyone has a ton of money just laying around. Being that financial trouble is the biggest problem for students, they begin to question whether college is worth it or not. In recent years, students have taken out loans to help with expenses. Most students choose to attend a community and junior college to help minimize the debt. Even after graduating with a degree, students still face the struggle of finding a job in this economic time. For higher class families this may not be a problem to them. But for the middle class and low income families, they face tougher times being that they don 't have the financial help like higher class families do. For the middle class and low income families, it makes more sense attending a community and junior college rather than a four year university.
It is a norm and expectation in society today for students to pursue higher education after graduating from high school. College tuition is on the rise, and a lot of students have difficulty paying for their tuitions. To pay for their tuitions, most students have to take out loans and at the end of four years, those students end up in debt. Student loan debts are at an all time high with so many people graduating from college, and having difficulties finding jobs in their career fields, so they have difficulties paying off their student loans and, they also don’t have a full understanding of the term of the loans and their options if they are unable to repay.
Children of the twenty first century spend nearly 13 years in school, preparing for what is college, one of the only ways to achieve the so-called “American Dream”. College is the best way to start an advanced career and go further than one possibly could if college degrees were not available, allowing people to achieve their view of the American Dream; whether it be large houses, shiny cars, multiple kids, or financial comfort, college is the stepping stone to achieve the American Dream. But all great things come with a price, college dragging along debt. Students who attend college struggle to find ways to pay for it, leading to applying for student loans. These loans a great short term, paying for the schooling at the moment but eventually the money adds up
Since the 1973-74 school year to the 2008-2009 school year, the price of attending a four-year public or private school has roughly tripled after adjusting for inflation according to College Board. (Update). The current price of college tuition leaves students with many problems in order to receive a college degree which most careers today require. Attending college is part of the “American Dream” and the freedoms that this great country offers but when students can not afford the freedoms we offer, then it becomes a problem. Most college students are left with substantial amounts of debt restricting them from further advancing in their careers after they graduate and the average family can not keep up with the rising costs of education and have to resort to finding other ways to get the desperately needed money. College Tuition--tripling in 40 years, leaving students with large amounts of debt, accounting for 3.3% of the total U.S. gdp-- should be lowered.
A college education has become the expectation for most youth in the United States. Children need a college education to succeed in the global economy. Unfortunately for the majority of Americans the price of an education has become the equivalent to a small house. The steep tuition of a college education has made it an intimidating financial hurdle for middle class families. In 1986-1987 school year the average tuition at a private university was $20,566 (adjusted to 2011 dollars) while in 2011 the average cost was $28,500 for an increase of 38.6%. Similarly in public universities there has been an increase in tuition: in the 1986-1987 school year the average tuition at a public university was $8,454 (adjusted to 2011 dollars) while in 2011 the average cost was actually $20,770 for an increase of 145.7%. Most families who are able to save for college try to do so, therefore their children are not left with large amounts of debt due to loans. Nevertheless, families are only able to save on average around $10,000, which is not enough to pay for a full educ...
The higher education system (or lack thereof) is not serving the country and its citizens. The increasing number of admission standards, exponential tuition increases, the financing of the cost through loans, and the boasting of turning students away all contribute to rising disparity between the quality of education that upper class families can afford compared to lower and middle income families. The rising costs of higher education in this country are problematic in that they fuel a disparity between economic classes. Capitulating the problem is the amount of debt college graduates have accrued at the time of graduation. The Institute for College Access and Success (2013) reported that 70% of graduates had and average of $29,400 of debt. This number primarily focuses on non-profit and private institutions. The average annual salary of a college graduate is $57,616 (United States Department of Labor, 2014). So many college graduates have accumulated a debt worth half of what their starting salary may end up being. The Institute for College Access and Success (2013) reported that 20% of that debt “is comprised of private loans, which are typically more costly and provide fewer consumer protections and repayment options than safer federal loans3” (p. 1). This is an oversimplification in that it is looking at a very general population. Based on the degree and the subsequent employment, income will vary as does the institution attended and the student’s economic status affect the overall individual debt.
The cost of college is on a constant up rise. Unfortunately, there's no perfect formula for figuring out how much money college will cost. The costs for things like tuition and books change every semester and depend on the college or university that you select(Texas Guaranteed Student Loan Corporation, 2014). The cost differs for students who decide to attend an out of state college versus in state, as well as the students who attend private colleges over universities and for those who commute instead of living on campus. The main question posed is if secondary education is worth the cost colleges ask? In the sense of self-satisfaction, job opportunities and overall growth secondary education is worth its asking price. Opening doors beyond our vast imaginations college leads to bigger and better things. Although college tuition will always be at a constant up rise all should strive for higher education but acquiring a secondary education.
“Is College Worth it? Clearly, New Data Says” by David Leonhardt, “The Value of a College Degree” by Emily Hanford, “New study shows the value of a college education” by Hope Yen, and “Is College Worth It Anymore” by Kristen Sturt, all primarily discuss the advantages of a college education and its true value. In the United States, the student debt is over $1.2 trillion dollars. It is the second largest cause of debt following mortgage debt. When the media spends so much time talking about the limitations of a college education, they are discouraging some students from attending college. Regardless of all the debt, attending college and attaining a higher education is the best decision a student pursuing a bright future, could make today.
A college education can broaden one’s career horizons and help them achieve stable employment. Through education one can expand their intellectual capacity along with financial scope. “ The median person with a bachelor 's degree earns about $48,000 per year, compared with $27,000 for a high school graduate, according to the U.S. Census Bureau” (Haltom 14). A college education should allow one to thrive both internally and externally, whilst progressing society along with them into the ever-changing world. These statistics represent the aspired