In the present economic crisis, high school students and their parents are wondering how they will afford a college education. This year the cost to attend many private institutions, including tuition, room and board, fees, and other expenses like books, costs more than the median US household income of $50, 233. For the past 20 years, the cost of colleges and universities in the United States has risen much faster than the rate of inflation, gas, or health care. Unlike these other services, the rules of supply and demand have not slowed the rising prices because people have not stopped applying to or attending these schools. Why are Americans willing to take on $20,000 to over $50,000 of debt for their child to attend a ‘good’ school?
The fault for some of these exorbitant price tags has to be placed on the too willing consumers. Parents and students who tour college campuses every year have come to expect certain luxuries, like the state of the art student center, athletic complex, and luxury dorms. Schools want to attract as many students as possible, so they continue to pour resources into these amenities rather than into classroom instruction. There is a growing phenomenon that a school offers a better education if it costs more, when the price tag is often unrelated to the quality of the academics. Parents are also less and less willing to deny their children the opportunity to obtain this exemplary education that is supposed to give them a leg up in the work place.
Americans should be horrified by the fact that raising the cost of tuition often attracts more applicants; some schools that had once been very reasonable must now raise their prices in order to remain competitive and appear on the same level academically. Even though, some schools have been forced to raise tuitions due to cutbacks in state budgets, they continue to spend money on lower priority areas than classroom instruction.
Especially in the present economic climate families need to be taught how to differentiate between the cost and the merit of an institution. Studies have shown that attending the most prestigious schools in America does not always translate into obtaining the highest paid jobs. Students must ask themselves how much debt an undergraduate degree is worth, especially if there is no guarantee of a return on your investment. President-elect Barack Obama has encouraged young people to dedicate themselves to the good of their fellow man by taking careers in public service. However, if students are buried in debt they cannot enter fields where they will make less than $30,000 a year. If the public wants well educated young people who will also benefit their communities, they need to find a way to make that education affordable for all families.
During recessions, more people need to attend college so they can improve their skills to stimulate the economy. At present, it seems that students are being attacked on all sides: student loans are difficult to obtain, there are fewer part-time job openings, and the cost of a college education is out of control. The economy cannot be expected to fully recover if students in lower and middles class families cannot afford higher education. President-elect Barack Obama has proposed a $4,000 tax credit for all Americans who attend college and has plans to simplify the application process for financial aid, as well. He views higher education as an investment in our nation’s economic growth and an opportunity that should be afforded to all Americans no matter their socio-economic status. Congress is not certain whether the tuition tax credit is a viable option in this unstable economy, especially when it would most likely detract from the Pell Grant, which provides need-based grants to low-income undergraduate students to promote higher education.
State universities have become hot commodities due to their lower costs, but the increase in applicants and accepted students has disrupted the balance of college admissions. After the May 1 deadline last year, more people were accepted at places like University of Massachusetts Amherst than the school could house. Not only did some students have to figure out their own housing for the upcoming academic year, but other private institutions then had to go further into their waitlists to replace students who instead decided on attending state universities.
The business of college has spun out of control and Americans have allowed this crisis to continue; however, with the economy in serious trouble students are finally deciding that certain schools are just too expensive. This industry, that has been rapidly growing for the past twenty years, will need to make certain fiscal adjustments in order to continue and to actually benefit the nation by educating all of America’s youth-not only the ones who can afford such an education.
