Arthur has a Ph.D. and is a substitute teacher in Virginia Public Schools. He is also a Technology Leader and an Educational Consultant.
The Cost of a College Education
The Cost of a College Education
According to Allaire, "One thing is certain: if the cost of higher education continues to outpace the ability of middle- and working-class families to pay, the problem will snowball into other areas of higher education." (Allaire, 2018). This snowball effect will cause a system very similar to that in the past, where only the rich will be able to get an education.
It is ridiculous that higher education costs have increased by over 1000 percent over the last decade. This astronomical increase has caused many prospective students to go to college and not attend. The time it takes to repay these student loans will create hardships for many students.
Many students that enroll in colleges do not complete their education, and this causes them to default on their student loan agreements. It will cause their credit scores to drop significantly and create another financial hardship. Many challenges are trying to get a job without a college degree in most fields. Some organizations also will not offer promotions to their employees without them having a college degree. Where online education is starting to be a new fad, the graduation rate at these online universities is equally alarming when it comes to their graduation rate.
The government has disregarded these statistics and still loans out 50 to 60 thousand dollars to students, so they can get their degrees knowing that students will either drop out or find that what they have been educated in does not lead to a career. The government also comes down very hard on students with unpaid student loans. These students find that the government keeps their tax returns to satisfy their defaulted student loans. These students will not see an income tax return for 10 to 15 years.
According to CNBC, "Over the last decade, the average tuition and fees at private four-year schools rose 26 percent. It's even worse in four-year public schools, where it has jumped 35 percent during that period. Yet for many prospective students, free college is becoming a reality, as more states adopt scholarship programs to increase enrollment and accessibility."
This cost increase affects more than just the students enrolled in higher education and the corporations. If a student is lucky enough to choose a profession to study in college, it still exists when they will have to select a job paying the most to pay back the student loans. Corporations will not be able to offer better benefits. They will have to provide better salaries to obtain true professionals to help their business grow.
The government is one of the major stakeholders affected by allowing colleges to charge so much and not doing anything to regulate the cost. One of the issues that will arise is that the economy will suffer more than now because workers will not be able to invest in 401k plans or IRAs. As workers get older, they will need to rely on the government to pay for their food, housing, and medical benefits. It will tax the government's funds that they could have used to pay off their debt.
Today's economy already suffers so much because of loans the Unites States has given to countries, and they could not pay back. The government should not use this same line of thinking with their citizens and loan us monies at high-interest rates that they cannot afford to pay back.
One way to correct the issue of high-cost education is to have corporations be responsible for paying for their employee's education. Another is that government regulates the cost of college tuition. If it were my decision, I would have colleges charge according to the value of the curriculum. If a student enrolls in a business administration class, you should not pay more for that course than you will make over ten years. There should not be cases where a person goes to school and graduates with a degree in social work where the salary is 40,000 dollars a year and then pay 60,000 dollars for the degree.
The government is obviously against going up against colleges and universities because they benefit from the profits of students because of the interest rate.
The final resolution to this issue is that creating more not-for-profit colleges, MSI, and HSBC can make a difference in cost to students. High school students that are graduating need to start looking at the expense of their education and researching how much they can make when they graduate. It would be amazing to work in a career you love, but that may come at a cost, and students need to be aware of that.
Personal benefits of investment in education are the easiest to be quantified in the form of additional income obtained in the life of a person invested in education. Even though the price of education is costly, the benefits for persons who have gone to college exceed those who have either dropped out or who have never gone.
Benefits are determined by calculating the differences between the average earnings of individuals with a higher level of education and those with a lower level of education. The correct calculation considers other influences and factors besides gains. It also believes that education helps build maturity in young adults. Education costs are skyrocketing in America, and jobs are becoming harder to get because corporations are setting education levels higher to qualify for a job.
The idea of getting an education can no longer be going to school and obtaining any degree, and high school students need to research what careers will give the salary and the satisfaction they need. Parents must coach their children on careers and explain how the cost of education needs to be aligned with their career choice. Education is costly but is still necessary for growth, personal satisfaction, and to be in a position to get the right job.