Written By: Courtney Stanczak
Today, there are more Americans going to college than there was ever before; even though only 57% of Americans think college is a worthwhile investment. As parents are mortgaging their homes, tapping into their retirement funds, and co-signing loans, they are beginning to question if the pay-off is worth the investment risk. The plain and simple facts are that college graduates income during their first few years of work doesn’t begin to recoup their annual cost of attending a private college. With inflation increasing every year, many people decide to attend college in state or use financial aid programs to help pay for college. Even though the average income has been falling, college prices continually rise.
Currently in Wisconsin, the average price tag for college is $8,690; in one year this is a five percent change from 2011-2012 to 2012-2013. The overall major factors of increased cost are inflation and demand.
College prices didn’t start sky rocketing until the 1980’s, due primarily to inflation. Usually annual inflation is around 2%; however, for college tuition, it is 4-6% annually. To put this in perceptive, monetarily, a college education costing $10,000 will cost $400-$600 more the next year. “In a nutshell, this means that college costs are doubling every 12-18 years, compared to everything else in the economy, which is doubling in cost every 32 years” (Saving for College). As seen, colleges typically have a larger inflation rate than the rest of the economy. This inflation is a result from colleges doing constant renovations, replacing technology, and insurance costs for running large institutions.
In addition, demand is a constant factor that drives tuition prices. Since everyone wants and needs a degree it is easy for colleges to raise the tuition cost. Colleges won’t have to worry about losing students because there is such a high demand for a higher education degree.
On the other hand, money isn’t the only factor having people questioning whether to go to college, it is the famous people. For example, Bill Gates or Steve Jobs, who both are college drop-outs that represent highly successful people without having their college diploma.
All in all, students go to college to get a degree and to make sure they are financially stable; however, “in 2010, recent college graduates left school owing an average of 25,250 in student loans – the highest amount ever” (Debate Club). Students are usually better off with a college degree nonetheless, but the amount of debt people graduate with is constantly increasing; making people question: Is college worth it?
Personally I feel that college is worthwhile. You are able to further your education, meet new people, open doors for job opportunities, and ultimately earn a degree. In addition there are numerous financial aid programs, scholarship opportunities, and there is the army that tries to make college affordable for everybody. Even though there is a hefty price tag that comes at the end of your college life, you see the benefits down the road. However, in the years to come I don’t know if I can continue to say that you should go to college. The reason being is because if you think of the grand total of college for a four year degree now, then think of the total 20 years from now – well I can’t even imagine.
This is an awesome subject because it pertains to so many of the high school students right now. I totally agree, colleges can always continue to raise the price of education because people will always have a need for it. Although colleges keep raising the price though, more and more colleges are finding ways to give out scholarships and grants to students though to ensure that they can get as many students as possible to be able to attend their school. If colleges didn't give out any scholarship or grants then not as many people would be able to attend any type of high education.
ReplyDeleteAnd what would be the long-term consequences of that?
DeleteWell if you look back in time college used to be something where only the richest students could attend. In the early 1900's college was something that wasn't really in demand but once prices started to decrease more and more people started to attend. Imagine if something like that were to happen today, if you were born poor there would be very little chance for you to ever get anywhere in life and that's pretty unfair if you ask me.
DeleteThis is a very pertinent topic, especially for us seniors who are in the process of applying to college and planning out our futures. The price of college is extremely overwhelming and I think a lot of us don't even realize the significance of the numbers. Even if we go to a cheap school, most of us don't have that kind of money. But that is why it is an investment. It takes a leap of faith to invest in a higher education, believing that with hard work and a degree, the money will come back to you after you get a higher-paying job. I believe that college has gotten to the point where it has become an inelastic good. No matter what the price is, college is becoming the norm and standards for the work force are increasing.
ReplyDeleteAlthough the price of college may be sky rocketing, it will ultimately be beneficial in the end. Now-a-days, several employers prefer college graduates over those who only have a high school diploma. People like Bill Gates and Steve Jobs have natural talent that very many of us don’t inhibit, meaning that not attending college could probably be the route that leads to failure. Clearly, those who have a doctorate degree live with more success than those who work at Wal-Mart, although they give up a portion of their salary to pay for loans. Although the price of college may be sky rocketing, it will ultimately be beneficial in the end. Now-a-days, several employers prefer college graduates over those who only have a high school diploma. People like Bill Gates and Steve Jobs have natural talent that very many of us don’t inhibit, meaning that not attending college could probably be the route that leads to failure. Clearly, those who have a doctorate degree live with more success than those who work at Wal-Mart, although they give up a portion of their salary to pay for loans.
ReplyDeleteBrittney,
DeleteMarketability is a key factor in choosing a major. You may not realize it, but you to a great extent repeated yourself in your comment. By the way, you should your use of the word "inhibit." You might mean "exhibit."
Thanks, Mr. Batterman
This topic is very important to all us high school students, especially me, a junior, deciding if I should even go to college. But you are right when you say it opens so many knew opportunities and furthers your education, and not everyone that goes ends up with huge amount of debt they won't be able to pay off soon. I personally feel you can not get far in our lives any more without a college degree in at least something. And the only basic jobs we can get now without a college degree are the jobs any high schooler can work at, which being an adult will not help us out.
ReplyDeleteAlthough college is extremely expensive and puts many people in debt, even for large portions of their lives, I think it is definitely worth it. It is proven that people who attend college will make much more money over their life than those who do not go to college. The most important gain from college is obviously the education and degree, but it also provides itself as a great experience. Hopefully the prices of colleges do not continue to increase at such a fast rate, seeing that we will have to send our own children to college one day.
ReplyDeleteThis is a good topic to bring up with most of us being juniors or seniors and thinking about college. Without some kind of college education you aren't going to get far nowadays. Even though college is expensive, if you work hard you can come out of it getting a good job and have it paid off real quick. On the topic of colleges raising their prices every year, that probably won't stop, though it should, because there is always going to be people who want to or need to go to college to get a good job. Scholarships and grants are a lot of help financially to people that need it, most people are just to lazy to apply for these things.
ReplyDeleteCollege has always and always will be expensive, I think this is because it is the next step leading us into our careers which is something very big. How much schooling you have now is so important if you don't have much it will be a lot harder for you to find a well paying job, now a days everything is competition you have to be smarter than that other person wanting the same job as you. I don't think colleges will stop raising their prices any time soon, but I think by raising them so much it will cause more and more students to drop out because it will put them so deep in debt. If you are fortunate enough to go to college off a scholarship that helps a lot with the money side.
ReplyDeleteAlthough college prices are skyrocketing and students are starting to go for a longer period of time, college is definitely worth it. Getting the best education leads to getting better jobs, therefore leading to more money. This is very beneficial, because even if student loans are high, you will be able to pay them off quicker with the money from your job. Also, scholarships are offered at a lot of schools, and that help in any shape or form.
ReplyDeleteEventhough college can be extremely expesive, there are loans and scholarships students can use towards their college funds. There are many students who use college being to expensive as an excuse when they don't even take the time or make the effort to receive loans and scholarships. Getting a job right outside of highschool and making a minimum wage job a career will give you financial problems in the future. With college you can receive a degree and eventually have a high paying job that will ultimately pay off colllege and allow a good portion of income annually so families can support themselves.
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