By TJ Chadwick
As the cost of attending a four year university continuously grows over time, and the educational quality of two year colleges improves, attending a two year college is becoming a much more appealing option to potential students. WIth around 20 million students attending college, around 13 million of those students attend private or public four year universities, while that other 7 million attend two year colleges (nces.ed.gov).
Tuition can be vastly different depending on what type of college a student is looking to attend. For four year universities, yearly tuition, as of 2018, can range from $34,740 for private universities, and $25, 620 and $9,970 for out of state and in-state tuition respectively, while two year colleges range from $14, 587 for a private college, and $3,570 for a public college. As the cost of higher education increases by 2.4% for private schools, and 3.2% for public school, students may start looking more towards attending a two year college over a four year university, as the cost of yearly tuition is already vastly lower to attend a two year college (Studentdebtrelief.us).
To go along with the differences in the yearly tuition of four year and two year schools, there is also the debt of student loans that comes into play. In 2018, the total amount of debt from student loans in the United States was upwards of 1.5 trillion, around 7% of the U.S. national debt. Since 2010-11, the amount of money given out by the government to families to pay for college has begun to go down, although not for great reasons. The price of attending college is still going up, but the enrollment in colleges is beginning to go down (Studentdebtrelief.us). Some students are so focused on attending a four year university that they overlook the cheaper option of a two year school, even though its quality of education is extremely high. Is it really smarter to attend a four year university and pay thousands of more dollars per year than attending a two year university with a very small difference in education, or end up with thousands more in debt?
https://bigfuture.collegeboard.org/pay-for-college/college-costs/college-costs-faqs
http://www.tsc.edu/index.php/new-students/advantages-of-attending-a-community-college.html
https://nces.ed.gov/fastfacts/display.asp?id=372
https://www.studentdebtrelief.us/news/average-cost-of-college-2018/
https://www.studentdebtrelief.us/student-loans/student-debt-statistics/
As the price of college continues to rise, I think there will be an increase in the demand for public two year colleges. They are already cheaper compared to four year colleges, especially private ones, so they will become more and more appealing to incoming college students as the prices continue to rise. But at the same time a two year college usually results in an associates degree and a four year college results in a bachelor’s degree. So four year colleges maybe be pricier, but students could be enticed by the competitive edge a bachelor’s degree gives in the job market, and the typically higher entry salaries. The hope is that the future career benefits of a four year college will outweigh the cost of attending.
ReplyDeleteI agree that the job market is starting to favor 2 year college graduates as they are in high demand, but high schools and parents push 4 year colleges that end up costing more, but end with similar paying jobs and debt.
ReplyDeleteI would agree that attending a 4 year college is a waste of money. Plus inflation rates are increasing at a vast rate, and is taking the college costs up with it. But most students do believe that they are more likely to get a high paying job because they are going to a 4 year college and getting their bachelors degree. Although the price is an incentive to go to a 2 year college, I'm not sure the possible jobs you will get with the degree are.
ReplyDeleteI agree that there is a turn in how people perceive a 2 year education, as in the past it was looked down upon to not attend a 4 year university. Though there is an increase in the students attending those 2 year colleges, I wonder when the increase of students will stop. Many students attend a 4 year college to have the lifestyle of the campus and living away from home. But, with the cost of college continuing to rise and the loans needing to be taken out , I believe we will continue to see an increase in students attending 2 year colleges.
ReplyDeleteChristabelle had a good point. As college becomes more and more expensive since its told to us that if we want to be successful we need to go to college there will be more and more community college students. Also the demand for two year schools will go up since they then will save money for two whole years of college tuition. Since four year colleges give you opportunities to get better degrees some people will always take that rout hoping that when they get a job and start making a larger annual salary they will be able to pay off all of those student loans and college debt. This was an interesting topic to talk about and relate to economics.
ReplyDeleteIt's very scary that the price of college continually increases from year to year. It is also very crazy that these higher level institutions expect students and their families to in some cases be able to pay over $50,000 per year for their studies. I just don't understand which colleges have spiked their cost of attendance to such high amounts and why they have also made financial aid so limited. If America wants a more educated country, they should be lowering the costs of higher level education every year, not raising them.
ReplyDeleteAs college prices are clearly increasing, I wonder if national income average is also increasing. If that was the case, paying more for a post-secondary education level would seem more rational than if not. The demand for two-year colleges will likely increase if wages increase, due to the ratio of paying fifty thousand dollars versus five thousand dollars a year.
ReplyDeleteOn top of that, sometimes 2 year and technical degrees are fetching higher salaries than previous because of a lack of technical laborers. Welders can be making more money in the current job market than people with humanities degrees. All in all, I think the individual has to choose the education/major that has value to them and that complements their skills. If less people attend 4 year universities because of the potentially increasing value of 2 year technical degrees, hopefully the labor market will adjust by less people getting 4 year degrees which would potentially (hopefully) decrease the price of 4 year tuition. Right now 4 year degrees have a high enough demand that their price can keep climbing.
ReplyDeleteIn the post you elaborate on the cost of college however it would be interesting to compare that to the jobs people are able to get with the different education levels. In the past a university education was not as necessary for people to find work, however now it is almost impossible to find careers that do not require significant education or training. Is it possible the rise in students attending technical college is because they need education to get a career that would not have needed as much education in the past. Another interesting point is that public university prices are rising at a faster rate than private university, and I wonder if one day the price of both degrees will be the same.
ReplyDeleteCollege is going to cost a lot no matter what. Whether it is 2 or 4 year, public or private, it is going to be a significant investment. Even though that prices for 4 year colleges are on the rise, I still believe that it is still worth attending. People who earn 4 year degrees often make more than people with 2 year degrees. In the end, I guess it depends on what you think you can make in the field, and if it is enough to repay any college debts you may have.
ReplyDeleteAnother thing to consider is that many companies will pay for employees to go to 2 year schools. In fields like engineering once you get a job your employer will pay for your school. This also increases your job stability because if they have paid for your education they will want to keep you in their company. In comparison if you get a 4 year engineering degree your eventual salary will be higher but your college will cost so much more.
ReplyDeleteAs this price increases, of course there's going to be an increase in demand for a substitute such as a two year college. However, there are certain fields of studies and degrees that simply can't be attained at a two year university this will limit the amount that the demand for two year colleges can be increased. In addition, there are a multitude of programs that can assist in limiting this debt, from some colleges handing out large scholarships to companies like Maya mentioned and even the military. Lastly, more fiscally responsible decisions by prospective parents (e.g. no credit cards, waiting to have children, keeping money set aside for accidents and paying as much as they can on their debt as fast as they can) can assist in their ability to help their child to pay for college thus limiting another generation's debt while also limiting how much they have to pay on their own debt.
ReplyDeleteNice TJ. I think you make a great point here about the opportunity cost of attending college. Essentially, is the debt from attending school worth it compared to the money you would make during the time you go to college? For most people, they think that after years of working a higher paying job that it will pay off for them to go to college. For others, it is more worth it to spend less on college and still get a good paying job from a 2-year college. It comes down to the money that you would make doing something else, and the implicit costs of that.
ReplyDelete2 year colleges and universities are oftentimes way cheaper however the students who graduate from 4 year universities oftentimes make a higher annual salary than their 2 year degree peers. It would be interesting to see which group of graduates make a higher profit in the long run. I would expect that it would be the 4 year graduates because they would have to pay 2 years of tuition but will likely work until their 60s .
ReplyDeleteI really like this topic, it's something that really goes through people's minds a lot. My global business insight group and I really focusing on high school stigma in our projects about the idea of having to go to a 4-year university. I think it would be interesting to include that, from the students who attended a 2 or 4 year university, who had the higher starting income after college. Because most aim for a normal bachelors degree, did those extra 2 years have a large impact on their income? Nick Howard makes a great point saying that it comes down to the money you would make doing something else.
ReplyDeleteAlthough people who graduate through a 2 year college save money, I think it would be more beneficial, 4 year college graduates have a better career and end up with a job that is more earned salary. This is because of the higher degree in school. If you stay in college longer, you'll get a higher degree and that's what most people do when attending a 4 year college. Some people even go up to 8 years of college.
ReplyDeleteAlthough attending a 4 year and riding out the 8 semesters in that same spot, people found it less expensive and more intriguing when they attend a two-year school first and obtain an associates degree and then move onto a four year and start from their junior year so that the money they are spending isn't quite as expensive. This topic is important to discuss primarily because people aren't focused on how much money they are spending at first when at college, when in reality they are spending most of their income for the next few years. Deciding a school is difficult and they come in all sizes and social atmospheres but this was a great topic to talk about the cost and how it affects people in individual ways.
ReplyDeleteTo me, a four year college is worth the investment, depending on the career you’re interested in going to. Nursing could probably go to a technical college for two years instead of a traditional four year university, since some employers will pay for their employees who haven’t already to go back to college and earn their bachelor’s degree. I definitely see where the appeal of a two year college is: it’s quicker, cheaper, and gets you out the the real more more efficiently. The focus in all of our previous years at school (to me at least), I feel as though the push has been towards a four year university. With the vast difference in debt the two year colleges provide, it’s definitely a worthy option to consider.
ReplyDeleteI think it is very important to consider all the options when choosing a college that works best for you. I think two year degrees are an awesome option and can save you money, and can also earn you a job that pays plenty. However, there are some benefits when going to a four year college like the atmosphere, tailgates and game, and plenty more that you couldn’t find at a technical college. College is where you learn how to live life by yourself and where you make memories. Not saying a technical college can’t offer you the same great memories. But depending on income level, your degree especially, and you social aspect a two year or four year can be the right fit for anyone!
ReplyDelete-Anika King
It is very interesting that more students are starting to gravitate twords two year degrees rather than four year degrees because of the convenience and price. There are a variety of two year degrees to choose from and usually you can find one close to home. I think you should have included something about how the pay out of college differs from different degrees and how that will compare in the long run. I think you are leaving out the advantages of a four year degree and what that can offer down the road. That being said, it does aquire a lot more debt when you are in college which could be a reason to go to a two year like you mentioned. Overall I agree with what you are saying, but I am not totally convinced that a two year college is the way to go.
ReplyDeleteI do think you could have maybe talked about the income the 4 year students make in the long run although it is the more expensive option initially. I do think that not enough people consider 2 year options because they have pre set goal of going to a 4 year.
ReplyDeleteThis is good. Even just in our school, i've seen a lot more people leaning towards 2 year colleges than 4, because they don't want to come out of college with a debt larger than they can handle. College is especially hard and when you take a 4 year college you are more likely to drop out which just waists peoples money. But when you take a 2 year college you aren't as likely to drop out because you know that it's only 2 years, and it's not as hard.
ReplyDeleteIt can often be overlooked how much more fiscally responsible it is to attend a two-year college, even if it's just to obtain general education credits before transferring and earning a bachelor's degree at a four-year. While the experience can outweigh the financial benefits for some students, especially those who can afford the cost, it's a path that should be more heavily considered for those who will likely struggle with student debt over the course of their life. The reduced prices offered by two-year institutions make them a viable alternative to these considerably more expensive universities.
ReplyDeleteI think that students overlook two year colleges because they feel pressured to attend a four year school, even though a two year school can be a much better financial decision. Depending on what field of work someone wants to go in to, they can get the same education from a cheaper two year school as they could from an expensive four year one, so I personally don’t think attending a four year school is always worth it.
ReplyDeleteI agree that the cost of tuition is already too high and continues to increase, and that doesn't even include room and board. It's a terrible thing for college students to be thousands of dollars in debt, but how does this affect the economy as a whole? You only mentioned that it costs a lot to attend a four year university and more students are attending only two year universities, and not how it relates to our economy. Though the cost of attending an out of state four year university may be high, think about the potential opportunity for growth in the economy. People who get a higher education and obtain more knowledge in advanced career fields, are likely to make $40,000 more per year than high school grads, and at least $30,000 more per year than people who attend a two year college. Additionally, students with more experience in learning are more successful at their job and contribute better ideas which could potentially lead to a growth in the economy and an increased employment rate. As the cost of college increases, there's a higher demand for engineers and medical professions which require more than four years of post-secondary education. Instead of analyzing the rise in college costs, how do you think the government could do a better job at making college more affordable for more students?
ReplyDeleteAlthough it may cost less to attend a 2 year college it depends on what your going to college for like for example if your going to college with the primary thought of partying and you have no intentions of actually going to learn then you should go to a 2 year college or if the 2 year college doesn’t have a great business program then you should attend the four year college that does have a strong business program. If you are going to a 4 year college start by applying to places instate to bring the cost down, if you don’t have to go out of state don’t.
ReplyDeleteThe article offers fair points throughout. But to offer some points that dig a little deeper for life after high school, and the paths that you can take. I anticipate that there will not be a break on college tuition any time soon, forcing students to really evaluate all of the options that are out there. There needs to be more advertisement and awareness about both technical and community colleges, and how the option is viable. If you look into detail and analyze the opportunity cost of both choices, the choice will seem much more clear for you, and what is right for your situation. Technical colleges can offer a great way to get an education and sometimes can offer a much higher salary compared to what you can earn once you have gone to a four year university. Addressing a whole new angle to whether a four year college is worth it would be demand for jobs. Due to the high push for everyone to go to a four year university, finding a job after graduating can be insanely hard. If you looking at the flip side; the demand for people that go into the trades is at an all time high right now. Meaning that once you get out of technical school, you are almost guaranteed a job right away. Therefore I would expect that once idea of attending a technical or community college becomes social acceptable and prominent throughout the nation the demand for both technical and community college will grow at an exponential rate.
ReplyDeleteI would say if the job you are looking to do says 2 year/4 year I would do the 4 year for more experience but if you are not in a good position with money you should not and just attend the 2 year you just wont have the same ammount of experience and you can do apprenticeship as well
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