As a high school junior, I am just beginning my search for the “perfect” college. From big schools to small schools, public to private, urban to rural, all universities in the U.S. have but one thing in common: a hefty tuition. Just a simple undergraduate degree from a public university is very costly and more and more families are finding college unaffordable for their children. Did you know that the cost of higher education before the 2000s was under $10,000 a year at many schools? And that included tuition and room and board. Now, the average price per year for post-secondary education is in the 30,000s, not including room and board.
Approximately “one-third of developed countries around the world provide free higher education while another third cap tuition at very low amounts — often less than $2,400 a year.” So why is college often so unaffordable, especially in the United States? The main reasons why are that tuition prices aren’t regulated and government funding is on the decline. In the 1980s, government funding subsided to around 77% of the total education revenue received by public universities and colleges. As of late, the government is only covering up to half of the total education revenue.
“According to a 2022 National Education Association report, 32 states spent less on public colleges and universities in 2020 than they did in 2008.” So, colleges and universities have been forced to make up this monetary discrepancy by raising their annual tuition higher each year.
A big issue with this higher price tag is that it alienates minority populations and makes it more difficult for them to obtain higher education, and subsequently, a more stable, higher-earning career. But this shift in higher education cost isn’t necessarily all bad. As higher education gets more expensive, their student services improve as well, attracting a more robust student body and higher percentage of successful students post-graduation. General inflation, especially within the US, also plays a big role in raising tuition prices in a more uncontrollable way.
Fortunately, education boards and corporations aren’t ignoring this issue and financial aid is becoming more available. Financial aid is very beneficial in assisting students in covering the many costs that come with the pursuit of higher education. The main source for this financial aid is called FAFSA, or the Free Application for Student Aid. This gives every student an opportunity to receive money to help pay for college or university, giving preference to those that are lower income or middle class. The benefits of financial aid are overwhelming, including many economic benefits such as the multiplier effect. This effect relates to the injection of money into the economy to strengthen business, increase consumption, and create more jobs. This effect also goes hand in hand with recession resiliency, which keeps more people employed during times of economic crisis. Not only will you be receiving discounted tuition with financial aid but you will also be helping the economy become stronger to have a lasting impact in the future.
Unfortunately, sometimes aid is still not sufficient enough for families to be able to send their children away to school, especially depending on the size of the family. Post-secondary education is still attainable through community colleges, however. No matter where you received your degree, your chances of getting a better, high-paying job in the future increase by 84% with post-high school education. This means that no matter where or what you study, college is an investment in your future. Although it may seem radically priced and a major debt now, it is important to weigh the benefits. With a college education comes better jobs which bring better income, insurance, job opportunities, and job security. In my opinion, these advantages are very worth the price attached to attaining a 2, 4 or even 6-year degree.
Ultimately, the choice to receive higher education is completely personal. The skills and goals that everyone possesses are unique and there is no single path that everyone can take to increase their quality of life. Values differ and many people have different aspirations for what they want to achieve. But, keep an open mind when considering if higher education is the right path for you because there is infinite power in knowledge. As peace activist Nelson Mandela said, “education is the most powerful weapon which you can use to change the world.”
