Education is a basic necessity in society. A better education can enhance the scientific, social, and technological advancements of a country. Nowadays, higher education is an investment of great importance for economic development. Institutions of higher education are now primarily responsible for providing the tools necessary for individuals to take on responsibilities in business, in the medical field, and other professions. Imparting knowledge in certain branches is not the only purpose of higher education, for with higher education deeper meanings such as personal discovery, social growth, and cultural developments follow. Universities are the innovation in economic development, yet with higher education serving such a vital role in a country, without living in a perfect world, there are
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According to Jacqueline Savron, “On average, tuition increases at around eight percent per year, which means the cost of college doubles every nine years” (8 Reasons College Tuition is the Next Bubble to Burst). Colleges have been relying on steady tuition hikes to fuel their funding knowing if they raise tuition, students will simply borrow more money. Nowadays, students graduating with over twenty five thousand dollars in student loan debt are about triple the amount of students from the past decade alone. Sadly, tuition is also increasing three times faster than the rate of inflation itself. What is worse is that colleges are paying homeless people to take out federal loans because student loans are so easy to acquire. Paying someone a certain amount so that colleges receive money courtesy from the federal government, leads to profit for colleges while without money, these innocent people are conned and overwhelmed with debt which leads to bad financial
According to Jacqueline Savron, “On average, tuition increases at around eight percent per year, which means the cost of college doubles every nine years” (8 Reasons College Tuition is the Next Bubble to Burst). Colleges have been relying on steady tuition hikes to fuel their funding knowing if they raise tuition, students will simply borrow more money. Nowadays, students graduating with over twenty five thousand dollars in student loan debt are about triple the amount of students from the past decade alone. Sadly, tuition is also increasing three times faster than the rate of inflation itself. What is worse is that colleges are paying homeless people to take out federal loans because student loans are so easy to acquire. Paying someone a certain amount so that colleges receive money courtesy from the federal government, leads to profit for colleges while without money, these innocent people are conned and overwhelmed with debt which leads to bad financial