More than 20 million people in the United States attend colleges and universities each year to earn a degree. This generates more job opportunities and higher salaries, creates job stability, and builds better networking capabilities. Many people who attend a college or university consider it a gateway to obtaining a better life because they pursue their dreams and try to make them a reality. Colleges and universities exploit this to make a profit. They capitalize on the ample resources at their institution to entice prospective students to attend, and it does not come at an affordable cost. College and university costs are soaring and out of control as tuition rates increase year after year, therefore, increasing chances of students acquiring
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With graduates owing a substantial amount of debt from attending a college or university, it prevents them from achieving financial relief. An article entitled “How the Rising Cost of College Affects You” documents, “Many college students have significant loan balances to repay even into their 30s… [They] will often have little (or no) savings.” If they have taken out a student loan, college and university graduates are required to pay off their debts, which leaves little income to pay for other needed expenses. Correspondingly, the article records, “Rising volumes of student loan debts… [do not] leave students with the savings needed for making a down payment toward purchasing a home.” College and university graduates are unable to live with ease because of stress due to their finances. This drawback will not just affect the individual but the whole economy. Education is a fundamental element that is necessary for America to stabilize its economy. However, a college or university education will soon be unbearable for many if tuition continues to …show more content…
According to Steve Odland, the author of “College Costs Out of Control,” “College costs have been rising roughly at a rate of 7% per year for decades… college inflation rate has risen nearly 500%.” Colleges and universities continuance to price tuition at unreasonable costs demonstrates the countless obstacles parents, students, future generations, and communities must overcome for great quality education. According to the National Center for Education Statistics, in 1983-1984, college cost of attendance was $4,167, while college cost of attendance in 2013-2014 was $21,003. Because of the rise of inflation, the price of education has increased. Odland emphasizes, “People need to wake up and begin to demand fiscal accountability from institutions of higher learning so that future generations [can] access higher education and therefore the American Dream.” A need for affordable, quality education is essential for people and future generations to achieve success and prosperity in
With graduates owing a substantial amount of debt from attending a college or university, it prevents them from achieving financial relief. An article entitled “How the Rising Cost of College Affects You” documents, “Many college students have significant loan balances to repay even into their 30s… [They] will often have little (or no) savings.” If they have taken out a student loan, college and university graduates are required to pay off their debts, which leaves little income to pay for other needed expenses. Correspondingly, the article records, “Rising volumes of student loan debts… [do not] leave students with the savings needed for making a down payment toward purchasing a home.” College and university graduates are unable to live with ease because of stress due to their finances. This drawback will not just affect the individual but the whole economy. Education is a fundamental element that is necessary for America to stabilize its economy. However, a college or university education will soon be unbearable for many if tuition continues to …show more content…
According to Steve Odland, the author of “College Costs Out of Control,” “College costs have been rising roughly at a rate of 7% per year for decades… college inflation rate has risen nearly 500%.” Colleges and universities continuance to price tuition at unreasonable costs demonstrates the countless obstacles parents, students, future generations, and communities must overcome for great quality education. According to the National Center for Education Statistics, in 1983-1984, college cost of attendance was $4,167, while college cost of attendance in 2013-2014 was $21,003. Because of the rise of inflation, the price of education has increased. Odland emphasizes, “People need to wake up and begin to demand fiscal accountability from institutions of higher learning so that future generations [can] access higher education and therefore the American Dream.” A need for affordable, quality education is essential for people and future generations to achieve success and prosperity in