Today’s society values college education tremendously because most people, parents and children alike, believe that it is the gateway to success. For many, it is a means to climb the social ladder; still others think that it is simply a way to acquire a desirable job. A college education is not only important to parents who wish their children to be successful, but also to some political figures who encourage the youth to pursue higher education, as they recognize the benefits of educating the young generation. A popular advocate for attaining higher education is Michelle Obama, the first lady of the United States, who went so far as to create rap music “Go to College,” motivating young people to go to college and fill their head with knowledge.
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Nevertheless, achieving it through a college education is not as easy as it sounds. Young people have struggled to attend and finish college for years. What is the reason behind this phenomenon? Unaffordable college tuition. The cost of higher education has increased at such a dramatic pace for decades that a great deal of people have not been able to keep up. Consequently, obtaining a college degree is unviable for many, and not a few end up heavily indebted. This plague, known as “debt,” not only affects dropouts, but also some college graduates. Several questions arise: what have been the main causes of the rise of college tuition over the past few decades? What economic impacts does this issue impose on the United States? What social repercussions does college debt have on student loan borrowers? What solutions have already been proposed? What are their benefits and flaws? Lastly, what is the best solution to resolve student debt? As the United States moves forward in the 21st century, it can not afford to punish indebted college students with social restrictions. Instead, the country should ensure the prosperity of these students in order to ameliorate its economic state. College accessibility should be a priority for lawmakers to increase the country’s fitness in global …show more content…
When did this catastrophe commence? A few events were responsible for college tuition rise in the mid-1970s. During this time, the United States was experiencing inflation and the oil crisis. As a result, the price of daily necessities skyrocketed, and family income decreased a great deal. Furthermore, the government exacerbated the situation by reducing public investment. This is the main reason that colleges increased their price tag. Public institutions were using profit to replace the lost state funding (Sanchez). During the early 2000s, state funding fell short once again because of the Iraq War. Money was prioritized for the War, leaving states with billions of dollars short in funding; therefore, there was not enough money to stabilize the college tuition level. The only way for colleges to compensate for the state’s financial shortage was to increase tuition. After the Iraq War began, college tuition rose sharply. “Between 2003–04 and 2013–14, prices for undergraduate tuition, fees, room, and board at public institutions rose 34 percent, and prices at private nonprofit institutions rose 25 percent, after adjustment for inflation” (Tuition Costs). Finally, states took another fatal blow during the Great Recession, when “state income and sales revenues plummeted just as
Nevertheless, achieving it through a college education is not as easy as it sounds. Young people have struggled to attend and finish college for years. What is the reason behind this phenomenon? Unaffordable college tuition. The cost of higher education has increased at such a dramatic pace for decades that a great deal of people have not been able to keep up. Consequently, obtaining a college degree is unviable for many, and not a few end up heavily indebted. This plague, known as “debt,” not only affects dropouts, but also some college graduates. Several questions arise: what have been the main causes of the rise of college tuition over the past few decades? What economic impacts does this issue impose on the United States? What social repercussions does college debt have on student loan borrowers? What solutions have already been proposed? What are their benefits and flaws? Lastly, what is the best solution to resolve student debt? As the United States moves forward in the 21st century, it can not afford to punish indebted college students with social restrictions. Instead, the country should ensure the prosperity of these students in order to ameliorate its economic state. College accessibility should be a priority for lawmakers to increase the country’s fitness in global …show more content…
When did this catastrophe commence? A few events were responsible for college tuition rise in the mid-1970s. During this time, the United States was experiencing inflation and the oil crisis. As a result, the price of daily necessities skyrocketed, and family income decreased a great deal. Furthermore, the government exacerbated the situation by reducing public investment. This is the main reason that colleges increased their price tag. Public institutions were using profit to replace the lost state funding (Sanchez). During the early 2000s, state funding fell short once again because of the Iraq War. Money was prioritized for the War, leaving states with billions of dollars short in funding; therefore, there was not enough money to stabilize the college tuition level. The only way for colleges to compensate for the state’s financial shortage was to increase tuition. After the Iraq War began, college tuition rose sharply. “Between 2003–04 and 2013–14, prices for undergraduate tuition, fees, room, and board at public institutions rose 34 percent, and prices at private nonprofit institutions rose 25 percent, after adjustment for inflation” (Tuition Costs). Finally, states took another fatal blow during the Great Recession, when “state income and sales revenues plummeted just as