Society Magazine

The Cost of an Education

Posted on the 03 August 2012 by Candornews @CandorNews

The Cost of an Education

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Did you know that the average cost of a public four-year college education in 2010 was $16,140 per year? Now that is only for in-state students; if your from out-of-state the price rises to $28,130. Say you wanted to go to a private college, that inflates the price to $36,993 per year. Keeping in mind that these prices balloon every year between 3 and 10% the price tag for a public education could be $47,399 per year by 2020.

It’s hard enough for students to even be accepted at the college they want with the ridiculous expectations. Finding a school that doesn’t expect parents to mortgage their house to finance their child’s education makes the application process more painful.

Due to the cost of college, students are having to be very strategic in their college planning. Will I be able to find a job in this economy that will allow me to pay back my student loans? Will I be able to live on my own or will I have to move back in with my parents? What are the best subjects to study so I can be guaranteed a well-paying job and job satisfaction? All are questions being asked of students at a younger and younger age.

A simple answer to these questions is a call to revamp the higher education system in the United States. The U.S. has some of the highest university costs in the world with not nearly enough financial aid.

When a school extends “financial aid” to a student it usually consists of several loans that will incur interest while the student is still attending school. Then after the first year of attending schools will cut a students financial aid without any warning to the student for reasons which can’t be explained.

One of the biggest costs of college is not the actual tuition but the other charges that accompany the tuition. For example schools can charge upwards of $50 in order for a student to apply. If a student applies to 5 schools they are out $250 without even being accepted to one school. Once a student is accepted to a school they have to place a $400 deposit just to ensure that they will be able to attend the school in the fall.

Did you also know that colleges have a non-profit status? Meaning that schools with millions in endowments are exempt from paying taxes. This is while their students give themselves ulcers worrying about how they will afford the next semester.

If something does not change within the education system it can be expected that the cost of education will be so exorbitant it becomes a privilege for the elite rather than a right for all.

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