Education Has a Price Tag

Education Has a Price Tag

By: Cecilia Chase

       Did you know that college tuition rises faster than inflation? Today, education is one of the most expensive investments a person can make. Students and parents every year take on the challenge of paying for education, whether it be through a public or private college. Families make sacrifices in order to send their children to excellent colleges, but this is not always enough to cover the cost. Not many people know it, but college tuition and fees rose 4.8% since last year and the overall cost rose 3.8%. Although receiving a great education is important to many, some are held back by the cost because they are swamped in student loans, prices limit their options, and the immense role social class plays.

       After college, millions of families are flooded by thousands of dollars in debt from student loans. Some parents and students have spent more than 10 years paying back their loans, while the original cost increased nearly 33% due to interest. Seniors that have graduated this past year have been left with an average of $50,600 in debt; an enormous amount to pay back. From 2008-2012, the debt at graduation grew 6%, while inflation only rose 2% each year. Immediately getting a job after college is exceptionally tough but expected in order to pay off the student loans as fast as possible. People are left with debt that is outrageous and unnecessarily high; finding a way to lower these debts would free many families from the strangling loans they must repay.

A chart showing the increase of the price of tuition at colleges over the years

        Several people are forced to limit their choices to a price range their family can afford.  Many of those who deserve to attend a prestigious college such as Harvard or Duke, where they will strive, have to cross them off their list because they are too expensive. No one should be denied the highest education they deserve due to price or the inability to pay for it. Congressman Mark Pocan expresses his opinion towards expensive colleges in his statement, “By making college unaffordable and student loans unbearable, we risk deterring our best and brightest from pursuing higher education and securing a good-paying job” (Mark Pocan Quotes). Even many in-state or community colleges cost more than some families can afford, with an average cost of $22,820 per year. On average, private colleges cost $44,750 a year; some even reaching past $60,000. Not only are people limited to a certain amount of schools, but also the majors they want to take. Majors in the sciences, engineering, computing, premed, and fine arts cost on average $4,920 more a year than other programs. Looking to save money, some students change their major based on the price; this should not be a deciding factor for a person’s future.

       Social class plays an extensive role in which college a student attends and is accepted by. Children born into affluent families have a huge advantage over children from lower-income families right from the start. They usually receive higher education because they can afford expensive private schools, tutors, and the help they need to grow mentally. Children born into lower-income families often cannot afford tutors or to attend any other school than the ones provided by their city or town. Data from a study done by Kings College London shows that only 13% of children from deprived areas are likely to achieve the top level 5 for the national English tests for 11-year-olds and 24% are expected to receive benchmark five-plus GCSEs at grade C and above. These schools are known to be less prominent and have poorer reputations than private schools. Studies have shown that 27% of math teachers at low income schools have majored in math but 43% at wealthier schools have.

       Most colleges find it more impressive to graduate from a private school than a public one, giving the more prosperous children an unfair advantage over those who are less fortunate. A study done by University College London (UCL) and Kings College London shows that, “the overwhelming factor in how well children do...is social class” (Taylor). Children of wealthy families can afford to attend any college they wish, even without scholarships or financial aid. Other families, who do not have as much money, cannot afford to send their children to prominent colleges, even if their child is accepted. Once again, the children of higher income families have an upper hand on those from lower income families.

       There are some insufficient solutions for the cost of colleges such as financial aid and scholarships. Financial aid bases the amount it gives to a student on the family’s net income, including all the children and parents. This is ridiculous because a family is not going to use all the money they have to pay for one child’s college education. The financial aid agency looks at all the bank accounts, taxes, and bills of the family expecting that if they can afford all their expenses, then they can afford to put more money into college. Scholarships provide some relief from the total cost but not enough money is always given. My brother recently began his first year at UMass Amherst. He wanted to go to Syracuse in New York, but my family could not afford to send him there. Even with the scholarships he was rewarded and the financial aid we received, it was not enough. Many other families face the same struggle; the different forms of financial aid help but do not make a large enough difference.

       Most colleges can afford to lower their tuition and fees while the banks can lower the rate of interest on student loans. Today, going to college is exceptionally important but, “ it's never been more expensive, and our nation's families haven't been in this kind of financial duress since the great depression…We can plow those savings into our students. And we can make college dramatically more affordable,” (Arne Duncan Quotes). Doing so would lessen the cost families have to pay in order for their child to receive the highest education possible and would help relieve some of the debt from student loans. Making a change in the cost of education is an important step the nation should definitely take.

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