Over the past two decades, the cost of a college education in the United States has significantly increased. Both public and private institutions have seen tuition fees more than double. This rise in costs is causing concern among American families as it affects the affordability of higher education, which is crucial for students seeking a high-quality education to remain competitive in today’s job markets.
In certain areas of study, students often feel compelled to pursue advanced degrees such as masters or post-graduate degrees to improve their chances of finding employment after graduation. Additionally, some students are forced to extend their time in school because they have to work multiple part-time jobs solely to cover the ever-increasing tuition expenses (FAFSA).
Despite the fact that schools receive state appropriations and aid for students and their families, they still lack adequate financial support to keep up with rising costs. As a result, college students are growing increasingly worried about affording their education. This concern is also evident at the College of Mount Saint Vincent, where students are facing similar challenges.
Many students at our school are questioning the reason behind the high cost of college tuition. The school argues that they provide a valuable and expensive product – education, which can greatly improve graduates’ earning potential. However, numerous students are concerned about whether our school is using their tuition fees efficiently and if they are paying more than necessary for a college education.
To determine if The College of Mount Saint Vincent is effectively managing its expenses, we need to analyze the different components of tuition – the costs incurred by institutions in delivering education. Additionally, we should evaluate the adequacy of subsidies for higher education and the assistance provided to students and schools.
For this purpose, I have gathered survey data specifically for this assignment.
Many private schools have the ability to use their endowments to decrease costs and lower tuition fees. The amount of financial aid a student receives is equally as important as the initial tuition expense in terms of college affordability. According to a survey conducted among CMSV students, 71% believe that four-year college education is excessively costly for most Americans, with approximately 65% expressing concerns about the expenses. In the previous year, somewhere between 49% and 51% of students were granted financial assistance. One sophomore student pointed out that concentrating solely on the stated price or allowing it to determine one’s choice of college would restrict opportunities for students. When asked if financial aid influenced their decision to enroll at the College of Mount Saint Vincent, roughly 95% of surveyed students responded affirmatively. Reasons for this varied from attending at no cost, receiving the highest amount of money available, or because it was the only institution offering financial assistance. The majority indicated that their decision to attend CMSV was mainly driven by various types of financial support such as grants, loans, or scholarships.
Money plays a crucial role in determining the college a student chooses to attend, as inflation impacts various aspects of people’s lives over time. The College of Mount Saint Vincent (CMSV) provides significant assistance to many students in this area, but one senior argues that “financial aid can never be enough.” CMSV has a diverse student population, including residents and commuters. When asked if the decision to live on campus or commute is influenced by the amount of money they would receive, almost 60% responded positively. Most students who choose to live on campus receive a more favorable financial aid package, which may include scholarships, loans, grants, work-study programs, or programs for parents. These packages are tailored to meet each person’s academic and personal needs. Approximately 90% of Mount Saint Vincent students receive some form of financial aid, making attending the college comparable in cost to public colleges. The Financial Aid Office at CMSV strives to simplify the application process and ensure that eligible students receive all available aid – whether it is grants, loans, scholarships, work opportunities or a combination thereof. Additionally, there is a ten-month payment plan available to assist with college budgeting.
(Source: CMSV website)
However, despite receiving financial aid, many students still require extra funds for college and are exploring alternative lending options, such as student loans. While this provides immediate financial assistance, it also leads to “years of unending debt due to student loans.”
The increasing cost of tuition can be partially offset by financial aid, scholarships, and student loans; however, these forms of assistance do not cover expenses for books and other necessary items. As a result, many students are forced to work while studying using their own funds. According to a survey, approximately 85% of students confirmed that they worked during their time in school. Among this group, about 60% were commuters who struggled to balance their schoolwork, job, and commute. They reported having minimal personal or free time during the week which resulted in increased stress levels.
In contrast, the remaining 25% were residents who either participated in on-campus work/study programs or found employment within their school community. This made it easier for them to achieve a balance among different aspects of student life. The survey also asked all students if their financial aid packages, student loans, and/or scholarships adequately met their needs. In response to this question, every student answered negatively.
One student explained that no amount could ever be sufficient due to continuously escalating tuition costs. This sentiment was shared by most respondents who found the financial assistance they received inadequate compared to their tuition payments.
The impact of expensive tuition on students and their families is considerable, potentially exacerbating economic inequality and impeding economic progress. To address this issue, my proposal is to establish a “tuition cap” within both the Financial Aid and Admissions departments. This initiative would enable students to afford college by holding CMSV accountable for their financial strategies, while also enhancing accessibility to higher education. The caps would be adjusted periodically based on inflation and living expenses rates, effectively managing tuition expenses and limiting the actions of college administrations.
Understanding the nature of a problem is crucial before attempting to solve it. I have effectively communicated the challenges and difficulties faced by students in our institution. It appears that CMSV may not be fully addressing the issue of access to higher education and college affordability. Now armed with this knowledge, we can start working towards resolving these problems.
