Today, a great issue lies ahead of us; a great issue that we will face in the near future. Our journey into college begins in a few years and the problem that we see in the distance affects some people more than others. The tuition prices of colleges have risen greatly over the previous 20 years. We imagine our life at college as the best 4 years of our life. Having fun, attending parties, and enjoying life while completing our work. But what happens once we graduate? We will be buried in loans that we will need to pay off for a long time after our college careers end. What makes this problem worse? Interest will accumulate over the years adding more money in addition to the already steep prices of college tuitions. It is as if we are digging ourselves into a hole the minute we start college due to the interest rate adding debt; once we graduate, we try digging ourselves out but no one knows how long it takes. It depends on the environment around each of us meaning our job opportunities and salary. Is there a solution to this problem? Of course there is! Colleges and universities need to lower their prices on tuition for students even though some colleges may need more money for their curriculum. Universities need to find a better balance.
Tuition over the years has rapidly increased in price. Over the past 20 years, tuition increased twice as fast as the overall cost of living according to a Time Magazine article. Furthermore, a Huffington Post article, “The average tuition at four-year public colleges in the U.S. climbed 6.5 percent. At private colleges, tuition rose 4.4 percent.” With this raise in prices, how can colleges and universities expect students in lower financial funds to work their way through college without being drowned in loans after graduation. Grants, scholarships, and financial aid are provided by state governments as well as certain colleges for those who qualify for it. Receiving scholarships as well as grants are not handed to students. Students apply to receive scholarships, but scholarships are not always received by students. Concerning financial aid, how can colleges and the government afford to provide money for tuition for all students? The idea is implausible. Currently, the tuition for a student in the state of Illinois attending the University of Illinois at Urbana Champaign (UIUC) with room and board is around $20,100. For students out of state attending UIUC with room and board is in the price range of $34,300. Now concerning financial aid and scholarships, with these prices how can the government and colleges afford to cover even one fourth of these prices. By the end of four years, the money will accumulate and the students will lose themselves in fees.
Certain students are discouraged to attending college due to their beliefs that they are unable to afford the expensive prices of tuition. Those who are less unfortunate and unable to afford these high prices are at a disadvantage compared to others, who may have the same qualities to bring. The number of grants has increased in the past years but not enough to cover the increasing tuition rate of most colleges. Colleges need to lower their tuition to higher the number of students who have strong attributes to apply. With students worrying about their accumulating money of debt to their colleges and working part-time to cover their daily costs of living, how is it possible for students to stay focused and concentrated on their school work? The students who are unable to make it through their four years of college due to bad grades from lack of study time are placed in even greater danger. Those students need to pay off their loans for their previous years of receiving education without graduating with a degree job.
What makes this problem worse? The interest rates on many federal loans provided by the government have drastically increased. The day students graduate from college, they are well aware that they will have to search for a job in the poor job market. According to a Newsweek article, a student named Tyrone Bailey attending Western College in Torrance, California was unable to enjoy graduation due to his loans with an 18 percent interest rate. The starting salaries will not be as high as students wish which creates even more pressure to pay off their debt. The pressure colleges and universities are putting on their students is taking them to the ground with their tuition prices. The price of tuition is still increasing and by the time we reach college, the price will be substantially higher. This must be put to an end.
