Why is college so expensive?
By Sophie Salem, Staff Writer
Throughout our entire childhood, we are taught that we must go to college in order to be successful. Of course, we then work toward getting into college no matter what it takes. From SAT exams to extracurricular activities, most of us do it all in hopes of getting into our dream school. Just imagine getting that acceptance letter to UCLA that you’ve been waiting months for! You commit to their medical program, find a spacious apartment with your best friend off campus and walk the halls of one of the most highly ranked schools in the country. Unfortunately, it is easier said than done. Every year, more and more students have to decline the offer to their dream school due to preposterous tuitions. Lately, the world has been wondering whether it is worth paying so much for a college degree.
Tuition is increasing every year as more students apply to colleges around the country. Today, colleges cost nearly 260% more than they did in the 1980s. As stated by Camilo Maldonado, a writer for “The Finance Twins,” the rate of tuition has increased almost eight times faster than wages. One factor that has led to the skyrocketing cost is increased enrollment numbers. As more students apply, there is a need for more faculty, more housing, and more courses. Additionally, if there were less students, college tuition would drop as they would be more desperate to recruit students. There is another reason: In recent years, colleges have increased student amenities, implementing, for instance, mental health services that can be easily available to their students. As stated by “EdSource,” a student strategy site, California colleges are expanding mental health services to meet students’ needs. Thus, prices increase to accommodate everything students need. But, with all of these so-called “extras,” are schools being honest to their families? According to Beth Ackers of the Manhattan Institute, the genuine price of college is usually more of a secret. Often, it is not until students get accepted before realizing the massive tuition they are expected to pay before financial aid.
Though it may seem untrue, another reason for the increased tuition fees is financial aid. The more students borrow money to attend college, the more the government and public can’t keep up. According to University Of The People, public funding is unable to support higher education, leading colleges to replace the lost revenue with higher tuition in which the students pay.
Financial aid, the root of this vicious cycle, doesn't cover enough. The current interest rate is 2.75 percent for undergraduate students and 4.30 percent for graduate students. For example, if you take out a loan of 10,000 as an undergraduate student, you would have to pay $275 in interest fees. These rates are outrageous, especially for families with multiple children.
Students today are facing more financial struggles when it comes to paying for college than ever before. As stated by CNBC, it takes the average person roughly 18.5 years to pay off their student loans, not including graduate school. Despite the outrageous amount of debt, which most people struggle to pay off, college tuition just keeps increasing.
For many people of our generation, college is starting to seem like more of a scam. There are benefits, but the ever-increasing costs of a college education make it fair to question the legitimacy of a degree today. In order for all students to get the education they deserve, it is important for colleges to decrease their prices to accommodate everyone. Now, by popular demand, some colleges are working toward cutting their tuition. Furthermore, due to a decrease in birth rate, colleges will soon have to compete to educate enough students, leading to a drop in tuition.