Whether you’re applying to a Top 20 university or a local state college, the number of zeros in the price tag is enough to make you and your wallet cry. According to the College Board, the average cost of in-state tuition at a public university is now over $10,000 per year. If you’re coming from out of state, the cost would jump to $28,000. Don’t get me started on private colleges. It’s $40,000 per year excluding room, board, and other essentials. Meanwhile, the U.S. Census Bureau finds that the median household income is around $75,000. Coupled with the tuition and room fees, students need transportation, new tech, food, and basic essentials.
It’s no wonder that the media is flooded with valid complaints, stories of students working two or three jobs and skipping meals to afford textbooks, all just to keep their enrollment status: if you have more than one kid in a middle-class family, good luck. However, college wasn’t always this expensive. In the 2000s, the average cost for a four-year public college was about $3,500 per year and at private schools $15,000. The massive price gap is due to private universities’ massive investments, such as flashy campuses, large alumni connections, and the bigger administrative and instructional costs. However, public colleges have also become increasingly out of reach for the average household due to state funding decreasing, leaving colleges to make up for the shortfall by raising tuition. Actually, some schools are stuck in debt repayment cycles. Universities borrow to expand campuses, then use tuition revenue to repay those loans. They’re stuck in a cycle of building facilities to attract students, taking on debt, raising tuition, rinse and repeat. Still, there are some colleges out there that offer tuition free education. Community colleges are also an option with the cost averaging out to be $3,900 per year while allowing students the luxury to save money, live at home, and transfer to four-year institutions later. However, these schools don’t have the same resources or opportunities students look for when committing to college, which can impact their long-term career goals. Moreover, there has been a significant decrease of public funding, resulting in cuts in education budgets, forcing colleges to pass the cost onto students. All facility upgrades and new buildings are paid by students, which universities use to try to outshine each other. The increasing number of administrative officials are also paid for using tuition. Ironically, federal financial aid contributes to the problem too. Because students can borrow more money from the government, colleges feel comfortable raising their prices under the assumption that the government foots the bill upfront. Nevertheless, often student loans leave adults drowning in financial struggle for years after college, making this presumption dangerous for future generations. Then what about scholarships?
Sure they can help if you can get one. Merit scholarships are highly competitive, need-based aid is often not enough, and even a $10,000 scholarship can barely make a dent if the total cost is $60,000 a year. Colleges used to be affordable, but now we see a different story. Public and private institutions have all raised prices either gradually or aggressively. State funding cuts, administrative expansion, exploitative loan systems, and unnecessary facility upgrades all play a role in the hole colleges put in your wallet. Students are now graduating with an average of $30,000+ in student debt, with some cases the number being exponentially higher. But honestly, college should not be the biggest stressor in your life! Try your best to work around these increasing rates, but let’s always attempt to advocate for better.
