Is The Cost Of College Worth It?
Taylor Johnson
Mrs. Straub
Economics
17 March 2014
Is The Cost Of College Worth It?
With spring break quickly approaching, high school seniors are beginning to prepare for an even bigger celebration – graduation. As their days in high school come to a close, the question they have all been asked since the first day of kindergarten suddenly doesn’t seem too farfetched: what do they want to be when they grow up? For some, college decisions have already been made, housing contracts signed, and roommates found. For others, military recruiters have been contacted and boot camp is only a few months away. But for the rest, it’s time to make a decision.
High schools around the country have had a continuous push for higher education and stimulating educational experiences after graduation. But with the continually increasing cost of college tuition, many students are forced to choose between a college education and a secure bank account. Students need money for college, college to get a steady job, and a job to make money. Who decided upon this system? When forced to choose between their own education and their current financial status, students must weigh the opportunity cost of selecting a university vs. finding and maintaining a full time job.
According to the New York Times, “college tuition continues to outpace median family income and the cost of medical care, food and housing.” Although a college education opens up countless doors for opportunity after graduation, including an average of 80% more income than students only receiving a high school diploma, a family should not be paying more than their annual salaries to send their child to school.
It is no question that college is becoming more and more expensive each year, but rather what it is that is causing this steep incline. As students are beginning to discover the benefits of a college education, the demand continues to increase. There are only so many classrooms, dorms, and professors at a university however; and as the number of students continues to increase, supply and access to these necessities decreases. In order to accommodate the growing number of students, universities need to expand. Building new education and housing buildings is not a cheap affair and needs to be funded for somehow, so another few hundred dollars can be tacked onto tuition to cover it. As college becomes more competitive and the number of available spots decreases, students suddenly are willing to pay more for their education and when the students are willing to pay more, why would the university want to lower tuition and accept less?
Prior to committing to a university, prospective students must first weigh the marginal costs and marginal benefits of a college education. The marginal benefits largely being a more expansive educational experience, greater knowledge, and a larger salary, which of course sound great in theory but with an average marginal cost of nearly $10,000 per year at public universities nationwide, students must determine if the eventual benefits outweigh the current costs.
It is no easy task to make decisions for our future, but when forced to choose between financial securities now or a greater salary later, the decision becomes even more complex. In order to fully be sure you are making the right decision when it comes to higher education, make it an informed one by comparing and contrasting the possible benefits of a college education vs. working a full time job after graduation.
Works Cited:
"Cost Of College." College Data. N.p., n.d. Web. 17 Mar. 2014. <https://www.collegedata.com/cs/content/content_payarticle_tmpl.jhtml?articleId=10064>.
"How to Get College Tuition Under Control." The Wall Street Journal. Dow Jones & Company, n.d. Web. 17 Mar. 2014. <http://online.wsj.com/news/articles/SB10
"Soaring College Tuitions." The New York Times. N.p., n.d. Web. 17 Mar. 2014. <http://www.nytimes.com/imagepages/20
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