Providing college education to their children is still a utopia for many American families. College affordability is the most important yet scariest factor faced by these families when their child completes their high school graduation. <\/p>\n\n\n\n
When making a decision about which college to attend, there are numerous factors to take into account, such as tuition fee, available courses, extracurricular activities, and more. However, many students find themselves stuck on the cost and perceive it as the primary determinant of their access to education.<\/p>\n\n\n\n
Now, what can be done to eliminate the financial barrier to the path of acquiring an education? It appears that there may be a shortage of available resources to obtain accurate information regarding the diversity of universities, their tuition fee, and the process of applying for scholarships and grants at these universities.<\/p>\n\n\n\n
Reasons for Hike in Education Expenses<\/strong><\/h3>\n\n\n\nAccording to the 2017 research report of College Board, tuition fee in colleges at four-year private and public colleges have increased by 36%.<\/p>\n\n\n\n
Here are a few factors responsible for this problem of rising education costs, which are taking away the rights of students and making education a luxury. <\/p>\n\n\n\n
\n- Rising Demand <\/strong><\/li>\n<\/ol>\n\n\n\n
The cost of education and students enrolling into universities are two sides of the same coin. <\/p>\n\n\n\n
According to the Education Data Initiative<\/a>, enrollment peaked in the year 2010 at 21.02 million students. Since then, education has gotten more expensive, with tuition fee increasing every year. <\/p>\n\n\n\n![\"\u00a0Rise](\"https:\/\/test.evelynlearning.com\/wp-content\/uploads\/2023\/06\/image.png\")
<\/figure><\/div>\n\n\n Rise in Education Expenses are Associated with the Cycle of Demand and Supply<\/em><\/p>\n\n\n\nIn the above graph, we can see a slight decrease in enrollment numbers in the year 2022. This is because of the shift in thinking of students, who are losing trust in college education<\/a>. <\/p>\n\n\n\nIs a College Degree Worth It?<\/strong><\/h4>\n\n\n\nOur society is divided into two parts. One believes in the education system, and the other believes that it is a waste of money and effort. We have some really great examples of billionaires and geniuses who do not have a college degree. <\/p>\n\n\n\n
Bill Gates dropped out of college at the age of 20 and made a revolutionizing company, \u201cMicrosoft\u201d. Walt Disney ended his schooling in the 8th grade and moved on to open the world\u2019s eyes to see animation at its best. <\/p>\n\n\n\n
Today\u2019s generation is inclining more toward becoming social media influencers, stock market traders, etc. They are finding it fun and a way to make money with minimal effort. <\/p>\n\n\n
\n![\"People](\"https:\/\/test.evelynlearning.com\/wp-content\/uploads\/2023\/06\/image-3-1024x576.png\")
<\/figure><\/div>\n\n\nPeople Losing Trust in College Degrees<\/em><\/p>\n\n\n\nAccording to the data collected by Morning Consult<\/a>, Gen Z has the lowest trust in the education system of public colleges or universities. They also revealed that in October 2020, 62% of adults supported the public education system, and now, as of May 2023, the numbers have decreased to 52.5%.<\/p>\n\n\n\n\n- Lower State Funding <\/strong><\/li>\n<\/ol>\n\n\n\n
Another reason for increased tuition fee is the decreasing financial support from the states. According to the data from the College Board, there is a correlation between the state’s funding and education costs. In the academic year 2015-16, the state\u2019s funding was reduced by 11% as compared to the last 10 years, which is the result of a hike in education expenses. <\/p>\n\n\n
\n![\"Lack](\"https:\/\/test.evelynlearning.com\/wp-content\/uploads\/2023\/06\/image-5-1024x682.png\")
<\/figure><\/div>\n\n\nLack of State Funding Means the Burden of High Education Expenses Is Shifted to Students and Their Parents<\/em><\/p>\n\n\n\nAt the same time, state funding is only related to public universities, as these colleges and universities are affiliated with the government. So, a reduction in state funding would have little impact on private universities but more on public universities and scholarships for college students. <\/p>\n\n\n\n
\n- Operational Cost<\/strong><\/li>\n<\/ol>\n\n\n\n
Gone are the days when the things required to impart education were just different subject books, a professor, a blackboard, chalk, desks, and students. Now, the time has changed. Universities and colleges are no longer just institutions of learning and teaching. A classroom has become an e-classroom, with tablets on each and every desk. <\/p>\n\n\n\n
Online learning<\/a> is now the primary focus, with learning resources readily accessible on the internet, surpassing the significance of traditional learning methods. <\/p>\n\n\n\n![\"High-Quality](\"https:\/\/test.evelynlearning.com\/wp-content\/uploads\/2023\/06\/image-4-1024x682.png\")
<\/figure><\/div>\n\n\nHigh-Quality Education Comes With High Education Costs<\/em><\/p>\n\n\n\nMany institutions now have full facilities and services like healthcare, technological devices, counseling, research, dormitories, and institutional support. These facilities and services take a major chunk of money from the university\u2019s budget, which in turn leads to skyrocketing tuition fee. Moreover, universities provide quality education, so they have to hire highly educated people, which means high salaries. <\/p>\n\n\n\n
You may also like to read:<\/strong> Challenges in the Current US Education System<\/strong><\/a><\/pre>\n\n\n\nStudent Loan Statistics 2023<\/h3>\n\n\n\n
The ballooning education costs and student loans go hand in hand. According to Forbes Advisor,<\/a> there is around $1.75 trillion student loan debt as of now, including federal and private loans. On average, one borrower owes $28,950. Moreover, 55% of public university students have educational debt, whereas 57% of private non-profit institution students take loans.<\/p>\n\n\n\nIf we look at the statistics, student loan borrowers aged between 24 and 35 years owe around $500 billion to federal banks. Unfortunately, for some people, these loans do not leave the borrower\u2019s side even after middle age. Not only this, people feel the pressure of repaying loans even after retirement. <\/p>\n\n\n\n
Taking out a student loan is inevitable unless you have a scholarship or come from a financially strong family. <\/p>\n\n\n\n
\n\u201cBorrowing to pay for college used to be an exception; now it\u2019s the rule.\u201d – Arne Duncan, Formal United States Secretary of Education.<\/p>\n<\/blockquote>\n\n\n
\n![\"The](\"https:\/\/test.evelynlearning.com\/wp-content\/uploads\/2023\/06\/image-1.png\")
<\/figure><\/div>\n\n\nThe Burden of Student Loan Remains With Individuals Even Beyond Their Retirement.<\/em><\/p>\n\n\n\nFederal Aid for Student Loan<\/strong><\/h4>\n\n\n\nIn the year 2007, the Federal Government introduced the Public Service Loan Forgiveness Program (PSLF) under the act of College Cost and Reduction. Under the PSLF program, people who make 120 loan repayments while working for a non-profit organization or public service institution can get a portion of their student loans excused or forgiven. <\/p>\n\n\n\n
The cost of education and students enrolling into universities are two sides of the same coin. <\/p>\n\n\n\n
According to the Education Data Initiative<\/a>, enrollment peaked in the year 2010 at 21.02 million students. Since then, education has gotten more expensive, with tuition fee increasing every year. <\/p>\n\n\n Rise in Education Expenses are Associated with the Cycle of Demand and Supply<\/em><\/p>\n\n\n\n In the above graph, we can see a slight decrease in enrollment numbers in the year 2022. This is because of the shift in thinking of students, who are losing trust in college education<\/a>. <\/p>\n\n\n\n Our society is divided into two parts. One believes in the education system, and the other believes that it is a waste of money and effort. We have some really great examples of billionaires and geniuses who do not have a college degree. <\/p>\n\n\n\n Bill Gates dropped out of college at the age of 20 and made a revolutionizing company, \u201cMicrosoft\u201d. Walt Disney ended his schooling in the 8th grade and moved on to open the world\u2019s eyes to see animation at its best. <\/p>\n\n\n\n Today\u2019s generation is inclining more toward becoming social media influencers, stock market traders, etc. They are finding it fun and a way to make money with minimal effort. <\/p>\n\n\n People Losing Trust in College Degrees<\/em><\/p>\n\n\n\n According to the data collected by Morning Consult<\/a>, Gen Z has the lowest trust in the education system of public colleges or universities. They also revealed that in October 2020, 62% of adults supported the public education system, and now, as of May 2023, the numbers have decreased to 52.5%.<\/p>\n\n\n\n Another reason for increased tuition fee is the decreasing financial support from the states. According to the data from the College Board, there is a correlation between the state’s funding and education costs. In the academic year 2015-16, the state\u2019s funding was reduced by 11% as compared to the last 10 years, which is the result of a hike in education expenses. <\/p>\n\n\n Lack of State Funding Means the Burden of High Education Expenses Is Shifted to Students and Their Parents<\/em><\/p>\n\n\n\n At the same time, state funding is only related to public universities, as these colleges and universities are affiliated with the government. So, a reduction in state funding would have little impact on private universities but more on public universities and scholarships for college students. <\/p>\n\n\n\n Gone are the days when the things required to impart education were just different subject books, a professor, a blackboard, chalk, desks, and students. Now, the time has changed. Universities and colleges are no longer just institutions of learning and teaching. A classroom has become an e-classroom, with tablets on each and every desk. <\/p>\n\n\n\n Online learning<\/a> is now the primary focus, with learning resources readily accessible on the internet, surpassing the significance of traditional learning methods. <\/p>\n\n\n High-Quality Education Comes With High Education Costs<\/em><\/p>\n\n\n\n Many institutions now have full facilities and services like healthcare, technological devices, counseling, research, dormitories, and institutional support. These facilities and services take a major chunk of money from the university\u2019s budget, which in turn leads to skyrocketing tuition fee. Moreover, universities provide quality education, so they have to hire highly educated people, which means high salaries. <\/p>\n\n\n\n The ballooning education costs and student loans go hand in hand. According to Forbes Advisor,<\/a> there is around $1.75 trillion student loan debt as of now, including federal and private loans. On average, one borrower owes $28,950. Moreover, 55% of public university students have educational debt, whereas 57% of private non-profit institution students take loans.<\/p>\n\n\n\n If we look at the statistics, student loan borrowers aged between 24 and 35 years owe around $500 billion to federal banks. Unfortunately, for some people, these loans do not leave the borrower\u2019s side even after middle age. Not only this, people feel the pressure of repaying loans even after retirement. <\/p>\n\n\n\n Taking out a student loan is inevitable unless you have a scholarship or come from a financially strong family. <\/p>\n\n\n\n \u201cBorrowing to pay for college used to be an exception; now it\u2019s the rule.\u201d – Arne Duncan, Formal United States Secretary of Education.<\/p>\n<\/blockquote>\n\n\n The Burden of Student Loan Remains With Individuals Even Beyond Their Retirement.<\/em><\/p>\n\n\n\n In the year 2007, the Federal Government introduced the Public Service Loan Forgiveness Program (PSLF) under the act of College Cost and Reduction. Under the PSLF program, people who make 120 loan repayments while working for a non-profit organization or public service institution can get a portion of their student loans excused or forgiven. <\/p>\n\n\n\n<\/figure><\/div>\n\n\nIs a College Degree Worth It?<\/strong><\/h4>\n\n\n\n
<\/figure><\/div>\n\n\n\n
<\/figure><\/div>\n\n\n\n
<\/figure><\/div>\n\n\nYou may also like to read:<\/strong> Challenges in the Current US Education System<\/strong><\/a><\/pre>\n\n\n\n
Student Loan Statistics 2023<\/h3>\n\n\n\n
\n
<\/figure><\/div>\n\n\nFederal Aid for Student Loan<\/strong><\/h4>\n\n\n\n
![\"Dr.](\"https:\/\/test.evelynlearning.com\/wp-content\/uploads\/2023\/06\/image-2-1024x601.png\")
<\/figure><\/div>\n\n\n![\"Can](\"https:\/\/test.evelynlearning.com\/wp-content\/uploads\/2023\/06\/image-6-1024x684.png\")
<\/figure><\/div>\n\n\n