Addressing the ever rising costs in college education: what can be done?

 

College
Photo Credit: Link

There are two resounding questions when it comes to college education costs in the United States.

The first question, with the cost of college tuition ballooning over the last 30 years, is going to college still worth it? The resounding and oversimplified answer is yes. If an individual goes to a public university close to home, they can graduate while spending 40 thousand dollars. That’s without any sort of financial aid, and not accounting for any room and board.

The average difference in salary for a four-year graduate compared to an individual that only has a high school diploma? On average 30 thousand a year.

income by education

Yes, this is over simplified, it doesn’t consider what kind of degree you get, or if you don’t have the option of going to school close to home. But it proves a point, if you go to school for the right degree it’s worth it even if you end up over 100 thousand dollars in debt.  

The second question is more divisive, what, if anything, should the federal government do to address the ever-rising cost of college tuition? This is where I propose a more radical solution. College costs have tripled in the last 30 years, even when accounting for inflation. This is absurd.

tuition prices

It is also absurd to expect the federal government to foot the bill for a public institution and expect that colleges won’t take advantage of this by raising their rates further. There is a far simpler solution to keep college tuition under control.

Set federally mandated tuition caps for public universities. Set limits on the amount of fees that they can charge their students. Set limits on how much public universities can charge for textbooks in a year. Colleges can do this and still stay in business.

As an example, military students using tuition assistance have their cost per credit hour capped at 250 dollars. Schools know this and want the students to attend their universities anyways, so many of them lower their tuition rates to these students. Why aren’t school willing to do this for all their students? Because they don’t have to, and they want to make as much money off each student as possible.

Schools now have the same mindset as every corporation in the United States, how can we make the most money. When it comes to higher education that shouldn’t be the case. And it doesn’t have to be. It is time for the federal government to step in and regulate these schools, so everyone has the chance to further their education after high school.