As college tuition continues to rise, the possibility of attending a 4 year college for many students begins to fade away. After the 2008 recession, the entirety of the nation had taken a huge economic hit, especially affecting college bound students. We witnessed a rapidly increasing university tuition, disabling thousands of students from considering a 4-year college. Today, students still continue to struggle to pay for college, but the reasons may not be the same as they have been in the past. For example, according to recent research by College Board, the rate of tuition increase has slowed down significantly over the last couple years. In fact, over the past year (2013), the average tuition for public universities has only increased by 2.9 percent, one of the smallest increases for over 30 years. So, why are students still struggling to afford college? Instead, according to College Board, it is the lack of financial aid that has caused many students to fall under. Grants, scholarships, and many other forms of financial aid have failed to keep up with the tuition rise, leaving a much greater ‘net’ price for college paying families.
This is not only for public colleges, but for private universities as well. According to Allie Bidwell, a reporter of the US News, “The average tuition prices increased by 3.8 percent between 2012-13 and 2013-14, to $30,090. But the average net price also increased, from $11,930 in 2012-13 to $12,460 in 2013-14.”
So what are college students left to do? Many students are forced to take out college loans, the only real reasonable option left when tuition is too much to handle. Unfortunately, college loans only temporarily fix the financial situation, and can place a heavy burden on students fresh out of college. In fact, according to Sam Frizell, a researcher for Time magazine, students who take out college loans pay a greater retribution than what they make at a degree-requiring job. Frizell reports, “At the end of 2003, American students and graduates owed just $253 billion in aggregate debt; by the end of 2013, American students’ debt had ballooned to a total of $1.08 trillion, an increase of over 300%.”
Many college bound students and other adults seeking to return to school are searching for another option when it comes to getting a degree. At iQ technologies, we strongly believe that there is another solution to higher education.
Source:
Bidwell, Allie. http://www.usnews.com/news/articles/2013/10/24/the-rise-in-tuition-is-slowing-but-college-still-costs-more?page=2
Frizell, Sam. http://time.com/10577/student-loans-are-ruining-your-life-now-theyre-ruining-the-economy-too/