Throughout time, the economy has experience levels of inflation, however, the rising cost of college tuition is an issue that has yet to be addressed. While some rise in the cost of college education should be expected due to inflation, the levels we are seeing today are much higher than what is expected. According to the U.S. News Article “Rising Costs Brings New Focus on How Colleges Set Their Prices,” when adjusted for inflation, the cost of a college education has double since 1986. In thirty years tuition rates half gone up by 100%.
The rising cost of a college education has resulted in a system that is highly competitive, and makes it very difficult for people to pay for college. In many cases, people end up paying off student debt their entire lives. A college education is a great asset, and in many cases it can be the road out of poverty for people, however, because of the rising cost, it actually contributes to people’s financial insecurity now more than ever.
As the cost of college continues to go up, people aren’t following the economic trend of steering away as prices go up. In fact, there are more people applying to college now than ever before. This is because nowadays in the US you need a college education to get a job that can financially support you. As factory jobs have gone overseas, there are less jobs available with real benefits and good pay that don’t require a college education.
Until we find some way to address the root of the problem, the cost of college education will continue to rise, how far the pattern will continue is really up to us.
College Tuition by Ellie is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.