2/28/2005

Rising cost of Education

I recently read an article about the rising costs of tuition at four year colleges and universities, in this article it said that on the average that tuition increased by 10% from last year to this year. It also said that tuition has increased 51% over the last decade. I for one am having a hard time with the high prices of tuition and books, I went to school many years ago and have recently returned, and the first time I went to school I was able to cover the cost of tuition and books with a pell grant, but now a grant barely covers the cost of tuition. I have been forced to borrow more and more money to cover the rising costs of getting an education so I am hoping that it is really worth it in the long run.

6 comments:

Marie said...

In some ways I think that it is good that the cost of tuition are rising. It really hasn't helped me any because I don't have any Pell grants or scholarships, but I think that it will keep people at school who really want an education. What I mean, is that the cost of the education, even taking out loans, will make people determine the real benefit they think they are getting. I think that there are a lot of people who go to school and take money for purposes other than their education. By the rise in education cost, students are going to have to determine if they really want to go through with it. Education is declining in the value that it use to bring to students, by it becoming more than just the thing to do after High School may make those standard rise as well.

Jones said...

I don't think the cost of tuition increasing is a good thing. Already so many students are going into debt with student loans, why make it worse? I am lucky enough to have my parents be paying for my tuition. But for those that are not so lucky, this is horrible news. Already so many kids don't go to college after high school and I think that rising tuition prices is going to make this percentage increase. By keeping tuition low we are giving many potential drop outs a better future.

Diane said...

Tuition should increase more than 10-15%. Most of our education costs are covered by state taxes. Our benefits far outway our costs. We have exellent educators. It's beyond me why they teach here. They could get more money elsewhere.

As stated in the University Journal, tuition increases will cover a portion of energy cost increases. Faculty and staff pay has not kept pace with the rising cost of living.

Yes education is expensive considering student salaries. Think about the long-term benefits. You could get a job out of high school and avoid higher education costs.

Education is an investment. If we are patient we will have higher salaries and more nonmonetary benefits than if we hadn't paid for an education. Sure my mutual fund made high-yield returns when I first opened it in the 90's. Ever since the stock market first started to decline I've lost money. For most people investing in the stock market is a long-term committment. I will make my money back if I'm patient.
Do you have any right to complain? No. Our tuition is next to nothing compared to universities in other states.

Before anyone gets too angry I am working my way through school. I don't have scholarships or pell grants or parents who pay for everything. I'm not saying monetary help is a bad thing. Think about the long-term benefits before complaining.

Keston said...

I think this is a really touchy subject and personally I am split on whether tuition increases is a good thing or a bad thing. I agree with the previous three comments, that tuition hikes are both good and bad. Yes, SUU does have a much lower tuition cost than other schools, we have excellent professors for the money they get paid, we also have nice student facilities that have come from tuition money, and it does help to increase the value of our education. However, on the negative side, beside just students getting into debt from college like Jones states, it discourages students from coming to college. Of my 5 really close friends in high school, I am the only one to have attended college. Why? Because they all believe that college is too expensive. Yes, I do hope that some day I will be making more than them, but it will take a few years for the lost time. So I hope that going to school does pay off in the end, and that tuition will be paid back to me through the career I choose and the money I make.

BOB said...

Unfortunately, tuition hikes are a reality. While a higher demand for improved education is having a toll on student's wallets, we must not forget the improved benefits that come along with higher tuition. Education is pricey, but a better educated America is priceless.

Dr. Tufte said...

Trust me on this - completing a college degree is an enormously good investment (even if you are not a comparison shopper, go to a bad and expensive private school, and borrow on your credit card to do it).

Bart is not alone in this sentiment, but I always find it odd that students don't often realize that state schools are offering a college education at something like 75% off the list price. Yes it's expensive, but if there was a $40K car out there marked down to $10K, I don't think people would complain as much about buying it. College enrollments hit record numbers year after year, and yet people don't put those together. Hmmm.

The economics of this are pretty simple. Prices rise either because supply shifts to the left, or demand shifts to the right. If it is the former, there will be less stuff sold, while if it is the latter there will be more stuff sold. Since colleges are full and enrollments are rising steadily, this points to a demand shift driving up the marginal cost (and price) of education. So, people recognize that college education is a good value for the price, and are buying enough of it to congest the system a bit (if you're not sure about that, recall that most flagship state universities are offering a lot more deferred admissions to freshman).

Diane ... come now ... we teach here because we love you guys ;)> and the time off ... and the great students ... and the pleasant work environment ... and the great students ... and the job security ... and the great students