The price of higher education has been increasing exponentially every year, making it harder for students to afford college. Collectively, student debts of college graduates add up to $1.2 trillion.
At first, the rising tuition costs were viewed positively because as a sign of the recovering economy. Now, however, the costs are rising faster than inflation, and financial aid is becoming insufficient in assisting some students with paying for college. Despite the numerous scholarships available for graduating students, they are often not enough. Even after the increase in federal scholarships such as Pell Grants, increasing numbers of students still pay out of pocket to attend college.
The exorbitant tuition may affect students’ attitudes toward college. Senior Victor Chan said, “I feel like a lot of people would try harder at school if they knew they could pay for college.” Many bright students may become disheartened that their achievements do not get them the financial aid that they need to attend colleges they are qualified to be admitted to.
According to US News, Sandy Baum, an economics professor at Skidmore University, said, “One partial explanation is declining government funding of public universities.”
One of the predominant reasons for the high costs of colleges is the rising athletic budgets. According to an article published on an Alabama news site, AUB and Troy, colleges in Alabama, “spent less per student on academics in 2011 than four years earlier. Meanwhile, AUB’s athletic spending rate per athlete increased 30 percent and Troy’s was up 23 percent.”
However, although the athletic budgets of colleges are relatively high, the revenue that colleges receive helps alleviate the costs. As cited in a USA Today article, University of Cincinnati Athletic Director Whit Babcock said, “The $49 million [that] UC spends on athletics is only about 4 percent of the total university budget. Athletics attracts about 400,000 people a year to campus. I truly believe that 4 percent is a heck of an investment.”
Sophomore Naveen Krishnan said, “It would be interesting if colleges recruited students who win academic competitions with the same enthusiasm they recruit great athletes.”
Chemistry teacher Mr. Robert Hooker, questioned, “Is $40,000 a year for a career in liberal arts worth it?”
The increase in college costs will only make it harder for students to attend higher education.