Handling the Rising Cost of College
March 5, 2018
Why is college so expensive? The answer to this question is quite complex, actually.
“A lot of parents start worrying about paying for college education soon after their child is born. After that, there’s the stressful process of applying to colleges, and then, for those lucky enough to get admitted into a good college, there’s college debt.” These words from Kevin Carey, author of the book The End of College: Creating the Future of Learning and the University of Everywhere, express what has become one of the biggest issues facing families with college-age children: paying for college.
According to Zack Friedman of Forbes, upon college graduation “The average student in the Class of 2016 has $37,172 in student loan debt.” Additionally, just over eleven percent of those with student loan debt are either delinquent or default on the loan. This means that after four years of college, these young people head into the workforce substantially in debt, and if they default or are delinquent on their payments, have extremely poor credit.
Young people today must think about how they are going to pay for college, and how they are going to pay off their student loans when they graduate. This leaves students clamoring for grants and scholarships to help pay for school, and has had an impact on in-state school enrollment.
According to the article “Can I really Save money By Going to School In My Home State?,” “If a school charges $20,000 a year for tuition, those living in the state can usually enjoy lower rates of $18,000 down to $15,000 a year. Some schools will also offer students other benefits if they live in state, including discounted rates at local restaurants, movie theaters and other discounts at local businesses.”
So some schools use outside resources to sweeten the deal for students to consider going to school in state instead of venturing out of state and paying out -of -state tuition. But is there really a benefit to going out of state for college and paying more money for the same degree you could get from a college or university in state?
For some, the experience is worth the extra cost they may incur.
In Emma Westlund’s article, “The Benefits of Going to College out Of State,” she talks about her choice to leave her home state of North Carolina for school at Denison College in Ohio. She admits that it was a risk, but one that has been worth it. She writes, “There is a certain comfort in having a group of friends at college before you even go. However, going to college out-of-state meant that I had the opportunity to start over in a place where no one knew me. It was refreshing as well as exciting to be able to develop a whole new cohort of friends and colleagues.”
For Westlund, going to college out state gave her a chance to experience things she wouldn’t have if she had stayed in her home state; and she wouldn’t have been forced to be independent and figure some things out without family help.
Whether a college student chooses to stay in state and take advantage of reduced cost or other benefits, or heads out of state for a unique experience, scholarships and grants are always on their mind. Many students look for scholarships when applying to colleges in the hope of lessen the cost of tuition payments.
