I’m sure that by this point everyone is aware of the increasing amount of student debt that college graduates in the United States are racking up. However, have you ever stopped to wonder, just how did this number get to be so high? Why are so many students unable to pay off their loans following graduation?
IOWA CITY–College tuition across the country has been increasing two-fold over the last decade. What used to seem to at least be affordable has now increased by epic proportions, making tuition difficult for students and parents to afford. Little did we know at the turn of the century what we would inevitably end up paying for tuition.
But just how did we get here? When did attending college turn into buying an education–and at a steep cost, no less.
How Did We Get Where We are Now?
According to the report The College Tuition Spiral: An Examination of Why Charges are Increasing, there are six explanations behind the large spike in college tuition and fees.The first is that colleges themselves are experiencing increasing fees. Colleges are also offering expanded services, which they use student tuition to fund. Non-tuition revenue sources are contracting. More students are applying for student aid, which allows institutions to increase their charges. The competition between schools has led to increases in tuition. The decline in the standard college-age group may be a factor.
In Tuition Rising: Why College Costs So Much, Ronald Ehrenberg discusses several of his own ideas for increased tuition rates. The first is that we live in a winner-take-all society, where each institution wants to be the best they can in every aspect and be better than the next college or university, which requires more funding. The second factor is shared governance, where at a public institution, trustees often do not have power over the cost of tuition or other fees. Ehrenberg also cites that certain government policies make it necessary for schools to increase tuition.
Current Status
As we all know, tuition is at an all-time high right now. In the last ten years alone, tuition at the University of Iowa has doubled from $4,191 in the 2002-2003 academic year, to the current 2012-2013 tuition of $8,057.
“I just can’t believe that ten years ago I would have been paying half of what I am currently paying to attend college,” said Ashlee Venema, a junior at the University of Iowa. “It’s absolutely shocking that tuition could grow that much in just ten years. It’s kind of sickening to think about.”
The average amount of student debt in the United States increased by nearly $7,000 in just ten years.
Nationwide, tuition at colleges and universities is the highest it’s ever been. The cost of attending college has reached epic proportions, and unfortunately, it appears that the increases won’t be stopping any time soon.
The Effects
How do these sharp increases affect college students paying for their education, or more likely, their parents who are funding it?
“It’s a lot of added pressure. When my two boys were attending college ten years ago, we only had to pay half of the amount that we’re paying to send Jenna to the University,” said Debbie Lenmeyer. “But we want Jenna to be able to receive a quality education, so what choice do we have?”
Debbie, like a lot of other parents, feel trapped by college costs that they cannot escape. It’s tough when parents want to be able to pay for their children’s education, but at the same time they are adding extra stress on their finances.
On the other hand, some parents feel that their child’s education isn’t theirs to pay for.
“My husband and I feel as though our children should pay for their education themselves. It’s not that we don’t help them out with any of their other expenses, but we feel that it teaches our girls more responsibility and really helps teach them to be smart with their money,” said Lisa Roth, mother of a two graduates and a current student of the University.
Lauren Shake, a sophomore at the University, feels bad for the financial burden placed upon her parents.
“I got a job and began working a few hours a week because it’s not fair to my parents that they pay for my tuition and living while I just sit around doing nothing. I feel bad that they have to pay so much for me to get an education, so working is my small contribution so that they don’t always have to give me handouts.”
In a society where higher education is almost always a necessity in scoring a job, it doesn’t appear that college enrollment is going to decrease anytime soon. With that, we can make the educated guess that as long as enrollment is up, tuition will go nowhere but up.
Why Do You Work?
The majority of college students on campus work some kind of job. That job might be so that they can pay for rent, tuition, bills, etc, or it may just be so that they can have a little extra spending money.
Many students agree, their parents shouldn’t have to be taking on all of the financial burden themselves. Students like Jerrica Adair and Jinxiao Zeng work campus jobs so that they can have personal cash that their parents need not provide them.
Other students, like Lauren Shake and Ellie Smith, say that they think it it unfair that all financial aspects of their life be paid by their parents. They work so that they can have a little extra spending cash, but also to pay for odds and ins that their parents won’t have to cover.
Chart
Click here for a chart comparing tuition increases at schools in different regions over the years. No state is spared in the increasing battle against tuition. We can see this through the comparison of three schools located in different regions. While some states, such as Florida, may have cheaper tuition than states like Michigan, they are still experiencing the increases felt nationwide. If these trends continue, college tuition prices will be nearly $16,000 in ten years!
IowaWorkingGirl 