Market And Government Failures In Reducing College Cost

1654 words - 7 pages

There was a time in America where college was based solely on merit, higher education and pursuing the American Dream to obtain a career and gain social status to be successful in society. According to the Economist newspaper, rising fees and increase of student debt, shared with dwindling financial and educational returns, are undermining at least the perception that university is a good investment. Now due to high cost of an average good university, students are leaving college owing back over $100,000 and are not getting the job of their original dreams.
Colleges have failed to stabilize tuition cost and has risen almost triple the cost since the 80’s in reference to The Economist news paper. In our country only 57% of Americans will be able to successfully complete their four-year college degree within six years as high tuition costs remains. Another failure that allowed colleges to raise tuition is due to the major cuts from states leaving the colleges to support themselves. The state found other concerns as priority and to invest in according to the New York Times article, Obama Vows Action on College. When the state or federal government no longer advances in aiding colleges and universities where does that leave our country for the future?
President Obama stated that the government would not continue to invest funds into an "undisciplined system." Field K. (2013, August 21) Obama Vows Action on College Costs, but Observers Say His Options Are Few. P.1, Washington Post. As well, the President stressed on how he will withhold some federal aid from colleges that fails to keep tuition growth low, and has proposed grants for states and colleges that adopt cost-saving measures. NY Times states that the federal government provides $150 billion is distributed annually in student college aid and it goes to most colleges with great enrollment placements. Now the government wants to change the culture to place more of a checks and balance to ensure that college is living up to their rank. Colleges are given these funds; however, are they being using adequately that will gear the students for success so they will get their money’s worthwhile investing in higher education?
Most careers in America hire graduates than those who may just only have a high school diploma. As many students leave colleges, many are asking where are the jobs? This is where the government and market fails as well when it comes to obtaining new jobs. The Economist newspaper mentions that about 37 million former students in America went to college and could not finish due to economic reasons and has no degree. It’s running up the debt ticker, more and more people cannot get a job because they are no longer qualified. Our higher education system need to be funded more, to ensure that all students who are accepted to college should not have to be dismissed due to financial setback. It is a chain reaction because if students are not meeting the qualifications of...

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