The Cost Of A College Education Vs. The Financial Return After Graduation

1803 words - 7 pages

In contemporary society, the need to acquire some form of higher education has become almost compulsory to leading a successful life. While this does educate society and allow people to be well equipped for higher-level jobs it comes with definite negative aspects. The largest of which is the cost of attending these institutions. Unfortunately the prices of colleges and universities cause major debt and financial problems for the people attending, in some cases the price alone deters potential innovators. These places of higher education expect to be paid tens of thousands of dollars for tuition from their students but in reality only an extremely small portion can pay this without some form of assistance. This unrealistic expectation of pricing comes not from the necessity for money; instead it arises from interests that are purely for the sake of monetary gain. Essentially these institutions are taking advantage of the fact that their system is needed to achieve a better life and in doing so set the prices at which one can attain this at exuberant amounts. It is the view of Andrew Delbanco that college tuitions are vastly overpriced and that it is merely a system put in place to glorify some institutions over others. It is the belief of many, including Delbanco, that the system is unfair to those of low incomes and tough situations, that there needs to be some form of alternative payment method if the system is going to stay the same way, and that the current financial and post secondary educational system is broken and requires a complete overhaul.
One of the largest deterrents of young people pursuing some form of higher education is the absolutely ridiculous price that it costs to attend such an institution. A limiting factor is both ridiculous and appalling. The United States has always prided itself in being a place in which one can come from nothing and raise the ranks to become a success. Instead the very thing it sought to prevent has shattered this American Dream; a repressed class in which ascending the ranks is not an option. Across the nation the average price of a years tuition is twenty one thousand dollars and because of this one runs into a serve problem. Currently Americas is recovering from one of the most devastating financial crisis since the great depression and its affect is felt in every single wallet of the middle class. According to the National Average Wage Index, the average person brings in a wage of just a little over forty thousand dollars annually. With such statistics one can clear see the problem. The problem being that a single semester at a university equals out to the better half of ones annual salary. Delbanco touches on this describing how the crash of 2008 has caused many to rethink their course of action when it comes to secondary action, he states, “ Even those parents who have not lost their jobs have probably seen their retirement assets dwindle and the value of their homes drop, leaving them...

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