Costs Spiraling Out Of Control
Many middle and upper-class parents are finding it extremely difficult to send their children to college in an economy where jobs are few and college education costs are spiraling out of control. College education has become very expensive with costs for food, living, tuition, gas, rent, and travel soaring. College education costs haven’t risen suddenly, but gradually over time.
$1,00,000 $90,000
$80,000 $70,000
$60,000
Salary
$50,000
$40,000 $30,000
$20,000 $10,000
$0 high school US average wage
College
master’s or
graduates
PhD’s
PERCENTAGE Typical American Family Income
147%
7%
115% 500%
College Costs
Consumer Price Index College Education Inflation
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Another reason why college education has become nearly unaffordable for many students is because of the tenure policy at universities. Regardless of the professors’ productivity, their tenure guarantees employment for life. Demand is also responsible for this unchecked rise in college expenses. Rising demand has tolerated these skyrocketing costs, which parents are finding difficult to bear.
http://www.collegequest.com/
If universities keep increasing their prices, then it will become more and more difficult for the average family to send their children to college. At some point in time, administrators will be forced to take measures to ensure cost control so that more students can avail of the benefits of higher education.
http://www.collegequest.com/
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Until college costs reduce, it is in the best interests of students to make their college education worth the huge costs. If at all their parents have been able to fund their college education through some means, then the students must work hard during all their years in college so that they can have a job before they leave campus. Having a job before they graduate will leave a good impression on future employers.
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Students must focus on finding their true calling while still in college. Those students who wish to become entrepreneurs must weigh the pros and cons of starting their own businesses. Students also have to keep up their grades in college so that they can recover the costs of their education with a well-paying job or a successful business. Continue
Parents also have to be made to understand that entrepreneurship is tough. So they need to support their children, with full knowledge of the fact that their children could very well fail at starting their own business. A business only becomes successful with determination, talent, and capital.
Parents need to realize that a business takes time to be successful so they shouldn’t refrain from spending over $60,000 a year on their child’s college education. They must remember that once successful, their child will earn more than $80,000 a year.
There are many obstacles to receiving a great college education but the point to remember here is that in the long run, it all works out. Many schools offer financial aid to students and parents can avail of these funding opportunities. So don’t be disheartened. A good college education is still possible with some financial preparation on the part of parents, academic performance and initiative from the students, and support from government and other sources.