Rising Costs of Public College Education: Is It Still Worth It

Each November, the sponsors National Scholarship Month - a month-long campaign intended to raise awareness about the need for more scholarships to help families cover the ever-rising costs of college. November is a great time to start applying for scholarships, since many have December deadlines. And if you need some extra motivation to get started, the College Board just released an updated report, which shows the costs of tuition, fees and room and board are rising at a faster rate than in recent years. In fact, students attending a four-year public in-state university this year paid 3.3% more on average than last year, bringing total costs up to $19,548. If that pace continues, parents are looking at total four-year costs of $82,000.

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One of the main reasons for the rising costs of colleges throughout the country is the demand for acceptance. With supply and demand, the more people that want the same thing usually drives the prices up. More students than ever are attempting to get accepted into college and this allows these institutions to be aggressive in their prices. They know that their places will be filled so if one student decides to go somewhere cheaper then another will come along soon after and decide to stay with them because the cheaper college is now full. The demand is highly welcomed by these schools because the influx in revenue allows for developments, whether than be aesthetically improving the school or internally expanding programs.

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Students protest the rising costs of college loans in Los Angeles in 2012 Students protest the rising costs of college loans in Los Angeles in 2012. Citing bank bailouts, the protesters called for student debt cancellations.

The Rising Costs Of College In California

Weisler, provost at Dominican, said that is one area where the Dominican tries to mitigate rising costs of college. In 2011, the school cut on-campus living by 7 percent. This year cost remained flat from the previous year.

University: The rising costs of college.


But as the article points out, the federal government is making quite a profit off of student loans. In 2013 it is estimated that the Department of Education made a whopping $50 billion profit from student loans. So even though the federal government has taken some steps to help ease the giant financial burden recent college grads have had to deal with by capping the interest rate on student loans to 10% of income, and forgiving any debt still owed after 20 years, they really have no incentive to do anything about the exorbitant and continually rising costs of a college education.In addition to the rising costs of college tuitions, average debt of $30,000 per graduate and the under-employment and unemployment rate of 50% at graduation are frightening thoughts for most students to fathom. There needs to be a sense of urgency and practicality in deciding which college one should attend and which degree(s) one should pursue.