A lot of us have taken a student loan to help pay for our college education. And many of us have probably paid off the loans after college graduation. However, the average cost of tuition and fees has skyrocketed in recent years.
For the 2020 –2021 school year, it costs an average of $41,411 at private colleges, $11,171 for state residents at the state universities, and $26,809 for out of state students at public colleges. Between 2008 to 2018, tuition fees went up by 36%. This is way higher than the median wage increase during the same period of time which is only 2.1%.
The question we need to ask ourselves is why college is so expensive? Some are saying that this is because the government has cut funding to public colleges and it costs more to hire teachers. Let’s say if the government agreed to pay off all the existing student loans, what are we going to do about college students in the future? Another bailout?
The demand for a college education is going to continue to increase as more and more jobs are requiring skills beyond high school. Due to the pandemic, schools across the US are hosting classes online. Many students can take the class from their home without being on campus. This is a golden opportunity for the government to fix the system so more students can afford to go to college without being burdened by debt after graduation.
Rather than throwing money at the wrong problem, let’s put the money to good use and fix the problem correctly. The college system is ripe for reform.
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