It is mostly recognized that education is a necessity in life. The higher the educational level, the higher is the pay. A common question asked by lots of individuals is whether higher education in America is expensive. The general answer to this question will be affirmative. This is due to the steep rates that have made several students’ dreams of higher education remain unfulfilled. The 2019 learner loan report states that a staggering 44.7 million Americans have student loan debt, and as much as 11.5% of student loans have not been paid on their due dates for 90 days.
The factors that have triggered the steep price are mentioned below.
Low State Support
Most students in America join public schools. The overall state funding for these state-owned schools is quite low. Since the American society’s culture tends to be liberal, it is believed that higher education is a personal pursuit and not essentially for the benefit of the public. Consequently, the expenditure per student is high. According to an OECD report, America had the highest expenditure per student in the field of higher education.
Availability of Student Loans
Though education is necessary, adequate funding is not there. This makes student loans the only viable option to obtain the best education. Consequently, schools try to exercise their control over the situation to rake in more profit. However, it is argued that the extremely high rate is due to students getting easy access to loans.
Accessibility should not be a criterion for assessment because data from 2018 show that 69% of college students opted for student loans, and they graduated with an average of $29,800, which consisted of federal and private debt. Additionally, 14% of their parents got an average of $35,600 in parent PLUS loans, which are federal aid for students. Though the high rate is obvious, no one can be held the culprit as it is general.
Regulation and Ranking
American higher institutions are under pressure to maintain a particular standard that is in agreement with worldwide standards. As a result, schools are forced to enter into the competition to uphold their status or even improve it. In America, the steep cost associated with the direct requirements of a school’s accreditation is often imposed on the students.
Faculty Workload and Compensation
In the field of education, a brilliant lecturer with higher levels of knowledge will attract higher pay. Throughout the world, professionals working in higher institutions are popular targets, right from professors to several assistants, associates, and deans. Some of these professionals get fatter paychecks than others due to their in-depth subject experience and corporate origin.
After considering these arguments, a question arises: are students really obtaining value against what they pay for their education? This differs based on an annual evaluation of higher education institutions. To maximize their profit, a number of institutions have opted for questionable tactics. Though schools might drive the nation’s prosperity, they should not be priced exorbitantly to go beyond the access of the middle class.