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Jessica Li

Professor Morean

ENG 1201.509

24 January 2022

College is Expensive, But Not Too Expensive

College tuition in America is well-known for being high. The severity of the student debt

crisis is no secret, yet costs of college continue to rise each year in the United States. It seems

only a small percentage of Americans can afford the full value of tuition. The rest of the middle

and lower-class citizens rely on need-based scholarships and financial aid. I applied to college

this year, and I was baffled at some of the high tuitions I was seeing. Many institutions listed

prices well over $50,000 a year, with some approaching $60,000 - not including room and board.

It had certainly increased from the prices my sister saw when she applied eight years ago. I knew

that with the combination of scholarships, financial aid, and student loans, my family would be

able to afford to send me to college, but it would still be a great financial burden. I began to

question if the hefty price tag and emotional stress of being in debt to receive a college degree

were worth it. Although the price of college can be extremely high, a college degree is an

important and worthwhile investment for the future of the individual as well as society and can

be affordable for the majority of prospective students.

It is a common and outdated misconception that one can work a summer job and earn

enough to afford a college education. A household with a parent working full-time will struggle

to pay for their child’s tuition, even with financial aid. This disparity only grows larger as college

prices have been increasing in the past couple of decades. According to the article “College

Affordability and Completion: Ensuring a Pathway to Opportunity” from the U.S Department of
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Education, after adjusting for inflation, tuition at public four-year colleges has still increased by

over 200% within the past thirty years.

Fig. 1. This graph shows the increase in college tuition compared to the increase in inflation and

median household income from the years 2001-2011 (Hodge and Pomerleau).

According to Fig. 1, average income has not increased by nearly that much in recent years, yet

families are expected to pay twice as much with money they do not have.

If college is so expensive, then there must be a compelling reason why millions of high

school graduates each year continue to go. In essence, college is becoming increasingly essential

for every student. A majority of job openings expect to see a college degree or at least

post-secondary training (“College Affordability”). Megan McArdle interviews economics

professors in her article “The College Bubble”, published in Newsweek, and asks them about the
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long-term effects of a college education on one’s life. McArdle found that college diploma

holders will earn about 80% more than those who only have a high school degree. The

worthwhile investment of a college education is sought after by many, so naturally, as demand

increases, a price increase is not unusual. With so many high school seniors applying for a

limited number of spots on college campuses, universities can increase prices knowing that

students will still pay for them - even if it means going into student debt. The college experience

has evolved with time, and so have its requirements. Technology is a necessity in the modern

world, and no college campus is complete without the latest advancement in tech on hand. An

increasing number of colleges offer their students free laptops or tablets to keep during their

enrollment and after they graduate (“Colleges That Offer Free Laptops”). For the institution, this

could mean purchasing thousands of devices and accounting for lost or damaged ones. While the

devices are complimentary, the cost of them is usually counted as part of the tuition, raising the

overall price. Many college campuses have a rich history and have been operating for decades.

These historic buildings and architectures require a great deal of maintenance and the occasional

renovation to stay functional. Over time, the constant upkeep and upgrading of campus buildings

and facilities likewise add up to expensive tuition. The increase in college tuition is a natural

consequence of society’s growing desire for educated workers, widespread technological

advancement, and continual maintenance of facilities.

The surge in demand for these educated workers is a recent development. The amount of

graduates earning a bachelor’s degree has increased from 1.1 to 1.6 million in just the sixteen

years between 1992 to 2008. Many of the students in that half-million increase of degree-holders

found jobs as waitresses, electricians, and secretaries - which did not previously need a degree to

be hired (McArdle). College costs have increased, the number of people obtaining college
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degrees has increased, but the amount of high-paying jobs available for these recent graduates

has not increased. The role of a secretary has not changed much in the past thirty years, so the

requirement of a college degree to stay competitive in the workforce is a very costly and

unnecessary hurdle. With college prices soaring, it becomes essential to step back and wonder

when, if ever, the four years of education and piling amounts of student debt will pay off. Most

students who are ready for college, motivated to do well, and have average amounts of student

debt will find that their degree pays off (McArdle). Webber suggests that the selected major also

plays a role in the financial success of a graduate. For STEM, business, or social science majors,

the degree usually pays for itself within about ten years after graduation, and after twenty years

for arts/humanities majors (Webber).

College is a sound financial investment for the majority of individuals across multiple

fields of study. The degree should end up paying for itself a few years into their career, allowing

the individual to be financially stable. However, this is only true if the student graduates and

completes their degree/program. A problem arises when students are not prepared for the

academic rigor of their school, or pay a higher than average tuition. In either case, they struggle

to stay in school. This problem is even more alarming given that about 40% of students who

enroll in college will not graduate within six years (Webber). Students who do not graduate, or

graduate with poor academics are less competitive in the already cutthroat job market and will

have a hard time receiving jobs that pay enough to cover their accumulated student debt. A 2015

National Financial Capability Study found that 26% of the U.S population were currently under

student loan debt (Xiao). Additionally, 28% of those with student loans did not graduate from

their college/program. That leaves a significant portion of the population in a tough financial

position as most of the high-paying jobs that would cover student loan debts require
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postsecondary education. They would not get any of the benefits of attaining a degree, such as

the necessary technical, financial, networking, and communication skills required for a good job.

These students would only get the negatives of attaining a degree, such as the high price that

would have been offset had they graduated. This leaves college as a risky investment with high

stakes and no guarantee of being worth it.

Some students from low-income families decide not to go to college for fear of being

unable to pay back the hefty loans. Even students who are academically capable enough to

successfully graduate and find quality jobs are less likely to enroll in college compared to their

peers (“College Affordability”). But there are ways the government can help reduce students

loans. During the Obama Administration, the American Opportunity Tax Credit enabled ten

million more students to afford and attend college (“College Affordability”). In addition, the

Obama Administration introduced the College Scorecard, The College Financing Plan, and

continued developing federal student aid programs. The College Financing Plan simplifies

financial aid packages, making it easy for the receiver to understand and compare so they can

make the best financial decision for themselves (“The College Financing Plan”). The College

Scorecard also assists prospective students in deciding which college aligns best with their

financial, academic, and future career goals. Using these tools, the students will be able to

choose a college that fits their needs and is a good match for them, reducing the likelihood of

dropping out. If the students can make well-informed decisions then they can pick a

university/program that is manageable and will give them the future they want, leading to a

higher chance of graduation and finding a desirable job in which they can comfortably pay off

their student loans in a timely manner. One of the biggest factors in whether a student can pay off

their student debts is their graduation status, not the amount of debt accumulated (“College
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Affordability”). The best way to decrease student debt is to ensure that students will be able to

graduate and continue to pursue good careers. The government has already put in place policies

to aid with that.

Eligibility requirements for federal student aid programs have also increased in difficulty,

to encourage students to work hard and push for success. Some of these programs include grants,

both merit-based and need-based scholarships, and federal work-study programs, which allow

students to hold part-time jobs on or off-campus during their time in school. Any student with

financial need is eligible to participate in a work-study job, and while the amount received will

differ depending on the student’s financial circumstance and their attending school, they will

earn minimum wage at the very least (“Federal Work-Study”). The job acquired from a

work-study program can also be community service-related or be related to the student’s career

field of interest. Community service is valuable to society and develops employable traits such as

empathy, cooperation, and generosity in the individual. Experience working in the field is even

more impressive on a job application. The Pell Grant also helps immensely in funding college for

students who demonstrate financial need. Unlike student loans, this grant does not have to be

repaid and offers a maximum award of around $6,000 per year (“Federal Pell Grants”). In recent

years, the scope of the Pell Grant has increased to serve one-third more students (“College

Affordability”). Millions of students across the country are given a more affordable tuition price

due to grants such as these. College transparency from The College Financing Plan gives

prospective students a reasonably priced education to pursue. Grants and scholarships relieve

some heavy costs right from the start. Work-study programs help students pay a portion of their

own tuition through meaningful labor. Student loan debts can be high, but through the
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government’s various methods of reducing them, more students can overcome the cost and can

attend college.

Aside from government help, the universities students attend themselves also provide

many options for reducing debt. Merit-based scholarships are given based on academic ability or

based on important qualities demonstrated in the student’s application or supplementary essays.

Most colleges supply need-based scholarships for students who demonstrate financial need.

Similar to grants, scholarships do not need to be repaid. Scholarships can be renewed yearly if

the student meets the eligibility requirements. Universities will also offer opportunities for jobs

and internships to their students, along with classes to hopefully prepare them. On top of that,

cooperative education, often shortened to co-op, is becoming more common. Invented by the

University of Cincinnati, students in these co-op programs alternate semesters between regular

college courses and full-time, paid jobs related to their field of study (“Co-op”). These

experiences cover all the bases in terms of supporting students to be highly employable. Work

experience is sought after by many companies when they decide which graduates to hire, and

co-ops will provide plenty of that. Students also form bonds with their mentor in the program

and can bond with others in their co-op group, providing a basis for networking and cooperation.

Co-ops are accessible to all and can be implemented across many disciplines including

engineering, design, and business. Students who need financial help in addition to federal aid can

receive extra support from university scholarships, internships, and co-op programs. Not only

will these opportunities make tuition prices more affordable, but they are also impressive on job

applications and will prepare the student to enter the professional world.

However, there are other benefits to college besides attaining a higher-paying job. Many

other skills related to future success in life can be developed throughout a student’s enrollment in
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the university. Networking, campus life, learning to become independent, and building

meaningful, long-lasting relationships with similar-minded people are all qualitative benefits that

arise from college and cannot easily be substituted with other experiences. Student loan

reductions have been a major focus in improving education in the U.S. Lower prices make

college more accessible to all students, and a college education is valuable for virtually everyone.

However, reductions can only cover a portion of the cost for college, and some students will still

be priced out of higher education. Is it reasonable to argue for free college? Having no cost at all

would definitely reduce any financial barriers hindering prospective students from enrolling in

university. Unfortunately, while free college seems like an obvious solution to eliminating

financial burdens, the cost of tuition only shifts to taxpayers. The cost of sending a student to

college remains the same no matter who is paying. If college was free, that cost would be paid

for using tax dollars. Jackson Toby, professor emeritus of sociology at Rutgers University,

believes free tuition should be considered only if the student is prepared for higher education and

is willing to learn. After all, the tuition cost needs to come out of someone’s pockets, and the

amount of money needed to put an individual through college is high. According to Tim Goral’s

article “TUITION TURMOIL: A Roundtable Discussion.”, which features leaders in higher

education, colleges spend about $80,000 on each student. The implementation of free tuition is

built on the foundation that the student will graduate to find a high-paying job and contribute to

society in a way that makes up for the cost of college. If the student was never prepared to be

successful in college in the first place, they would have wasted their time, along with the

hard-earned money of tax-payers who supplied the tuition (Toby).

If free tuition isn’t a viable solution, what about canceling student debt? Richard A.

Epstein, a senior lecturer at the University of Chicago and law professor at New York University
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Law School, continues on this point. Large student debt forgiveness programs encourage people

to pursue college even if it is not the right decision for them - and many of them are not able to

complete a degree. The cost of the forgiveness program is paid for by increased tax rates for all,

and the high price discourages investments and consumption as individuals are left with less

money to put back into the economy (Epstein). Canceling student debt would undoubtedly be a

big help in many financial situations, but it could also perpetuate the problem that leads to these

massive amounts of debt in the first place. Reintroducing debt-ridden individuals back into the

economy counteracts with the rest of the population’s decreased incentive to spend money and

invest, leading to an ambiguous net impact on the economy. Students should enter college

determined to pass their classes, graduate, and find good jobs upon graduation. Most college

graduates can expect their degree to pay for themselves within about ten years of graduating.

Allowing for a generous safety net of student debt cancellation could lead students who are not

as dedicated to their studies dropping out when they realize college is not for them. If student

loan forgiveness programs were put in place, taxpayers would then be responsible for

shouldering the heavy debts. The cost of putting a student through college is indeed high, but that

high-quality education most often follows into a high-quality career. The concept of free tuition

or student debt cancelation is enticing, but it does not solve the problem of students dropping out

and thereafter struggling to find jobs.

Post-secondary education is almost necessary for establishing a financially stable career.

Costs of college tuition have increased to quite a high price, but the doors that a college degree

opens are worth the money. Most individuals, regardless of major or debt totals, will find that

their degree pays for itself in ten to fifteen years after college - the exception being individuals

who are not able to graduate and struggle to pay back loans. However, there are ways to mitigate
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this. Policies focused on increasing college transparency, such as The College Financing Plan

and The College Scorecard, help students choose an academic workload they can handle paired

with a price they can afford. Reducing debts in the first place is a good start, and scholarships,

grants, tax credits, and other federal student aid services can subtract a significant portion of it.

Institutions also provide ways in which the student can pay off some of their loans themselves

through federal work-studies and co-op experiences while gaining employable skills along the

way. Higher education remains one of the best ways to progress in society and achieve a

financially stable life. Continuing to provide affordable options and pathways to pay for college

degrees to all prospective students is essential.

Works Cited

“College Affordability and Completion: Ensuring a Pathway to Opportunity.” United States

Department of Education, https://www.ed.gov/college. Accessed 7 Jan 2022.

“Colleges That Offer Free Laptops: BestColleges.” BestColleges.com, 20 Aug. 2021,

https://www.bestcolleges.com/features/colleges-offering-free-laptops/.

“Co-op.” University of Cincinnati, 2020,

https://www.uc.edu/campus-life/careereducation/get-experience/co-op.html.

Epstein, Richard A. “College Isn’t Free--Nor Should It Be: Wiping out Student Debt Would

Involve Staggering Costs and Unfair Taxation. Worse, Loan Forgiveness Would Violate

the Principle of Making Degrees Pay for Themselves.” Hoover Digest: Research &

Opinion on Public Policy, vol. 21, no. 2, Spring 2021, pp. 72–76. EBSCOhost,

search.ebscohost.com/login.aspx?direct=true&db=a9h&AN=151274142&site=ehost-live.

“Federal Work-Study jobs help students earn money to pay for college or career school.” Federal

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2022

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Hodge, Scott A., and Kyle Pomerleau. “Is the Tax Code the Proper Tool for Making Higher

Education More Affordable?” Tax Foundation, 15 July 2014,

https://taxfoundation.org/tax-code-proper-tool-making-higher-education-more-affordable.

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search.ebscohost.com/login.aspx?direct=true&db=a9h&AN=79877672&site=ehost-live.

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https://www2.ed.gov/policy/highered/guid/aid-offer/index.html. Accessed 20 Jan 2022.

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