September is right around the corner and this means many college students are working their asses off to save as much possible money to bring with them to school. Not only this, but everyone is fighting to apply for loans, lower their bills, and figure out in general how they are about to put a handle on their vast amount of debt that awaits.
We are told we must go to college, “without an education, you will not make it out there in the real world anymore”. Times have become increasingly competitive. Well if this is the case, and more people are investing themselves into universities, I want to know why every single year the cost of tuition is still skyrocketing. Here are some fun facts about the rapid increase in prices these universities are charging us middle classed Americans, who are trying to better ourselves with a mediocre education.
In 1980 the average cost to attend a private institution for 4 years was roughly $14,000.
In 2011 the average cost to attend a private institution for 4 years was roughly $32,000.
In 2042 the average cost to attend a private institution for 4 years will roughly be $50,000.
It has been observed that tuition fees have increased 5.4% annually above inflation. For many people looking to extend their education, they do not have the money upfront to pay these costs. Private loans are then applied for, and usually accepted. The twist is always something great like an 8% interest rate. You’re lucky if you can get that fixed. Students are then looking at paying nearly double the amount of their original costs by the time their education comes to an end.
So why are we paying the costs of a family home to attend college and not even be promised a job when we have graduated? Where is all of our money going? What can we expect from these schools 5 years from now?