According to College Board, the average cost of college tuition for a four-year public in-state tuition cost about $8655 excluding food, housing, transportation, books, and supplies. College cost is growing far faster than inflation. The amount of money owned by college students in the U.S is around $106 billion.
College tuition is on the rise due to of supply and demand. Almost every person wants to get a higher education. People with college degrees are more likely to get accepted to any job than those without them. Going to college almost always guarantees one's chances of getting a job and a better salary. Government subsidies is also a cause of the rise of college tuition. The government provides the student with loans and repayment of the loans comes with interest. An increase in gas price will make any company increase the price of their product as well as the retailer. This increase in price will make the government increase the student loans to adjust to the inflation. Also, since colleges have no problem filling seats in their designated schools, they feel no pressure to cut down college cost.
College is not the only path to a higher earning. College debt can go down if the government start decreasing subsidies. Decreasing the subsidies will make people less interested in going to school. While the average college graduate earns more than the average high school graduate, not all college graduate earn a higher income. Decreasing government subsidies will help solve the always rising college tuition. Training and apprenticeship is a viable option. After all, getting out of debt should be a priority.
