Thursday, February 16, 2012

The higher cost of college education

The cost of college education keeps on increasing every year sometimes twice the rate of inflation in some years and even more than that in others. This increases the amount of loans that the students and their parents have to take out. This is then stresses out the graduates who are increasing graduating with higher debt loads in the hopes of landing a job. Even if they land a good paying job, the amount of loans accumulated during their student years weighs down on them limiting their ability to buy stuff, a house or even start a family since the debt cannot be discharged even if you declare bankruptcy. There has been increasing focus of higher cost of college education and recently there have been efforts to rein in those costs.

Just recently six colleges have announced reduction in their tuition costs, it is a nice starting effort but still not enough to unburden the students of having too much loans when they graduate and hopefully find a good paying job enough to pay their living expenses and pay down their student’s loans. And it is not only the students who are stressed out on this but their parents have to go deeper into debt to pay for their children's college education. As this economy has taken a toll on adults regarding their finances, this additional burden of supporting their offspring's can have an effect on students choosing to go to college or not. There has not been a whole scale effort on the part of politicians to reduce the higher cost of college education so it has been up to the individuals and their parents to figure out how to pay for college and it should not be this way. We should make effort to reduce the costs and find creative ways to do it. We will have to do it for the sake of our children, ourselves and our country

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