Main menu


With or without student loan forgiveness, college is still too expensive

featured image

The Biden administration has promised to make a decision on student loan forgiveness within weeks or days. However, according to experts, the problem of university tuition burden will continue.

More and more high school students are rethinking the value of a four-year degree. Many now say it’s not worth paying the very high cost.

“More and more people are asking, ‘Is college worth it?'” said Jason Wingard, president of Temple University and author of “The College Devaluation Crisis.”

Details from Personal Finance:
College enrollment continues to decline
Inflation makes college tuition even more expensive
Are you included in student loan forgiveness?

“For 50 or 60 years it was unquestionable. Now what we see is the flatline,” he added. “Higher education, for the first time, must reorient itself to be relevant.”

In his book, Wingard argues that the university system needs to be more responsive to the rapidly changing needs of the workplace and better position graduates for employment and career success.

Corporate hiring practices are starting to prioritize skills over qualifications, he said. As for higher education, “it means it’s more applied than just theory.” increase.)

College costs are only getting higher

Temple University President Jason Wingard speaks at the funeral of a deadly tenement fire victim at Temple University in Philadelphia Monday, January 17, 2022.

A college education is the second largest expense an individual may incur in their lifetime immediately after purchasing a home.

But it wasn’t always the case.

An analysis by the Center on Budget and Policy Priorities, a nonpartisan research group based in Washington, D.C., found that drastic cuts in state funding for higher education contributed to significant tuition increases, costing much of colleges and universities. is imposed on students.

Schools continue to come under pressure to cut costs, accommodate students with low needs, and raise tuition fees. This year, some universities have raised tuition fees by as much as 5%, citing inflation and other concerns.

“We are not getting more money from the state. The market wants us to charge less.” Maintenance, Books & Materials, Technology & Cybersecurity. “It is impossible.”

“We need to make sure that education is more affordable for students,” he added. “If governments cannot help make education more affordable, students will cease to see higher education as a viable and worthwhile option.

“This is a critical time.”

“I don’t think higher education is that expensive,” said Kaya Jones, 23, who graduated from Temple University in 2020 with a BA in Political Science and Journalism.

To pay for school, Jones worked two jobs and relied on a combination of resources, including donations from friends and family and student loans.

“We definitely needed an entire village,” she said.

Jones is now the program coordinator for Ignite, a political leadership program for women, and still owes about $35,000, not including a Parent PLUS loan in her mother’s name.

Students want better value colleges

According to the 2022 College Confidence Index by GradGuard and College Pulse, so far 83% of college students are fully, very or somewhat confident they will make enough money to pay for college. I have. Parents are not very satisfied. 63% are confident that a college education will help their child get a good job, and only 60% say it’s worth the investment.

“Students and their families are wise to evaluate the return on investment of their colleges, as they would be with any other large consumer purchase,” he said. Added.

There is much more to be said about pre-professionalism.

Eric Greenberg

President, Greenberg Education Group

According to Eric Greenberg, president of the Greenberg Educational Group, a New York-based consulting firm, today’s students and parents want to get the most out of their tuition fees.

“There’s a lot more talk about pre-professionalism,” he said.

In addition to cost and academic provision, families need to start looking 10 to 15 years ahead as well as professional services, alumni networks, job placement and average salaries, he said. Afterwards, Mr. Greenberg said, “ [name brand].”

Subscribe to CNBC on YouTube.