Recent decades have witnessed controversial debates on the benefits and setbacks of the huge cost of college education. Some scholars observe that the cost of college education is beyond its value. Precisely, college education in poor and developing states is the preserve of wealthy people. Recent data in the United States and other developing states further reveal that the cost of college education has been increasing alarmingly in the last four decades (Evans 73). Scholars associate the consistent increase in the cost of college education with its high demand. On the contrary, some professionals indicate that the cost of college education is fair due to its projected benefits. However, although some scholars hold the perception that, the cost of college education is appropriate; the available data reveal that the cost of college education is unrealistic and relatively high.
Opponents of the ever-increasing college fee observe that college degrees do not guarantee job employment and good pay. Recent data indicates that a good number of graduates especially in poor and developing states do not secure a good and well-paying jobs(Shin and Milton 719). A study in the United States further reveals most of university graduates do not have permanent jobs. As a result, the high cost of college is unrealistic and is responsible for the increased suffering among graduates. On the contrary, supporters of the high cost of college education indicate that college graduates earn a substantive amount of salaries. Employers further observe that college graduate get almost double the salaries of high school graduates. Equally, supporters of the current high cost of college education indicate that expensive courses such as engineering are highly rewarding
Besides, the aim of attaining college education is to improve the quality of live among graduates. Initially, the college education was a notable breakthrough to an individual life. However, the current high cost of college education has become the sources of problems among most of the college students. So far, the high cost of college education has regrettably increased students loans. For instance, studies in the United States indicate that the number of 25 years old students with huge education debt has increased from 25% to 43%. In most instances, the average loan for graduates is estimated to be $ 40,000. The study further reveals that most college students are witnessing severe problems in settling their college loans. However, the proponents of huge college fees indicate that most of the modern job requires college graduates. Therefore, rewards and benefits of college education are relatively high especially in developed states. Proponents of huge college education further argue that the high cost of college education advances the value and relevant of the college education.
Furthermore, the high cost of college education is responsible for the ever-increasing number of college dropouts. So far, most of the students from poor backgrounds fail to graduate due to the ever-escalating cost of college education. As a result, many students misuse their family and government resources. Data in the modern global colleges indicates that over 25% of students do not complete their second year training due to high and unsustainable college education fees. In addition, global governments lose over $ 241 billion on students who fail to finish their college education (Jennifer 41). Therefore, the high cost of college education has regrettable effects on individuals and global economy. However, supporters of the current college fee indicate that modern governments have allocated huge resources for high education. As a result, students can get help in the form of loans to support their training.
Equally, although college education is relatively costly, employers have criticized the training for producing unqualified professionals. Recent studies in developed states indicate that some colleges lack the capability to prepare their students to face challenges in the modern economy (Evans 73). As a result, employers are required to educate graduates on effective means for countering emerging job challenges. Furthermore, the high number of students in the contemporary higher learning institutions undermines the quality of training and assessment. Therefore, to match the quality of education with the cost incurred, opponents of the current huge cost of college education proposes the reduction of the training fees. On the contrary, the proponents of the current high cost of college education observe that college graduates are reliable assets in the contemporary economy. In most of the modern organizations, college graduates have a notable role in supporting the productivity of most of the modern successful business entities. As a result, due to the contribution and value of college graduates in the modern economy, the current cost of college education is relevant and appropriate
Therefore, although some individual support the current high cost of college education, the available empirical data indicates that the cost is relatively high and unsustainable. Recent studies indicate that the high cost of college education undermines poor people’s ability to attain the college education. The costly college education also increases poverty level among graduates. For instance, the high college education loans have crippled the economic progress of a good number of college graduates. Furthermore, the cost of the college education should be similar to graduates’ incomes. So far, most of the college graduates get unproductive jobs due to their limited experiences. As a result, to eliminate learning challenges in the modern education system, modern governments should consider reducing the cost of college education.
Evans, Carol. Making sense of assessment feedback in higher education. Review of educational research 83.1 (2013): 70-120.
Jennifer Levitz. Meeting College Costs: A Workbook for Families. New York, NY: College Board. 2013. Print
Shin, Jung and Milton, Sande. Student response to tuition increase by academic majors: empirical grounds for a cost-related tuition policy. Higher Education 55 (2012), 719– 734