The High Cost of Education - Essay Example

Table of contents Content Page Letter of transmittal ………………………………………………… 3 Executive summary ......................................................................…... 4 Methodology ………………………………………………………… 5 Findings………………………………………………………………6-7 Conclusion ……………………………………………………………8 References ……………………………………………………………. 9 The union is submitting this report, due October, 10, 2011, that was requested by the education ministry. The report is entitled the High cost of College Education in America. The purpose of the report is to inform the stake holders in the education sector on the high cost of college tuition in America which has become a source of discouragement for students who would like to have a high level of Education. It further emphasizes on the need work on the lowering of the cost of college tuition. The content of this report centers on the price of college education which is not equivalent to future salaries and is not worth all loans and credits acquired to fund education. Executive summary The cost of college education in America has over years increasingly gone too high. High tuition fee charges in colleges is now proving to be the biggest problem facing college students, parents and sponsors. In this hard economic time, students and parents are now struggling a lot sourcing for funds to meet this high cost of tuition fee. This has ranged from sourcing school loans from banks and including selling of property assets to fund education. This trend has negatively impacted on the concerned parties to an extent where students have almost lost hope for a better future. One very strong negative impact that has so far been noticed is the discouragement it has had on the students undertaking various courses in various universities. It is quite clear from studies conducted by this team that on completion of college education individuals who graduate hardly get well-paying jobs that match the cost incurred while in college. Moreover, a greater percentage of the little money earned from these jobs end up being used to repay the loans that were borrowed during school days leaving a minimal percentage for investment. This therefore renders a larger population of the newly employed and young hustling for their entire life. From these insights it is therefore paramount to consider the cry of the large young population and consider a thorough review of the entire fee payment systems in colleges with intent of lowering its cost for the benefit of the future generation. Methodology A sampled group of about 40 students from sampled universities and colleges in the United States of America were interviewed with a view of getting background information from the affected groups. Similarly, various employees who had just completed training was sampled and interviewed. The method selected aimed at collecting data that will enable the researchers identify the problem and propose potential solutions. Findings The cost of college tuition for many colleges has over time become so expensive. The price for college studies has neither equated the future salary of those taking the courses nor has it equal the loans and many credits being spent on tuition fees. It is therefore imperative to present this report as a means of passing a message of discontent and outcry facing parents and students who pay dearly to get valuable education (Heller, 2001). The biggest problem for millions of people living in America while joining a college or university is insufficient finances. Many people, in fact over nine million, rely on Pell grants, in addition to grants from government, learning Aid in form of need-based and performance-based , own money and student loans just to mention a few. From studies conducted on the cost of college tuition lies between $6,000 and $35,000 per year. The cost of the fee varied based on whether a student was a resident or not. For example if a student was an in-state resident the tuition charges would be averagely $10,000 per year, the cost would however increase if in the case of international students who may pay up to about $34,000 per year. It is evident from the findings made above that there exists a major problem affecting college students, the problem of finances. The problem has indirectly created other problem like slackened developmental progress of the affected individuals. Moreover, despite numerous appeals made to the government, there seems to be little efforts put by the government to ease this pressure yet this is a problem has cost parents and students a great deal of money. It was further noted that most college students in the United States of America have resorted to part time studies as opposed to full time studies. This is because part time study modes allows them time to work and raise some money to supplement what they have to pay for the high cost of tuition fee. This is so discouraging to both parents and the students since it subjects them to undue stress (Ehrenberg, 2007). One major concern that needs to be addressed here is the fact that the prospective salaries that are most likely be earned by these students does not match the cost incurred in search of knowledge. It is paramount to note that on employment these young employees normally use a large percentage of their income to repay the loans and credits borrowed to finance their education while in college. The United States of America as an industrialized nation needs to look into ways and means to lower this high cost, otherwise many of its citizens will be victims of their own fate (Ehrenberg, 2000). Generally, the high cost of college education in America is a contribution of many factors. This report found this rapid increase in the cost of college education is attributed to two major factors; most universities and colleges have failed to embrace the use of technology to reduce costs. It is undisputable fact that universities that have used the internet technology in passing out instructional materials have been able to cut down the costs by upto 30% this is the way forward if the tuition fees have to reduce to manageable amounts. The other cause is the rise in the cost of buying books and other instructional materials. This has left most colleges without an option but to increase tuition fees to meet the demand for the extra cost. From the findings this report, it is tenable for the government to step in and address this problem once and for all. The report recommends; An overall in depth into the cause of the high cost with a few of putting in place necessary mitigation measures to contain further rise of tuition fees in colleges. Funding a higher percentage of fees paid by subsidizing what is paid by students and these payments should be made directly to them instead of paying to the colleges or universities. Explore the possibility of lowering the cost of books and other instructional materials. Conclusion In conclusion, since students and parents bear the greatest impact of the high cost of education, they therefore need to consider many factors in the choice of colleges and universities they or their children attend. It is true that most colleges demand lots of money for tuition but there are equally others that fairly charge while offering the same courses. References: Ehrenberg, R. G. (2007). The Economics of Tuition and Fees in American Higher Education. Working papers. 3rd edition. New York, NY: Ives Hall East Ithaca, ILR-Cornell University. Ehrenberg, R.G. (2000). Tuition rising: Why college costs so much. Cambridge MA: Harvard University Press. Heller, D. E. (2001). The effects of tuition prices and the financial aid on enrolment in higher education. Michigan: Edfund publishers. Leslie, L. L., & Brinkman. T.(1988). The Economic Value of Higher Education. Washington, DC: American Council on Education. Read More