College Cost Benefit Analysis

In the past decades, the cost of higher education has been increasing. Not only the cost of tuition increased, but the number of college applicants has increased as well. More individuals began to continue their high school education due to the fact that the job market has become more competitive. Employers are seeking skilled workers that are able to prove that they are experts in their field. However, when you analyze the cost of attending a university, is college education actually worth pursuing? The issue has two perspectives, and attending college has both: advantages and disadvantages. Since the cost of the tuition has increased, students take out more loans. According to the America’s Debt Help Organization, “debt among students has
There are several factors that influence the college costs. For example, one of the factors is the type of the institution, whether it is a public or a private university. In addition, inflation has to be taken under consideration when comparing the college expenses vs. the wages after earning a degree to observe the increase in the rate of college tuition clearly. According to one source, in “1971 the tuition for a public 4-year college was $428 ($2,456 adjusted for inflation) per year. By 2012 tuition had risen to $8,646 ($8,816 adjusted for inflation) per year, a 1,920% (259% for inflation-adjusted numbers) increase” (Median Income). During a thirty year period, the college tuition has quadrupled. The largest increase in tuition rates can be observed between the years 2008 and 2013. Although the college cost has risen, the medium income for a men or women with a bachelor degree has stayed relatively constant. One source says that “the median income in 1971 for men was $6,903 ($34,898 adjusted for inflation) and for women was $2,408 ($12,174 adjusted for inflation). In 2012, the median income for men was $33,904 and $21,520 for women” (Median Income). While the medium income has both slightly increased, the change was not significant to offset the cost of tuition. Furthermore, another source says that “between 2002–03 and 2012–13, prices for undergraduate tuition, room, and board at public institutions rose 39 percent, and prices at private nonprofit institutions rose 27 percent, after adjustment for inflation” (Fast Facts: National Center for Education Statistics). The cost of higher education increased from about thirty to forty percent and the students now need to borrow money, take out loans, as well as work at a minimum wage job while in college. The loans put the students at risk of incurring debt causing students