Although increasing the cost of tuition is sought to be beneficial to the staff and faculty by being able to provide what some would consider a better quality education. As well as provide some students with a sense of motivation due to the high cost, as some wouldn’t be able to afford to fail in school. It is evident that an increase in tuition would simply, create a higher student loan debt, cause a slash in state funding and even bring about some discouragement to students.
A rise in tuition will severally affect the amount of student loans that are needed in order to cover the cost of tuition. Although there is a six month grace period to pay back your student loans the rising cost will simply create a gap in the ability to pay them back in a timely manner. There will be an increase in amount of interest that is incurred on student loans that even after graduation with a good paying job can be difficult to repay. If states could factory in education as a highly important factor in their budgets we could offer a more affordable education that could lead to lowering student loans being taken out and lower the interest rates incurred because of the rise. Students would be able to contribute to help get our economy on track by being able to financially satisfy debts.
In addition to the higher student debt rate, an increase will cause a slash in state funding and a decrease in federal student aid. With an increase in tuition a rise will primarily take up most of the additional federal scholarships and funding available meaning less students will be able to benefit from these services. Generally college tuition rises on year to year bases meaning more loans and out of pocket expenses are causing a greater need for state funding. The idea is to provide us with new knowledge and a better education which can be achieved with out having to slash state funding.
Finally one of the most heart wrenching factors to think about when considering to increase the...