The Cost of University Drowning Students in Debt - Essay Example

The paper "The Cost of University Drowning Students in Debt" is an outstanding example of an essay on education. The cost of higher education has been in the spotlight for a number of years. The United Kingdom education segment has been in the spotlight mainly for the reason that it has become so expensive. Many people especially students are now asking whether it is now valued at the amounts of money they spend to achieve an education. While there is a saying that education is the key to life, the cost of education has significantly increased in recent years (Petersen, 2014). Most students are suffering in schools because of the high costs of education involved. High education cost is a serious problem that should get looked into as soon as possible by the government and other concerned parties.
The cost of education has been pinpointed as one of the grounds behind most students drowning in debt today. The high costs have forced most students to borrow more so as to fund their education and in the process drowning in their debts. The cost of education has escalated largely owing to quite a lot of factors. The high cost of living is the chief contributor, and it is evident all over the world. Most schools have to spend more to provide services to their students as a result of the cost of living. The cost, of hiring tutors has also gone up, all higher learning institutions strive to attract the best teachers, and this comes at a cost (Forbes, 2014). Ultimately, all these outlay get transferred to the students and thus increasing the cost of schooling. Students, for this reason, have to look for other sources to meet these costs as well as ensure they live a better life while in school.
The Guardian newspaper reported that as of March 2014, most of the students that had gotten loans to finance their education had not paid them back. The commentary recommended that write-off expenses for the above £10bn in student finances completed annually had gotten to 45%. It implies a reduction in the savings that might get utilized in the time to come. Analysts suggest it has reached a point where the government is losing more money while providing students with education loans, and it might not be sustainable in the future (Mason & Malik, 2014). The cause of this problem is the high tuition costs that have pushed students to borrow more than they can payback.
The National Center for Education Studies (NCES) suggests that over 40% of students taking bachelor's degrees courses at most universities in the UK do not complete their studies during the standard time which is supposed to be four years. The leading reason for this fact is the high cost of schooling. The NCES also suggests that most of these students live above their means and, for this reason, are driven to take loans from banks that most of them do not pay back in the end. There is a need to address the situation before it gets worse and safeguard the higher education sector for the future.
The government has already started some projects aimed at helping students avoid financial ruin while in school. The government has continually encouraged banks to create more benefits for students to enable them to open bank accounts with them. Students are now able to acquire loans from banks and many other financial institutions to help them service their educations, and these loans are given at cheaper costs. Most students are continually getting grants from schools to help them with their studies (Griffin, 2014). Public service loan forgiveness programs are also common within the country to help students who have borrowed and are unable to pay back their loans on time. Parents are also encouraged to make plans early for their children to ensure they do not go through a rough time during their higher education.