Overcoming the Financial Challenge of Going to College - Essay Example

This finding is due to the fact that the average cost of a college education is around $23,000 per annum and that meant a lot of money for many Americans especially that the economy is still reeling from the financial crisis (Reuters). Many opted and forced to work than pursue a college degree because they simply cannot afford it and thus drop out rate in the United States continue to rise. This case of students dropping out due to financial difficulty is not isolated. This is so pervasive that it can be said that the drop out figure in college in the US is already alarming to the point that it could already undermine the country’s competitiveness.

In a study conducted by Harvard with data from Organization for Economic Cooperation and Development, United States has the highest dropout rate in the industrialized world. Among the 18 countries surveyed, United States lagged last with a drop out rate of 46 percent. This figure is very far from Japan which has a huge 89 percent graduation rate and former Soviet states such as Slovakia with 63 percent and Poland with 61 percent (Reuters). These figures are considered alarming because drop out rates are increasing in an inversely proportional manner to what is required in the workforce in the near future.

Instead of increasing the graduation rate as it is projected that 59 % of jobs will already require a college degree by 2018, it is the drop out rate that is increasing with the country having the graduation rate of 38.3 percent (O’Connor). It seems that jobs in the future especially the high paying ones will not be filled by Americans especially with what the current unemployment statistics show that people without a college degree has twice the chance to be unemployed. In the state of Florida, the figure is also equally startling.

O’Connor reported that the State is not producing enough college graduates who would fill up future job market demand. It is even below the already national low national gradation rate of 38.3 percent, graduating only 36.5 percent of its enrollees. This same issue was highlighted was Dr. Eduardo J. Padron, President of Miami Dade where he is not pleased with the graduation rate of those who are college ready registering only a 39% graduation rate. He stressed that given this not so pleasing figures, the focus to complete college today “is very intense and urgent” – “to have a standards and practice from outside the College, or to define completion from within; to define it by our success” (Padron).

This concern of Dr. Padron about “Standards and practice from outside the College, or to define completion from within; to define it by our success” was about the quality of education that students receive in schools and their appropriateness in real world setting. The problem about low graduation is further beset by this issue because it implies that the already low graduates in the United States does not satisfy the quantity and quality of what is needed in the workforce. The current educational system of the United States has been widely critique as not grounded on the realities on the workplace as do not teaching the students how to succeed and become financially independent (Kiyosaki).

So the actual problem of the educational system in the US is not only confined to low rate of graduates but also the quality of its graduates. Dr.