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Numerous factors have been attributed to the increasing cost of college tuition, among them being the high demand for higher education. However, the great question is if this cost is worth the value of education that students attain.
Bennett and David (199) say that almost every parent says they need their child to join college. Therefore, nearly 68 percent of high school graduates attend college. However, only 54 percent of the total students who join college graduate with full academic year’s attendances, six years to be precise. Hence, with all the students with high dreams and hopes joining college, only about half graduate from college (Bennett and David 200).
Lange and Topel (460) outline that according to the College Data, to attend an in-state public college or university students have an average budget of $22,261. While that number seems lower for public colleges and universities, private colleges and universities’ is estimated at $43,289. With this high cost, CNN reported that for 2013 alone each graduate or college student owed the state averagely $35,200 loan debt. According to Lange and Topel (464) in the perspective view, the summary of the average household consumer debt in the United States shows that Americans all owe $31,646 of student loan debt. In total household consumer debts, American consumers or citizens owe the state a debt of $11.15 trillion out of which $994 billion is debt in student loans. This shows a 4 percent debt increase from 2012 (Marc Joseph A16).
It is true that the college tuition fee has become too high. Parents get afraid that their children might not be able to attend college (Lange and Topel 480). The lucky who can take their children to colleges pay a lot of money. Americans know that part of the reason for the high college fee is due to the declining state support on education. However, it is also very true that those
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Consequently, the race for higher education resulted in soaring of tuition fees. Students usually pay these costs from a different number of sources including personal savings, parents’ money, scholarships, student loans and other financial instruments.
Why is College So Expensive? People say it “pays to go to college.” That’s true but what’s also true is that when you go to college, you pay and pay and pay. Seemingly every day, at every turn, for every reason you can think of and many more you didn’t anticipate, someone involved somehow with schooling has their hand out for more money.
Proposal for formal education system were made, which was to be trained by teachers under a specified curriculum at a specified time range. The idea was embraced and formal education started in the ancient times, to medieval times and to the modern times.
Since every life pivots around education in nearly every part of the world, the societal perception towards education is that it defines both social and economic life of the individual. In the resent years, the cost of college education has escalated. The high cost of college education seems to send varied signals to parents and students about the need to acquire college education.
From the chart if we assume that the market equilibrium price is at 300, then lowest value uses refers to those areas whose average price is 200, these lowest value uses utilize 30 gallons a year while the highest value uses average price is 400 utilizing only 10 gallons a year
Relatively elastic demand curve is the result of relatively bigger change in demand for good in response to a small change in prices of that good. On the other hand the relatively inelastic demand curve is the result of smaller proportionate change- decrease or increase in the demand for quantity of goods in response to a given proportionate rise or fall in its price.
Studies indicate that tuition fees have expanded to become the largest expenditure for almost all college students. Over the previous years, the cost of higher education in United States has increased from 14
every field of enterprise, a rewarding career in today’s employment market is possible only if a candidate can exhibit his proficiency in getting ahead of challenges and competitors. Traditionally, colleges and universities are the centers for students to achieve the higher
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