Attending college is an important step in most students’ educational journeys. Universities offer specialized and high-level courses tailored to students’ interests, preparing them for the field they wish to enter. However, a student must first navigate their way through the college admissions process in order to reap these benefits.
There are a number of challenges when it comes to being admitted to colleges in the United States. Academically, a student must excel if they wish to make their way into the most elite and prestigious universities. While every college is different, one universal requirement is for the student to be committed to their studies. Larger than the academic aspect, however, as of recently, has been the financial aspect of admissions.
It is completely viable for an exceptional student to be admitted into a renowned institution, but be unable to attend. Why? Because of the steep prices that have been on the rise across the country.
Attending a private college for four years in 2023 costs an average of $35,248 per year, increasing 5.5% annually over the past 20 years, according to the Education Data Initiative. Accounting for inflation, the net increase over that time period was 181.3%.
Although it’s no secret that attending a private college is expensive, there are some alternatives. Public college is significantly less expensive than private college, where attending one in 2023 cost an average of $9,750 annually, which is 72% less than the private college cost for that same year.
While the price difference is often attributed to the quality of education, surveys conducted by Pew Research reported that “majorities of each group [public and private college graduates] were satisfied with their family life, financial situation, and current job.” Nonetheless, students striving to maximize their income after completing their education may still hope to attend a private institution, but in reality the differences are marginal.
Colleges also offer financial aid for economically disadvantaged students in order to provide equal opportunity. Families are eligible to receive financial aid packages based on income. However, financial aid may fail to accommodate the middle class, in which families may not possess the funds required to send their children to their dream college, but also be unable to receive the financial aid package because of their economic status.
Attempts have been made to amend this; mostly by simplifying the FAFSA (Free Application for Federal Student Aid) eligibility requirements, as done recently in a 2020 act and Trump’s “Big Beautiful Bill,” which removed the valuation of some assets from net worth calculations, making it easier to become eligible despite having higher incomes.
The FAFSA changes also caused foreign income to be accounted for in evaluation, which prevents people with large amounts of foreign income from receiving aid packages intended for lower-income students. However, the bill has been under heavy criticism due to its failure to actually account for lower-income students, who depend on such programs more than anyone else.
In addition to the tuition costs, college students also struggle with their personal funds. Unable to work a full-time job, many have to make do with their savings and whatever they can get from their part-time jobs, usually paid at minimum wage, which they must juggle with their coursework. This situation differs from student to student, but they generally have difficulty with their own finances.
Unfortunately, these financial issues have only worsened under the current U.S. administration. Programs intended to combat existing class divisions and help disadvantaged students get back on track have been targeted, leading to the freezing of billions of dollars of federal funding and the attempted termination of over 4,000 grants, as reported by the Center of American Progress. With the lack of funding, the price of education has taken a steep hike, with many universities forced to, without notice, increase fees for both applicants and already attending students.
In general, the current state of higher-level education is in turmoil, with many universities battling government targeting— it is one of the most volatile and difficult environments for aspiring students.
With all of these factors, is it worth it to attend college?
According to the numbers, yes — college is expensive, but the investment virtually always pays off. College graduates are “half as likely to be unemployed” compared to those with only a high school diploma, according to APLU. The college experience not only furthers a student’s education but also provides invaluable social experience and opens a number of opportunities for ventures such as internships or research projects.
However, pursuing further education is always a choice that is up to the student, depending on who they wish to be as an adult. It’s important for students to inform themselves about this matter as they begin to make decisions regarding their future, especially in a rapidly changing country.
Sources:
https://educationdata.org/average-cost-of-college-by-year
https://research.collegeboard.org/trends/college-pricing/highlights
https://educationdata.org/student-loan-debt-statistics
https://www.pewresearch.org/social-trends/2024/05/23/is-college-worth-it-2/
https://www.pewresearch.org/short-reads/2014/05/19/public-and-private-college-grads-rank-about-equally-in-life-satisfaction/
How does a college degree improve graduates’ employment and earnings potential?
