One silver lining to the financial crisis is the falling costs of things like houses and cars that are typically financed. That is basically the one upside to deflation. Unfortunately, while the college degree is also usually funded with borrowed money, government involvement and protection of the industry is ensuring that tuition prices only continue going up and up.
This 2010 – 2011 college academic year is no exception. Comprehensive reports aren’t finished yet, but some early research I am working on has indicated that another 5-10% tuition hike is pretty average for this year. If you thought college costs were expensive in your freshman year, it will probably be even worse by the time you actually graduate. That is something to keep in mind when you’re trying to estimate how far your scholarships, savings, and financial aid are going to go.
There still might be a silver lining here as well, though. If these loans weren’t being backed explicitly by federal regulations that allow lenders to recover wages from student loan borrowers, the loan providers wouldn’t be offering so many lines of credit in the first place. Tuition would really only fall like houses and cars if the demand for it suddenly crashed as quickly as the stock market has recently.
The best bet for most students is to find an academically serious school with low prices. Plenty of public state universities offer a spectacular deal – a real chance to study at a high level for almost nothing out of pocket. When combined with state scholarship and grant programs, as well as federal need-based financial aid, a four-year college degree can very well be possible without taking on any long term student loan debt.
Of course, if you know exactly what you want to do with your life and you’ve been accepted to the leading school for that specific field, it still might be worth shelling out as much money as it takes to take advantage of that kind of opportunity. Otherwise, just because a college is expensive doesn’t mean it is good. Even if an expensive college is good, that also doesn’t mean that it is any good for the specific major or program you want to study!
And once you’ve got that degree and some work history, most employers aren’t even going to be too concerned with where you went to school but rather what you have experience with and what kind of jobs your resume shows you are capable of. These days, it seems better than ever to work your way through school – gathering that experience before you’ve even finished the degree. That way, you’ll not only have the formal education, but you’ll also have a few years working in your field and less debt hanging over head.
The career path you ultimately end up on might be a bit of random luck and chance, but one thing is for sure: tuition prices aren’t going any where but up and you still need that degree to really maximize your earning potential.
October 15th, 2010 at 12:13 pm
There are some benefits to working in your field while earning your degree (or on hiatus from earning your degree), such as developing your resume and gaining experience in your industry while working an entry-level position. What most college students fail to realize is they will start at the bottom and need to work up to their goals. A degree does not necessarily mean you can skip attaining adequate hands-on experience and serve your time as a newbie.
Julie Abbott
December 16th, 2010 at 12:46 pm
This is Yared Gebremedhin from Ethiopia. I love the university so how can i join the university there?
Thank you for your help.
December 18th, 2010 at 3:35 am
Everything has an evolution and prices also going up, if there are times that it will go down, maybe just a single cents of reduction and if it goes up the price is twice from it’s actual value. Tuition fees are the same, how would the government encourage every generation to go to school, if they have lack of everything and sometime they prefer not to go to school because of the tuition price.
March 24th, 2011 at 10:14 am
if we are working good field we can earn a lot
September 24th, 2011 at 12:37 am
I agree with the idea it is good to work while going to school. It shows prospective employers a worth ethic. Getting good grades while working may give graduates the extra edge they need in a competitive job market.
January 6th, 2012 at 12:00 am
Everything has an evolution and prices also going up, if there are times that it will go down, maybe just a single cents of reduction and if it goes up the price is twice from it’s actual value.
January 10th, 2012 at 12:37 am
Tuition fees are the same, how would the government encourage every generation to go to school, if they have lack of everything and sometime they prefer not to go to school because of the tuition price.
February 18th, 2012 at 12:45 am
When combined with state scholarship and grant programs, as well as federal need-based financial aid, a four-year college degree can very well be possible without taking on any long term student loan debt.
February 18th, 2012 at 1:10 am
If these loans weren’t being backed explicitly by federal regulations that allow lenders to recover wages from student loan borrowers, the loan providers wouldn’t be offering so many lines of credit in the first place.
March 1st, 2012 at 3:58 am
I agree with the idea it is good to work while going to school. It shows prospective employers a worth ethic. Getting good grades while working may give graduates the extra edge they need in a competitive job market.
March 8th, 2012 at 1:20 am
Hilarious! Democrats, the ones who want to give illegal aliens FREE stuff off American citizen’s tax dollars now want more taxes to help curb the incredible cost of illegal aliens placed on all of our public schools and universities. WOw. Now that is the defintion of insanity. Don’t these educated kids and young adults realize that the DREAM ACT passed by OBAMA is giving illegal aliens, yes NON Americans free rides through college, while thier parents have to pay. YEt, they don’t even seem to acknowledge this so how can we take their anger seriously? And as usual, the media is too weak to confront or expose the truth about illegal aliens in San DIego and LA UNIFIED schools costing California millions of dollars to educate them. It’s so insane that few even mention this that it makes the entire occupy everything a joke. It’s so unreal. SO phony. SO besides the point. You aren’t looking at the chronic etiology of the PROBLEM, which is illegal aliens collapsing our educational and social service programs. Duh. Duh. Duh. BUt go ahead, hold hands in your little fantasy world and pretend this isn’t a major problem.
A new study from the Federation for American Immigration Reform (FAIR) examines the costs of education, health care and incarceration of illegal aliens, and concludes that the costs to Californians is $10.5 billion per year. http://usgovinfo.about.com/od/.....legals.htm.