Nowadays, the issue of rising higher education costs has sparked heated discussion among policymakers and the general public. In fact, the higher costs of higher education have proved to be an insurmountable barrier for many students living in disadvantaged communities (Barry and Dannenberg 34). In this respect, students are expected to have the ability to continue their education in different colleges based on their abilities and academic qualifications rather than socioeconomic status, financial roles, or other considerations such as race or cultural backgrounds. Public funding given by the state is deemed infective, thus can never cater for the process of students’ learning. The federal and state funds are employed ineffectively, thus making education quality in most of the public schools to be extremely low when compared to education offered in various public schools (Castilla 56). Consequently, students who are graduating from various public schools have fewer opportunities to get admission and do well in college when compared to some students who are graduating from private schools. Besides, higher education costs are unaffordable burdens for several families of these students (Shouping et al. 78). Therefore, the widening of social gaps, which steers to the segregation of students who are coming from low-income families from the college education. Indeed, higher education costs is a barrier of barring students who are coming from low-income families from entering institutions of higher learning. In addition, racial gaps similarly broaden the rate at which minority students chances of acquiring higher education. With this regard, most of the African Americans together with other minority scholars are seen to be in detrimental states as per their higher education states. Despite the existing programs meant for minority students together with the students from low-income families, there is a persistence of racial gaps and ineffectiveness in delivering higher education. This is coming as result of high cost of education that can never be met by students from low-income families. In this concern, high tuition fees imposed by universities and colleges are one of the essential factors that is putting students to be in an unequal condition. This is preventing students from equal access to higher education. In this manner, several students are seeking assistance from state and federal agencies to make them clear their studies.
Cultural differences similarly influence the availability of higher of education together with the higher costs of education. Most of the students are never prepared in paying high costs meant for higher education, even though they are capable of affording such escalating costs. This is because most of these students value traditional cultures, which do not give space for education to prevail. Nevertheless, differences in cultural practices are possibly least essential when matched to high education and tuition costs. Besides, the higher living cost is seen to be increasing the cost of higher education. Students are usually to be board in various colleges during their study period. For this case, most the institutions are leaving the boarding costs for the students, thus making it hard for some parents to meet such costs. In such conditions, some students who are coming from low-income families are finding it hard to tolerate the situation. This is leaving them with no option but to drop out from college education due to high standards of living. Therefore, the cost of living similarly makes it hard for the students’ quest for higher education.
With the present economy, having price of higher education escalate, several students are denied their supposition of attending colleges immediately after completing high school (Koelling 90). Higher costs on tuition fees bar several people and families from getting higher educational level. Studies have indicated that fees and tuition have considerably gone up for the past decade. Several students who are not fitting in affording higher education by any means are frequently ending their education at high school level. Owing to the higher cost of education in higher institution learning,1ow income together with middle-income students are having little or rather lacking a perspective of any higher institution of learning at all. This is leaving these students to merely emerge straight away of high school then start pushing on with their lives. Because of the escalating tuition fees most of the students from low-income families are suffering. This is leaving them no chance of attending college just immediately they are through with their high school education when compared to the students from families with higher incomes. Since it is significantly valuable for them to a four-year institution immediately these students are out of high schools, most of these students are compelled to register in community colleges before transferring to university or rather other colleges
Majorly, students end up doing menial jobs when they instantly complete their high school education. This alludes to the fact that their parents are not capable of financing their higher education after their high education. The affected students are lacking the opportunity of expanding their minds due to insufficient education, which they are having towards low education make these students at some points to get stuck at low wage rates when they finally land on any job.
Price versus cost
In an analysis of the higher cost of education, it is essential to give a clear distinction between cost and price of higher education. Price is defined as a value of every resource employed in creating a product or a service like education. It can similarly be defined as the total amount of money, which an institution spending per student registered to receive the services. While cost is described as differing amounts of cash, which people are paying relying on their financial conditions. Cost can also be defined as the tuition amount, which a student who has been admitted pays. Several people are referring to educational ”sticker price” that is falling within the ”price” definition of higher education. This is where a price is deemed to be the total tuition charged less any monetary aid the school or the student it getting.
Most of the revenues of private universities are composed of tuition charged together with various private sources of money, which most of these institutions are setting. On the other side, public universities have their revenues heavily coming from the federal, state and local governments from where they are getting larger amounts of their tuition as compared to private universities. In spite of the differences in funding sources, both private and public are having costs, which are far beyond the prices being charged. Majorly, most of the higher institutions are nonprofit organizations the price, that is fees and tuition charged from students are covering a fraction of the total cost used in running such institution. For the case of private universities, fees and tuition cost takes up to 40% of total revenues, which is leaving 60% of the total costs to be non-fee resources. Several universities are looking for extra sources of income, which is from alumni donations, government subsidies, grants towards assisting in supplementing tuition money collected from students. The price and cost of higher education are incredibly associated. When the total costs for a college go up, tuition being charged might similarly increase. The increment is to cover additional costs in case there is no additional revenue from other sources.
Demand and supply
Before analyzing supply and demand within the framework of higher education, it is essential to note higher education market is incredibly not similar to the market of any good. The major distinction between other goods market and higher education market is the fact that prices do not measure on products accessibility within higher education marketplace. For instance, the market of bread does not care the person who ends up purchasing the bread. However, universities are paying attention to the students taking their programs. This is because peers are learning and interacting with one another, thus making schools have the urge of creating educational environment meant for the whole class. The fact that parents are capable of paying full tuition intended for education, it does not give an automatic qualification for the student to be accepted by the institution to receive an education.
Higher education necessarily rejects several buyers via their process of admission. Therefore, the price employed within the framework of higher education certainly is a valid price. The price is charged only to the admitted students but not to the students who are willing to pay the ongoing price. Supply in higher education framework is described as the number of students admitted to an institution or rather enrollment space, which is available within an institution (Mertes and Michael 23). Supply must take into consideration the production level within every university. Thus, supply is quantified through the number of higher learning institutions, which are available. Alternatively, demand is measured by the rates at which a country is registering high school completions, applications from college admissions as well as relative trends when it comes earnings of high school and college graduates. Supply and demand for a long run increase the higher education costs. When there are several high graduates, there are high chances that many students are likely to seek university admission. This might make the learning institutions to increase the education costs. This is making low-income families to have difficulty when it comes to sending their children to various learning institutions (Murillo 102).
Growth in the economy is seen to be a factor, which is escalating the price of higher education. The cost of items required by the learners charged is high depending on the economic level of a state. Subsidy on the fees charged by government is seen to be assisting several families from low-income. This is making the low-income earners to send their children to attend various educational programs after completion of their high school studies. Through various subsidies, the government has the capability of ensuring that different institutions of learning are not charging higher fees even if there is remarkable economic growth eminent within the country (Weaver 89). This is making children to attain higher education regardless the economic background of their parents or guardians.
Findings and Solutions
Many states in America have been reinvesting in higher education as from the time when the recession ended. However, most of the states are still spending less in 2017 when compared to the amount spent in the year 2008. This is because enrollment in various learning institutions has gone up as many students are struggling to get university admissions. Most of the states are having the commitment of spending extra funds in their subsequent fiscal years so as to subsidize the cost of higher education. Most of the states in America have opted on freezing tuition money which is making people part with vast sums of money for their college education (Walsemann and Jennifer 67). Other legislatures in different states are looking into limiting the growth of tuition money in various universities and college. For instance, Wisconsin state had signed a budget scrapping the tuition money, which is paid at the University of Wisconsin. The high prices in various universities are some of the acute instances that have made the higher education to be extremely high in different learning institutions. This is substantially affecting students within every state in America (Ou and Zhong 13). Also, paying the college and university fees has turned out to be a significant financial burden amongst the middle and lower families all over the nation. The government can do the following in attempt of curbing escalating costs of higher education:
Focus on the need for scholarships
States within America can make higher education to be significantly affordable through aiming at spending on students in place of channeling their expenses on institutions. States should concentrate on the need of providing scholarships to students who are from low-income families (Nienhusser and Toko 78). Through investing in several scholarships as well as tweaking them, they are likely to reach different students thus furthering their workforce objectives, Most of the have created scholarships which are making college tuition in most of the communities to be free. This is only applicable to every fresh graduate from school together with some adults yearning to join technical colleges. The program of making tuition free in various is a notion which does not only make several people seek college admission it similarly assist in alleviating the anxiety of middle-class concerning higher education cost through offering students with a less expensive course towards doing their bachelor degrees. The bachelor’s degree cost is reduced when a student freely gets their credits at a community college for the first two years from the time they graduate from high school.
Systemic Change consideration
The states in America can similarly make higher education more affordable through scrapping educational costs. Tuition freezes, in any case, is not holding tuition down for the longer period. Tuition freezes only have the tendency of lasting last one year or rather two years. When the forces making educational costs to be high are not addressed, then such costs are likely to increase the cost of running any institution of higher learning. Administration to inflation costs and cost labor makes the students to pay a lot of money. The government should change their systems, in which students are given grants to finance their higher learning education (Sutter and Sharon 45).
The paper gives an insight of higher costs of college education, which is affecting both middle and low-income earners in any society. Many families struggling with their children fees in various colleges immediately they graduate from high schools. Higher education cost, in most of the countries globally, has been increasing making it hard for parents and guardians to meet the cost. Governments, through the ministry of education should establish ways through which everyone gets college education in any country.
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