At What Cost?

Higher education affects more than the students who attend local colleges and universities. It directly affects the economic development of the region. Business and industry are attracted to locations where the education system creates a well-qualified workforce and a higher standard of living. Communities experience economic growth, lower crime rates, increased participation, volunteerism and charitable giving. Local residents reap the benefits of increased property values. It can be a win-win for everyone — but it doesn’t come cheap!

Spiraling tuition has many students asking the question: Is college worth it? According to the Institute for College Access & Success, in 2012, 71 percent of all students graduating from four-year colleges had student loan debt. Average debt levels for all graduating seniors with student loans rose to $29,400 in 2012, a 25 percent increase from 2008 debt levels. Adding fuel to the fire is the much-debated PayScale data gathered on graduates of more than 900 universities showing that, after factoring in the cost of a degree, students in some colleges can expect to make less than a high school graduate.

The rising cost of a college education has increased our dependence on federal and private loans, as well as the rate of delinquencies and defaults on those loans. From November 2013 through November 2014, the aggregate balance in the federal direct student loan program — as reported by the Monthly Treasury Statement — rose from $687,149,000,000 to $806,561,000,000; a one-year jump of $119,412,000,000. Its report on household debt and credit states, “Outstanding student loan balances reported on credit reports increased to $1.13 trillion (an increase of $8 billion) as of Sept. 30, 2014, representing about $100 billion increase from one year ago.”

As costs continue to rise, so do consequences. Incoming students are reexamining their return on investment and reconsidering what college they will attend — if they will attend college at all. For graduates, having to delay payment or defaulting on their loans is becoming commonplace — a cost to us all. Parents who have saved a lifetime to put their children through college are finding their graduates underemployed and moving back home. Hopefully 2015 will be the year that costs are contained and progress is made — increasing the value of a higher education and making it accessible to all.

This article originally appeared in the issue of .

Featured

  • Rice University to Build New Student Life Complex

    Rice University in Houston, Texas, recently announced that a groundbreaking ceremony for the upcoming Moody Center Complex for Student Life (MCCSL) will take place on May 8, 2025, according to a university news release. The 75,000-square-foot facility was designed by architecture firm Olson Kundig with Page serving as executive architect, and it has an estimated completion date of fall 2027.

  • Boosting Student Wellness and Safety Through Indoor-Outdoor School Spaces

    Engaging students through facilities designed for indoor and outdoor learning and activities reflects a growing awareness of how children learn and thrive, with educators recognizing the importance of getting outside and disconnecting from technology. And, as today’s youth grapple with the urgent mental health crisis of increased anxiety and loneliness fueled by both the pandemic and technology, along with a related crisis in youth physical health, the wellness benefits of getting outside have never been so palpable.

  • Thomas F. Frist, Jr. College of Medicine

    Established in 1999, the Education Design Showcase is a vehicle for showing off innovative — yet practical — solutions in planning, design, architecture, and construction. Thomas F. Frist, Jr. College of Medicine has been recognized with an EDS 2025 Project of Distinction award in the category of New Construction.

  • Active Learning Classroom

    Striking a Balance: The Keys to Renovating Science Education Buildings for the 21st Century

    The recent renovation of the Durham Science Center at the University of Nebraska-Omaha (UNO) provides a roadmap for facilities managers tasked with balancing budget constraints, modern pedagogical demands, and long-term sustainability.

Digital Edition