Charles Edison

"Economics, politics, and personalities are often inseparable." - Charles Edison

Tuesday, January 24, 2012

Financing a Higher Education in a Struggling Economy

Prospective and current college students face the dilemma of how to pay for their education because of the decline in the economy. Many college students in fact believe the US economy is doing poorly or is “on the wrong track.” A major concern of many of these students is finding a job after they graduate. These students as well as future students want to see the job situation in the US improve so that they can feel secure. Without such improvement, students will have to accept low paying jobs with no benefits. In addition to their own financial burdens, these students can no longer turn to their parents as much as they use to because their parents are struggling to find work too. However, this does not necessarily mean that students want the government to give them more money, but rather have a deficit reduction in order to help the economy. Some students on the other hand, feel that by the time they graduate there will be available jobs, but they still believe the economy will continue to face big issues even after some are resolved. Basically even though students feel they have future job security they still feel their economy will continue to struggle. Thus, many college students feel the extra money they put into their education will pay off in the long run. As a future college student I am facing this same dilemma as I choose which college to attend considering the economic struggles. Would it be more advantageous to attend a college that cost more but offers a better education than a more affordable school?

5 comments:

D.McKee said...

As we all know, higher education in America comes at a premium. America’s colleges and universities are ever-increasing their tuition to reduce their debts, but at what cost? America puts such a high value on education, yet the public school systems across the country are weak. Our public high schools no longer give students the education they need to do anything productive in their lives. 20 years ago, college was an option, but now it is a necessity. The problem with that is people are going so far into debt just to make a living in the future, that the economy is circulating ‘non-existent money’. Unless the cycle is stopped, America will continue on this path into a deeper recession. The thing that students have to realize is that they are paying now for what they will get later. Unfortunately, America is no longer a country where the harder you work, the more you receive. It is more about what your parents have to jumpstart your collegiate education and to help fund your efforts into a career. College tuition plans need to start giving more scholarships for merit based academic work in order to inspire the future leaders of the world to not consider where they came from, but to where they can go.

Smith said...

I agree that students are not/can not turn to their parent’s as much because of their parent’s financial burdens due to the downturned economy. Your last question about what type of school to choose is a great one. I think you need to look at all types and ask yourself will I get the same opportunities (educational, socially, career, networking etc…) at school A versus school B.

michael.parleto said...

A degree is a degree, assuming it isn't from one of those "as seen on tv" schools, like University of Phoenix (total scam, a degree there isn't worth the paper it's printed on). While a degree from a very expensive and prestigious school might be more attractive to a potential employer, they don't hire people based on where they went to school. If money is an issue, go to a less expensive school, simple as that. Staying in state will save tons of money as well, since most, if not all schools have much lower tuition costs for in state students. A degree from a relatively inexpensive school won't hinder you. At the same time, a degree from a very expensive school won't automatically get you any job you want. Not to say that expensive, prestigious schools aren't any good, but it isn't a free pass. But I do agree that college needs to be made more affordable, possibly with more scholarships, and fewer ridiculously expensive costs. You shouldn't have to go deep into debt just to get an education.

Peyton Moore said...

I both agree and disagree on what's been said. As we are approaching graduation, we have all seen those kids that are picking their schools based on the social aspects rather than academically. I am dumbfounded as to why some of our peers are willing to spend sometimes over twice the price to go to a public university halfway across the country (especially when they aren't sure of a career path! ) when there are just as adequate or better educational opportunities in Texas. We are lucky in that Texas has some great public schools if you have the grades to get in. I find it pretty ridiculous to spend 10,000s more just because the school is out of state, and it is only worth the price that the residents are paying. With all that said, I also agree that education CAN come with a premium, more so dealing with private schools. The academic rigor is more intense (i.e. TCU, SMU,.. ) and if you are able to succeed in these schools, you will reap the benefits after graduation with job opportunities. Education is what you make of it and you get out of it only what you put in, but I think we can all agree that going to private school has made us better students and has forced us to work harder than we would have on our own at a public school. Also, these more reputable schools are well known. I would hire a TCU graduate any day before a TCC graduate. People think that now a days if you have a degree you are just as qualified as the guy next to you, but jobs are too competitive for that now. So I guess what I'm saying is that if you are looking to party, get out of the house, "find yourself" or meet new people, then don't be paying high prices. But if you know what you want to do and you've got a school in mind that has a stellar program in your field, go for it if you think your job with overcompensate for the high tuition prices either you or your parents will be paying.

Daniella said...

Everyone commenting on this blog post are making some really good points. I am certainly, as Erin, having to face the dilemma of going to a school that is affordable versus a school that has better academics. I see both sides of the coin on this topic. I understand what Michael is saying. A degree is a degree and no school will automatically get you a great job. No one wants to start their fully independent adult life in debt, especially because of the economy right now. On the flip side the school that is more expensive, generally has better resources and connections than those that cost less. The saying, "It's not about what you know but who you know." Stands true to some degree.