Rising Costs of Higher Education

by Ryan Dettmann

There have been many barriers that face students who seek a higher education. One of the biggest barriers that has faced students striving to reach any kind of higher education is the high prices of enrollment and its continuing increase which is putting students in debt.

This rising cost is a continuing problem, because it weeds out the students of the lower economic classes as well as putting those willing to seek a higher in the realm of possibly being debt of at least several thousand dollars. The cost of degrees have gone up mention in ‘What Does a Degree Cost?’(http://www.insidehighered.com/news/2009/05/19/degree) in which the cost for the highest degree in Florida has gone up from $37,757 (2002-3) to $40,645 (2005-6). Student debt is becoming an increasingly big factor, because an increasing number of students are taking out private student loans(http://www.ticas.org/files/pub/Private_loan_data_NR.pdf). There is some amazing information mentioned in the report;
"Private student loans are typically more expensive than federal student loans, with higher, variable interest rates and far fewer options for borrowers in repayment. Even though financial
aid experts agree that these loans should be used only as a last resort, one in four private student loan borrowers in 2007-08 didn’t take out any federal Stafford loans that year. It also doesn’t help that with a sick economy colleges are suffering as well, which in turn increases the tuition for students."

These loans are concerning not only because they have volatile rates, but it puts students into large amounts of credit debt. By the end of a couple of years in college or if the student graduates college, they are in a considerable bit of debt that they are possibly not able to get out of.

The rising costs of tuition and the increase of private student loans makes higher education less affordable and more dangerous, which makes getting a college degree not only to get but also less likely to be a scare-free process on a person’s financial budget and credit score.