Elven Zheng, Period 7, 3/27/23

 Elven Zheng 

Period 7

03/27/23

Modern Mythology 

Socio-political Consciousness 

We have a college tuition crisis. As college decisions and financial aid packages begin rolling out, the phrases “I’m going to be in debt” and “they want so much from me” are in the air. In today’s society, we urge everyone to pursue a higher education and get a college degree. A college degree supposedly unlocks the full potential of the working world. I’m not here to argue the importance of a college degree, but I am here to argue the bizarre costs and the concept of “affordability” associated with the process of getting a degree. 

There’s no doubt a college education is helpful, but would the end really justify the means? A degree from most universities is a very expensive asset. The yearly cost often forces the student into uncomfortable situations, such as taking out loans or working extra hours to make ends meet. Student loans have an interest ranging from 4.99% to 7.54%. These numbers are huge, considering the average US student loan debt to be around $40,000. This debt will lead to setbacks, such as uncomfortable budget restrictions. These financial burdens, in addition to studying for classes, heavily affect a student’s mental health. Even in situations where the parents can contribute, it would be an enormous sacrifice to families who aren’t swimming in Benjamins. Thirty-thousand less dollars can change a lot for a family earning forty to one hundred thousand dollars a year. While the severity of the cut might change from family to family, it obviously puts a dent in the lifestyle prior to paying for college. In the past few months, I’ve been receiving decision letters and financial aid letters. Here’s a preview of my situation: I come from a low-income household, and my EFC (expected family contribution) on the FAFSA is 0. This didn’t stop a college from rewarding me with a cost of attendance sheet equal to 90% of my family’s income last year. That was the most extreme example. In a less extreme scenario, public state institutions requested amounts equal to, and/or surpassing, 50% of my family’s annual income. 

Now, the costs can be justified as professors and staff need to get paid and the institution has to be maintained. Let’s take a deeper dive into that. Many institution presidents take home high six-figure salaries, with some pocketing over two million dollars. It would be rude and ignorant of me to assume and argue their worth, but two million dollars is a lot of money. For context, professors and most other members of the staff make around $100,000 annually. Surveys also indicate that the funds secured aren’t always utilized in the most efficient manner. While students have an obligation to contribute to the maintenance of their school, the school should be more aware of their budgeting. 

While some argue that the high costs are a necessary sacrifice, I say there’s no guarantee. A high paying job is not directly correlated with an expensive college degree. On the occasion where the graduate does not make as much as they envisioned, the student will begin their work life slowly paying off their college debt, delaying milestones such as the purchase of their first car. Yes, a student can definitely work part time to pay off their debt, but not many part time jobs can offer a flexible schedule and a salary high enough to balance off the request. Everything considered, steps have to be taken to promote a more affordable higher education for students and not trap them in a cycle of debt.