The nations student loan debt tops one trillion dollars, as heard this morning on Sunday Morning. They featured a story regarding high college tuitions, which have become epidemic! Sarah Lawrence college is one of the top extensive colleges in the US, with freshman year tuition topping $60,000. This is a staggering cost for college, considering it’s a wild card wondering if these students will be able to find decent jobs. California State University tuitions have increased 50% in the last several years. Community Colleges are decreasing the number of classes offered, which impacts the ability of students to transfer into the universities. The Community Colleges are locking students out of the system, which means the number of students that transfer to Universities have been impacted.
Why is it Important for Kids to Go to College?
When we look at the reason why we go to college, many people focus on money. Not only will graduates of college make an average of over a million dollars more per lifetime than their counterpart that only graduates from high school, they’ll pay considerably more takes over a lifetime than their lower wage earning non-college graduates. So it’s a win/win for as many people as possible to attend and graduate college.
So how can we possibly accomplish the goal of sending everyone to college that wants to go and is capable of doing the work? Let’s look at several options available, beginning with the consideration of keeping costs to the lowest.
- Start your studies at a local community college. Even if you’re working full time, consider taking a class online.
- Fill out the FAFSA on time each spring. Try your best to complete this application on time!
- Create a stream of income for yourself to support yourself while in college, and keep your student loan debt to a minimum. Your student aid application may earn you work hours on your campus.
- Plan ahead in Junior High School – and I know how hard it is to motivate teens! Work with your local junior high school and high schools to help kids develop the study skills to succeed and stay motivated in school.
What can Colleges and Communities do to Help Cut Costs?
- Each department on campus can work to create an endowment fund to pay for teaching personnel. Sarah Lawrence, one of the US’s most expensive colleges, teaches many classes as symposiums. This means the teacher to student ratio is low, only about 11 to 1. Although the professors are not “overpaid”, the loaded salary rates are high, including medical expenses. If each department on campus was tasked with creating their own endowment to offset expenses, they would stand a chance to reduce fees for teachers. What if they sponsored an annual charity ball for office supplies? They could ask people to bring office supplies such as reams and cases of paper, staplers, pens, pencils, rulers, white-out, and the new printers and cartridges needed. They could ask individuals and businesses to sponsor a specific copy machine, including supplies and service contract. One person (who could be funded by grant) could oversee the fundraising deepartment. I would certainly be willing to sponsor the fax machine in the admissions office, for example! Whey should college be so expensive when there are surely people in need of a tax writeoff by making a donation!
- Scholarships. Some are given by merit, some by need. Yes it’s wonderful to get a “full ride” scholarship, and anyone receiving one surely deserves it! But what if these were given by need and those that could pay did so? $60,000. tuition certainly isn’t a hardship for EVERYONE. If it’s not a hardship, wouldn’t it be nice if those that don’t need a scholarship would pass up applying for one?
Anything on the Political Horizon that can Help?
Yes! In California it’s announced this week that there is a bill pending called the “Middle-Class Scholarship Act”, and it’s in committee. What this would do is help out those families that are just above the cut-off for significant help at the California State Universities. It appears there’s a tax loophole they’re trying to close, and if they succeed the money is earmarked for tuition aid for families making more than the $80,000. cap that is currently in place to help pay CSU tuition for students. The upper level cutoff is $150,000. This isn’t a slam-dunk; there are out of state corporations lobbying against it. So although it sounds promising, it may not actually be able to help out. The bills are AB1500 and AB1501 by Assembly Speaker John Perez, California. (Way to go Mr. Speaker!)
Good luck in your college planning. Don’t leave any stone unturned in your search for assistance, and good luck in your admissions too!