The Rising Costs of Tuition Is Impeding Middle Class Dreams

In this series, students and industry experts share stories and perspectives from inside the student debt crisis. Share yours here using #StudentDebt.

In the midst of commencement and graduation both at the high school and collegiate levels, many graduates are filled with excitement while family and friends cheer them on as they mark the end of an exhilarating life’s chapter. Yet, I cannot help but wonder what the future holds for this generation of future leaders and global citizens.

Many are facing a very volatile social climate along with an unpredictable business world. Those exiting college are leaving with such a burden that if not addressed, will hurt their ability to cement themselves solidly in the middle-class.Countless college students are accumulating tremendous debt in pursuit of career opportunities that may or may not exist once they graduate given the changing world of work. While those leaving high school in pursuit of a higher education will soon encounter continuously increasing tuition costs in pursuit of their dreams.

The question to ask is, “What’s driving the cost of college tuition?” From my experience, one of the key drivers are colleges responding to the “comforts of home.” Universities are competing for the best and brightest students, administrators, athletes and faculty. This kind of competition has not fostered collaboration with all key stakeholders, meaning students and parents. Instead, it has created a series of echo chambers and the only way universities can appeal to their consumers is to provide students with the very best during their college life experience. Many universities are now offering an infrastructure with modern amenities, such as luxury and high-tech features, to create an experience that is equal to or better than a student’s home life.

As state-of-the-art amenities are improving university campuses, students are finding themselves paying additional fees for services they may or may not use. For some, these expenses can be too much leaving students opting to transfer to community colleges with less cost or take time off to accumulate funding to continue their education.

In the past 30 years, state funding for higher education has diminished. While colleges and universities continue to invest in these amenities in order to remain relevant and competitive, these are the things that are not valued by the end user of employers and organizations. Cost to maintain these features has been passed on to students who are left to shoulder this burden through unmanageable amounts of student loan debt.

One way to minimize the amount of debt students consume, universities could implement a system that would cap tuition for each entering freshman class that will remain consistent upon their graduation. In addition, if students choose to enroll in summer courses they too should receive a decrease in their tuition for working towards early completion of their degree.

It’s not to say these institutions should not pursue what they need to be competitive but they need to remain cognizant of the impact this has on the students they serve as they work to attain America’s promise of a middle-class lifestyle.