Money may not grow on trees, but I am sure most of us college students are wishing it did! I vividly remember my first time looking at universities my junior year in high school, I was stunned to see how expensive tuition rates were. I was set on choosing the school that gave me the most money, that was until I fell in love with Penn State.

College has many ups and downs, but perhaps the biggest drawback that attending college has is the overwhelming debt that students will leave college with. Did you know that according to Credible.com “the average federal student loan debt per borrower was $33,460. Most federal student loan borrowers (77%) owed $40,000 or less, but more than 2.7 million owed $100,000 or more”. Unfortunately for us, according to Wallethub, Pennsylvania is the No. 2 state with the highest average student debt in 2018. This isn’t surprising, however, because the tuition rates for students range from $18,436 (in state) to $33,664 (out-of-state) per YEAR!

Another interesting fact is that back in 1859, when the institution first opened, tuition was FREE! Now of course, Penn State has grown significantly in numerous ways since then, but it really opens your eyes to how times have changed drastically.

There are many reasons that contribute to the rise in universities overall costs that the students are required to pay. Schools are constantly renovating and bettering themselves and the community to build the best, most advanced, and most fulfilling college atmosphere. This includes a top-notch faculty and top-notch equipment and amenities. With such a high supply and demand for the best of the best, they need a lot of money. However, aren’t these universities competing for the best of the best students as well? Will the overly priced cost of attendance deter prospective students from attending a university?

Aside from just student debt, there are also many day to day costs that students have to face the harsh reality of such as:

• Room & Board
• Textbooks
• Meal Plans
• Transportation
• Parking
• Necessities

So the question at hand, that I am sure many of us wonder, is all of this debt really worth it?

Well, that isn’t something I can factually answer because it relies on a number of factors including the amount of debt, your ability to find cosigners, and what career you will pursue, but I can tell you that the rise in higher education costs has led to a decline in the number of students that stay in college until completion.

A 2018 survey conducted by LendEDU shared some shocking results. According to the survey, 51.04% of respondents answered “I dropped out” when asked how being denied their loans to pay for college. Students have no choice but to dropout of college because they can not afford it.

In a society where we are taught that education is the key to success, how can we allow the cost of education to be so high. Instead, we should be encouraging students to further their education outside of high school and invite them to learn and help others. There are many bright people who equally deserve the opportunity to go to college, but have no reliable funds to do so. An obvious solution to this issue is simple, higher education costs NEED to be lowered.

In 2015, Utica College, a private four year college announced that tuition and fees for on-campus undergraduates would reduce a whopping 42% compared to its previous years. So, this change is possible. This is an issue that both universities and our federal government need to solve, so all students, regardless of financial status, can have an equal opportunity at attending a college or university.