An educated and skilled workforce is critical to the success of Georgia. For many jobs, a college degree is now a mandatory requirement for salaried positions in corporate America. With the increase in society’s expectations has come an increase in tuition costs.
College tuition and associated fees have skyrocketed over the past two decades. This exponential and unsustainable rate is causing increased hardships for students and families. With online options and increased student enrollment, the cost of college should be dropping. Instead, the costs continue to increase at an alarming rate.
In April, the Board of Regents approved a raise in tuition for all Georgia colleges. Most Georgia colleges will have a 2.5 percent increase in tuition, or $32 to $85 per semester for undergraduate, in-state students. Students at the University of Georgia will pay an additional $379 per semester after a 7 percent increase in tuition. Finally, Georgia Tech, one of the top universities in the nation, will experience a 9 percent increase in tuition, expecting to cost students an additional $405 each semester.
Families are still recovering from the recession that hit the United States in 2009. Because of this, most parents are not able to afford to pay for their child’s college education out of pocket and students are taking out student loans to cover the cost. Once they graduate, students today average more than $30,000 in student loan debt, compared to the $17,000 in debt students averaged in 2004.
There are other options, besides loans, available to help students pay for a college degree including scholarships and grant programs, which can cover some or even all of the cost of tuition. The HOPE Scholarship, exclusive to Georgia, is funded by lottery proceeds and has proven to be one of the most successful education funding initiatives in Georgia history. However, with the increase in students receiving the scholarship and the increase in tuition cost, the funds cannot keep up.
While the cost to attend a university and the cost of living have continued to increase each year, the average salary for an entry-level position has remained at about $30,000 to $40,000 annually. Essentially, recent college graduates are earning the same amount of money as in 2004, but their expenses have increased dramatically. If we are going to get more business out of our colleges and universities, we need our colleges and universities to act more like a business.
In order to stay competitive globally, the United States needs more people with college educations. The rising cost of tuition and the financial burden of student loans are making it more and more difficult for younger generations to see the benefits of getting a degree.