What Can be Done About the Cost of College?
Kathryn Buschman Vasel of the FOX Business Network suggests there’s one thing most people agree on, college is becoming too expensive.
College is too Expensive, But How Do We Fix That?
No one disputes that college affordability and accessibility are increasingly becoming an issue for students and their families. What’s not as clear is how to combat these problems.
“There is no skepticism that there are major flaws right now with the higher education system, everyone wants to increase access and reduce costs, but discerning why college costs what it does gets very complex very quickly,” says Debra Humphreys, vice president for policy and public engagement at The Association of American Colleges and Universities.
President Barack Obama outlined his solution in August to create a ratings system that takes into account a school’s access, affordability and alumni success that potential students can use to analyze and compare schools during the application process.
“Whether we’re talking about a two-year program, a four-year program, a technical certificate, bottom line is higher education cannot be a luxury. It’s an economic imperative: Every family in America should be able to afford to get it,” Obama said last year when he unrolled the plan at the University of Buffalo.
In the same speech, the president pointed out that a college degree has never been more expensive, with the average tuition at a public four-year college increasing more than 250% as the average student loan debt hits $26,000.
The ratings system would evaluate schools’ post-graduation earnings, average student loan debt and graduation rates. The president’s plan would eventually tie the amount of federal aid schools receive to the rating system—and that’s where some schools and experts are calling foul.