A new Gallup and Lumina Foundation poll unveils a concerning reality: Hoosiers may lack clarity about the true cost of higher education.
The survey reveals merely 23% of U.S. adults without college degrees could estimate the annual net cost of a bachelor’s degree from a public college within $5,000 of the actual expense. The repercussions of the financial fog can be overwhelming for students.
Gabriela Espinoza, a 27-year-old nursing student at IUPUI in Indianapolis, said looming debt from school casts a shadow over her future.
“I’m trying to figure out what my debt is going to look like and how long it’s going to take me to pay off,” Espinoza explained. “I’m luckily in a position right now where I live at home with mom, and she’s been helping me out. You know, eventually, I’d like to think about moving out and moving on my own.”
Among those polled, 75% believe a bachelor’s degree is “extremely” or “very” valuable. However, cost is a major deterrent for many who wish to get a degree. Experts say higher education leaders need to bring clarity to the true cost of college to reduce confusion and provide a pathway for the millions of Americans who have considered college but have not yet enrolled.
For those participating in the poll, 31% have considered stopping coursework within the last three months due to the cost of attending college.
Parker Madison, another nursing student at IUPUI, said the expense is a major concern.
“If you get your college education, you still may be making the same amount as someone without a degree,” Madison pointed out. “I feel like sometimes the college education’s not even worth it.”
More than half, about 56%, of unenrolled adults said cost is a very important reason they are not pursuing a post-high school education. Debt is also a factor for students who stopped out of college, with 35% of students saying loans prevented them from returning to finishing their degree.
2 comments
If the cost of a college degree surprises you then you are either not paying attention or can”t do math. If you want the costs to come down get the government to stop insuring student loans so the colleges will drop their rates to the actual cost instead of charging the maximum amount covered.
I have zero sympathy for the ‘surprised’.
“If you get your college education, you still may be making the same amount as someone without a degree,” Madison pointed out. “I feel like sometimes the college education’s not even worth it.”
It’s only worth it if you get a degree that increases your earnings by enough to offset the cost of the degree. Otherwise, don’t bother.
The solution to high college cost isn’t more government dollars. Government dollars have made everything more expensive that they touch. Compare the cost increases in categories with government intervention (medical, education, housing, transportation, energy, food) with categories that don’t have a lot of government meddling (consumer electronics, furniture, sporting goods) and you’ll see a stark difference. Thomas Sowell has talked about this a lot.
The solution is simple: cut off ALL government dollars and force the universities to issue the student loans themselves. The costs would come down because it is their money, money would go toward education and not pretty buildings, and degrees that can never pay back the cost of their loans would cease to exist.
The fix is simple. We are just too weak to institute it.