Amongst college students and graduates, there is a prevalent topic of conversation: the burden of student loans. Higher education is known to be an expensive venture, and lately, tuition costs seem to be constantly surging. Some undergraduates now face tuition expenses ranging from $15,000 to over $30,000 per semester, excluding room and board. With a degree becoming near essential in today’s society, many young adults grudgingly plunge into deep debt to pursue higher education. While these high costs may secure a comfortable and prestigious environment for four years, the escalating price tag doesn’t always equate to a brighter future. The following are the six negative impacts of high tuition costs on graduates:
1. DELAY IN MATRIMONY
Tuition costs are not solely to blame for delayed marriages, but a shift in cultural norms and the hefty price of college have signficantly influenced the trend. Aside from the considerable expenses of a wedding ceremony itself, the weight of mutual financial burdens or debts can be a deterrent for many young couples considering marriage. More often, couples defer their nuptials, choosing to settle their student debt and save up before starting their married life. Consequently, there’s been a notable increase in the average age of marriage.
2. CHALLENGES IN HOMEOWNERSHIP
Being strapped with immense student loan debt can make saving for significant purchases, like a home, seem like an uphill battle. Juggling large monthly payments without adding a mortgage to the mix can be burdensome for many graduates. As such, the option to rent a house often appears more financially viable.
3. RISE IN TWO-YEAR COLLEGE ENROLLMENTS
Sky-high tuitions have not abolished the dreams of achieving a degree but have altered the pathway for many. Uncertainty in career choices may make expensive college endeavor seem imprudent. Hence, many students opt for the more economical and flexible option of a two-year college.
4. LONG-TERM IMPLICATIONS ON FUTURE GENERATIONS
Not only are graduates delaying childbirth and having fewer children due to debt, but the massive loan debt also presents college as an unrealistic option for their future children. As graduates grapple with their debt, saving for their offspring’s college fund seems daunting, pushing the next generation towards large loan debts– perpetuating a seemingly endless cycle.
5. DIP IN GRADUATION RATES
Exorbitant education costs can lead many students, especially part-timers, to drop out of college due to financial strain. Also, full-time students are finding it challenging to complete their degrees in four years due to extensive degree requirements, which further exacerbates their financial obligations.
6. VIEW OF COLLEGE AS UNATTAINABLE BY LOW-INCOME FAMILIES
For numerous low-income students, the dream of college has become increasingly unfeasible despite existing financial aid programs. The looming threat of formidable loan debts seems too overwhelming, discouraging these students and pushing them towards careers that do not necessitate a degree.
As prices continue to inflate, the outset of many graduates into life may be discouraging. The expense of higher education has significant repercussions on our society. When does the excessive cost start casting a shadow over the benefits of a degree? Do you think high tuition costs are influencing our society adversely? If so, what are some of the negative impacts you’ve noted or encountered?
