The Future of Higher Education
Colleges and universities in the United States currently face a funding shortage that’s going to directly impact the cost of tuition in years to come. Fees have already risen in the past five years in order to compensate for pricey technological investments, rising salaries for professors, administrative costs, and waning government subsidies. Innovations in technology in the past decade have also spawned the question of whether students actually get what they pay for when it comes to higher education. The online learning industry has exploded, with information that was once only available to those who could pay now available to anyone with a laptop, tablet, or smartphone for free. Along with this change, increasing enrollment at universities over the past three decades has fundamentally changed the role of these learning institutions in American society as places where workers are trained. With all these changes, how will the cost of education change in the future? Read on to find out.
History
According to statistics from Bloomberg Business, the cost of university and college tuition has jumped a whopping 538% in the past three decades. Changes in recent years have been drastic, with both public and private institutions raising fees by just under 30% in the five years leading up to 2012. Student tuition is currently being used to bridge the gap between the cost of operating a financial institution and the revenue it generates. These exorbitant tuition hikes, coupled with cuts to student financial aid programs, threaten to make higher education unaffordable for both domestic and international students. Students are increasingly required to take out loans to pay for their education, with student debt in the United States now totaling $1.2 trillion and many students having difficulty finding a job after graduation. This model continues to deprive those who don’t have the option of taking out loan to pay for education to advance their careers.
Predictions
Demand for higher education is only set to grow in the years to come. Will universities and colleges be able to meet this demand? Not unless they change their business models. Some analysts have gone so far as to predict that over half of all higher education institutions will be reporting bankruptcy in the years to come if they continue the way they’re going. In order to reduce costs, lessen the burden on students, and compete with open online courses, universities and colleges will have to revisit traditional teaching methods. Not only are these far more cost- and resource-efficient, they drastically lower the price of learning for students, which is a must for the United States colleges and universities.
Quick Wrap-Up
College tuition in the United States has increased to the point that it is no longer affordable for the average, middle-class domestic or international student. As the United States tries to remain competitive in the field of education on the global stage, rising costs are deterring students. Although demand for education is increasing, students are happy to seek it elsewhere through open online learning platforms. The cost of tuition in the future will have to go down; otherwise, universities risk bankruptcy as prospective students will look elsewhere to get the training and knowledge they need for their careers.
