Student tuition prices for colleges and universities have continued to climb. This increase leads to more student debt for those attending universities and less students being able to go to college due to prices.
Since June 2016, over 42 million American students owed 1.3 trillion dollars in student loans. Of these students, 10 percent have over 40,000 dollars in debt. If students still do not have the money to repay loans after graduation, it can lead to extra fees and a low credit score. Being unable to pay tuition can cause students to drop out, meaning they wasted both their time and money.
Cuts in state funding are one of the many causes of increasing tuition at public colleges and universities. Average prices in 2017 increased between 2.9 and 3.5 percent. Not all students will receive financial aid or scholarships in order to help pay for college.
Arguments against decreasing the price of college tuition say that by doing so, federal taxes would also increase, causing everyone to still be spending larger amounts of money. The government would have to spend an estimated 62.2 billion dollars in order to make public college tuition free. Also, college graduates will supposedly make more money, but this is only true if graduates find a good paying job.
Solutions to increasing college tuition could be to reward higher amounts of scholarships and grants to students. By doing so, those who do not have as much money would be able to go to school. This also means that the government would not have to increase the amounts of money to put toward public colleges and universities.