The Higher Education Bubble Summary

When it comes to the topic of attaining a college degree, most will readily agree that it is essential to securing a successful career post-graduation. Whereas some are convinced that a college degree does not guarantee entry into a career in one 's field of study nor does it determine success in one 's career, others maintain that a higher education is, in fact, the way to job security and financial success. What comes into question is whether the investment in a college education is truly worth it or not in order to accomplish a student 's goals of success. I think it could be said for most prospective college students that the reason for going to college is to gain the credentials required for most jobs today. What many of those potential students may not realize is the substantial percentage of graduates who do not acquire a job related to their majors, how much debt they will incur, and just how many students don 't graduate at all for reasons such as an overwhelming workload and a poor work/ life balance.

In Glenn Harlan Reynolds broadside response, The Higher Education Bubble, he writes that the costs of college is rising year after year. Many families are putting themselves into unnecessary debt in order to send their students to college. This pattern has repeated many times throughout the years and Reynolds refers to this as a higher education bubble. Students feel that because everyone else is going into debt it must be okay. In many cases, colleges are not helping the matter. They see that there are those desiring a higher education and are willing to do anything to attain what they (the college) has to offer. By and large they are not improving what they offer. They are not as concerned about the education as they

Not all have to go to college to be successful, and not all hardworking jobs require a college degree. College is not necessarily a measure of intelligence. Especially in todays economy, a lot of people can not afford to pursue higher education. That does not mean they would not make really fantastic doctors or lawyers if they could afford to go to college. Not everyone has the means to receive degrees and titles, some do not even have the desire to. “We reinforce this notion by defining intelligence solely on grades in school and numbers on IQ tests” Rose explained. (Rose, 279) I believe that higher education is definitely a worthwhile endeavor. I also believe while it may be the best route for some, it is not for everyone. For example, my mother and father both did not attend college. They both make good incomes, and love their everyday jobs. My mother always wanted to be a hair stylist, so obviously college was not the best option for her. My father was always good at persuading people to do things, so he got into the sales business. My mother and father are a prime example of being successful in their field, without pursuing higher education. Attending college is not the only way that a person can live a happy and full

As touched by Barone, it can be inferred that the many attempts to aid American people was one of many causes to this situation. Furthermore insinuating that the amount of government intervention may as well caused this college bubble. Things such as the federal grant program which “…gives money to state and local governments to spend in accordance with set standards and conditions” and also the foundation of School Program which funds “… programs for public education in the state of Texas” must be carefully supervised (Scott 361). It is essential that the government takes action to take care of its people, but there must be an extent. The college bubble has been predicted to pop for some time now. The situation has gotten so bad that the “…total college enrollment has fallen by 1.5% since 2012” (Vedder and Denhart). The price is increasing at a substantial rate and it seems like it is not slowing down. “Even more alarming than the rate of tuition growth is the blistering increase in total outstanding student loans, which grew 511% since 1999 to $1 trillion” (Piereson). One trillion dollars is an enormous amount of money and is way too high for loans lent out. At this rate, there will be no money to give out since there is not more money to lend. Even though

Some critics claim that the college tuition is rising rapidly and making it harder and harder for students to pay off their college loans. With college graduates in debt; they are more likely to get into even more debt and failing to pay them. Therefore, the country’s economy is more likely to fail. According to the National Center for Education statistic website, the college tuition in 1982-83 was around

Since we were young, we 've been told that with hard work and determination in high school we would one day make it to college. Once there, if we succeeded with graduating, we 'd get a degree which would lead to a well paying career that would allow us to invest in our future. With college debt now leading in the nation 's debt with the growing amount of 830 million dollars, we are stuck asking. Why is the college-loan system failing? The College Bubble was a term used to explain the effect of the nation 's current financial crisis and college tuition constantly on the rise.

Not only do we get a lot out of getting a college degree in what we want to do, but so does our society. There are requirements for every job for a reason. Jobs need people that specialize in just that career field. They want us to be passionate about what we do and more importantly know exactly what we are doing. For example, hospitals have no room for mistakes because not only may it cost a life, it can also costs them money. We feel safer knowing people know how to do their jobs right. College education is necessary whenever there is a shortage in certain careers. It’s important to have higher education so there can be growth and competition in our society.

“College Prices Soar Again!” “Budget Cuts Cause Even Higher Tuition!” “Higher Education Now Even Less Affordable” These are all statements that have been seen all over the media: newspapers, magazines, television, and radio. (3 SV: SV) Rising college tuition in America has been a problem for years. Many students drop out after a single year due to the pricey costs of tuition. The rapid rise can be attributed to many aspects of the economy, not just a single source. There have also been some propositions of how costs could be lowered, but these have yet to be seen. The United States has gone into a tuition crisis.

After the United States ‘Great Recession’ in 2008, many onlookers have been searching for other aspects of the economy that may eventually present a bubble similar to that of the housing market. It does not take long to locate a potential hazard as the cost of tuition has risen approximately 26% over the course of the last decade (‘Tuition and Fees’). The consequence of this increased tuition is having a negative effect on the future that most graduates try to obtain once they complete school. Some students are required to change their career choices due to the overwhelming debt; examples of this could be they are required to take a higher paying job, even if they do not want to, so they can afford their previous choices (Zhang). Many years ago the notion of being so overwhelming in debt seemed unfathomable; but as student loan debt is estimated at $870 billion to $1 trillion, students’ willingness to acquire debt is strong and has no signs of slowing down (Razaki, Koprowski, Lindberg). The steadily increasing student loan crisis will cripple the United States economy if it goes unchanged.

College has always been used as a means to an end, with that end being their American Dream. Through college, they would gain knowledge that could help them achieve that dream. Over the recent years, with the economic troubles, people have shifted from the idea of

Post-secondary education comes at a very high price. The excitement of graduating college to land the six-figure job is soon destroyed when you realize how much debt you are in. Dreams of owning a house and starting a family is shattered by the money borrowed to provide and guarantee students a better future. Instead of waiting to land that perfect job, students are forced to work multiple jobs to help ends meet. Struggling to stay afloat, millions of students are becoming victims of one of the major economic crisis in the United States; Student debt.

Since the mid 1980s, student fees have increased at a rate approximately double the rate of inflation (Hauptman, 1997, p. 24). A 1996 study by the General Accounting Office indicates a 234 percent increase in tuition and fees at public institutions and a 220 percent increase at private universities since 1980. This compares to an 80 percent increase in inflation since 1980 (Barry, 1998, p. 39). Families today spend a considerably larger percentage of their family income on college than families two decades ago. In 1979, the average four-year tuition at a public college consumed approximately 36 percent of a family’s annual income, while a private university consumed 84 percent. By 1994, the percentages jumped to 60 and 156 respectively (Reiland, 1996, p. 36). In addition to increases in tuition, an attitude shift in regard to paying for college contributes to the problem of financing higher education. Parents today are more likely to budget college expenses out of their annual income instead of from savings, and students are expected to contribute more to financing their own education than in the past (Kiesler, 1994, p. 67).

The cost of tuition for higher education is quickly rising. Over half of college freshmen show some concern with how to pay for college. This is the highest this number has been since 1971 (Marill and O’Leary 64-66, 93). The amount of college graduate debt has been rapidly increasing also. With limited jobs available because of the high unemployment rate, college graduates find themselves staying in debt even longer. Although grants and financial aid are available to students, students still struggle to pay for their college tuition. Higher education costs are prohibitively expensive because the state’s revenue is low, the unemployment rate is high, and graduates cannot pay off their student loans.

College tuition has been an increasingly intense topic of discussion over the years. The costs of higher education have been debated by many people, and it has been discussed as to whether costs are becoming too high for students to afford. College has become more and more popular, and now as many as 20 million students attend universities reported by The National Center for Education Statistics (1). The value of a college degree is immense, but college tuition is becoming too expensive for students to afford, and furthering the problem are students’ lack of knowledge on how to pay and earn money towards their college degree.

In Life today a college education is no longer an option or privilege, but rather it is a necessity. We are raised to believe that a person needs higher education in order to succeed in life. There is a saying, “if you think education is expensive, try ignorance.” You may ask is college necessary? There are people out in the real world that have never set a foot on a college campus before and they are doing better than others that have their master’s degree. There are many views from both sides that have a good argument.