College tuition reaches new high

Posted on March 18, 2016

A college education is a fundamental part of the American Dream. It is typically where many young people experience true independence for the first time, where they find themselves, where they truly figure out what their passions are, all while getting an education.
It is also where they experience debt for the first time. Massive, hobbling, exponentially increasing debt.
Student loan debt has been a rising problem in America and it shows no signs of stopping, especially when colleges are getting more and more expensive. According to The Economist, more than 7 million students owe $1.2 trillion.
Tuition costs continue to rise. USC unofficially became the most expensive college in America, where tuition is now $51,442.
Of course there is a very reasonable explanation for this. The path to becoming one of the best universities in America is not a cheap one. Renovations, faculty salaries, more resources, and better facilities to compete with Harvard and Stanford is definitely worth thousands and thousands and thousands of dollars, right?
When 66% of students at USC receive federal aid and 45% go into debt, according to USC, it may not be worth it.
More shocking than USC’s tuition increase is the fact that 45% is a relatively small amount of students to go into debt compared to the national average of 66% of graduates from public colleges, 75% from private nonprofit colleges, and 88% from for-profit colleges, according to the Institute for College Access and Success.
Despite this, colleges continue to steadily increase their tuition costs in order to maximize their benefits.
It is clear that Americans are not making enough money to keep up tuition costs, and unless something drastically changes with tuition costs or average salary, student loan debt will only cripple the lives of many more Americans.

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