College tuition rates are going up in the fall. This is a statement students have heard almost every year over the past several decades. According to the 2013 Project on Student Debt report, the average public and non-profit graduate carries $28,400 in debt. This figure does not include for-profit schools, 57 of which have a yearly sticker price over $60,000.
The trend appears to be ever-increasing tuition and heavier student loan burdens. With the availability of alternatives, could students find a better way to spend their money?
Employment Outlook for Graduates
Underemployment and unemployment rates among recent graduates with bachelor degrees is high compared to national averages. In 2014, 16.8% of recent grads were underemployed according to the Economic Policy Institute. Underemployed is when a person is either unemployed, looking for work, or working part-time because there are no full-time positions available. Unfortunately, young graduates are the group most likely to suffer from underemployment.
Changes to Tuition and Loans
Tuition costs continue to increase, but the Obama administration has been trying to mitigate these costs. During the March 7, 2015 Weekly Address the President spoke regarding the changes the administration has made to lower the cost of tuition by expanding Pell Grants and tax credits. He goes on to say, “I’ve sent Congress my plan to bring the cost of community college down to zero – because two years of higher education should be as free and universal as high school is today.”
Obama has also enacted the largest student loan reform in history and continues this work with the proposed Student Aid Bill of Rights. While these actions can help reduce a student’s overall financial burden, they do not lower the rates of private tuition, which continues to rise.
In regards to free tuition at community colleges, Michael B. Horn doesn’t think the plan passes muster. In a story for CNN, Horn writes, “According to the Community College Research Center at Teachers College, Columbia University, only 22% of students graduate within three years, and 28% graduate within four. More telling, 80% of students say they want a bachelor’s degree or higher, and yet only 20% of these students transfer to a four-year institution within five years.”
Alternative Education Opportunities
It’s time to explore other avenues. Brick-and-mortar colleges are already starting to move into the virtual world. Many schools now offer online courses, and availability continues to grow. Due to the flexibility in scheduling, online degrees are attractive for people who are already in the workforce. Some programs, such as the accelerated online courses at Gwynedd Mercy University, provide busy adults with the opportunity to balance school, work, and family while they work toward a degree.
The cost of an online degree can be much less than that of a traditional institution. Without on-campus housing, parking fees, and other ancillary costs, there is already savings as compared to the traditional college model.
Technology is increasing, with computer programs that can adapt to how individual students learn. Soon most students will no longer attend college on a campus, but in a virtual classroom. At a recent F8 game developers conference, the possibilities of virtual reality were discussed, from gaming, to board room meetings, and even dates. It’s logical that VR classrooms will follow.
Computers and the internet have changed everything; like how we bank and how we work. Why not how we get our education? It will reduce costs, which will benefit recent graduates as they head off into the workforce. Online degrees are the future, now.