Over the years, the rising cost of education has become a subject of scrutiny and concern for the common man. The standards of education may have surely levelled up but affording it today is not as easy as it seems to be. So has education become more accessible? Yes, definitely. But has education remained as affordable as before? Now this question poses doubt in the minds of everyone.
The cost of a college education is determined by several factors that may seem negligible but are actually the determinants of the expenses of affording a degree. As much as learning has become more accessible for students, the cost of it has also increased over the past years. Since there are advancements occurring each day in the sector, the cost of availing of those facilities also adds up to learners paying more to pursue their courses.
Expensive College Education? Here’s Why!
Here are 10 different factors and reasons why college education has become more expensive and earning degrees today is more hefty on the pockets.
1. Depends on the Institution
The institution you pursue it from plays a major role in deciding whether your degree will be expensive or not. Let’s find out how!
- For example, private institutions are always a lot more expensive than government entities.
- Also, what course you are pursuing will also determine the cost of a degree. Professional courses are usually costlier than normal courses.
- A prime institution that has made a name for itself in the field of education, and offers a lot of facilities and provisions for the students, will possibly have a higher cost of pursuing degrees from there.
2. Constant Evolution of Services and Facilities
The power of the internet and digitalisation surely has revamped the sector of education. Online learning has become a routine part of the lives of the learners. But with this change comes the need for modification and upgradation of everything needed to pursue degrees and extend the learning process. Therefore, it becomes costlier to afford all the tools and devices that come in use while trying to access the new & evolved mode of education.
3. Administrative Costs on the Rise
If an institution is demanded to have the best of facilities for the students, suitable campus, standardised rules & regulations, and different committees regarding different concerns, it all adds up to increasing the cost of the administration of the institution. This also adds up to a degree of being a little more hefty on the pockets.
4. More Competition, More Promotion
Let’s say, for an MBA course, there are 2000 institutions offering the same two-year course. Obviously, every institution would like students to enrol in its full capacity but with so many institutions being available as options, a college has to do more promotions & advertisements. So more amount is spent on the same which ultimately adds up to the student’s fee in translation of earning their degrees at some levels.
5. Paying for What is in Demand
Every educational institution today employs certain committees that look after the grievances and issues that are faced by the students. This means that more people are recruited in the staff to maintain these committees. Now their salary has to be funded as well. This again, at some levels, adds up to the overall cost of a degree since it also includes expenses of all such provisions that cater to the needs of the learners.
6. Research; Searching Ways to Development
Often, most prestigious and esteemed institutions engage in different research purposes, which needs funding. Different project labs, equipment, conferences, etc. carries a significant expense that often contributes to an increase in the overall fees and tuition cost.
7. Abiding by the Compliances
For a college or institution to be recognised as a legitimate institution that offers high-quality education, it has to abide by several compliances. Several rules and regulations have to be followed that may involve additional efforts and administrative costs. This all is, thus, included, later on, in the overall fee, slightly increasing the cost of earning degrees.
Truth is, the level of income has increased through the past decades, but the cost of communities and services has also flared up. Like any other industry today, the educational sector has also been affected by inflation and therefore, whatever goods and services that are required in the field of education to aid the process of learning have contributed to the expenses of degrees increasing on a higher scale.
9. Economic Conditions and Policies
Education can be affordable and acceptable to all at minimal rates only when the economic conditions are good. In general, if a country is suffering through an economic crisis, and does not have the monetary resources to feed the education sector for free, different policies are regulated that add up to making degrees a lot more costly and expensive.
10. More Privatisation, Less Funding
As already discussed, the cost of pursuing education from private institutions is more than government colleges or universities. Also, if an institution is not receiving funding either from the government or their sponsor, it automatically turns towards charging the students higher. Therefore, paying for college education becomes heavy on the pockets of the learners.
So What’s the Choice Now?
Education, yes, has become expensive. But this does not mean that it calls for unnecessary expenditure on your part. Look out for yourself and see what degree, what institution, and what range of didactic services you can afford and actually need. Here are certain things that you must take into consideration:
- Do not go by the name of the institution, rather see what you can afford.
- Government institutions still offer prestigious education, not just private institutions.
- Earn a little side-by-side to pay for your degree.
- Your own capability decides your future, not expensive degrees.
- Reflect and introspect. Do not spend where you will not earn later on.
The harsh truth of today’s education landscape which has become more accessible but has also, at the same time, become expensive is that its cost extends beyond the financial strains faced by a student and the society in terms of equal access to opportunities and learning. All of the factors that have been mentioned above are interrelated with each other in determining the increase in cost of education in today’s time. It is high time to address this challenge since it requires a very comprehensive examination of why the sector which should become more accessible is becoming a burden and a liability than an asset.
Kamaldeep Singh is an accomplished digital marketing specialist, and has been associated with the education industry since 2022. With a flair for knowledge, he finds joy in learning and sharing insights on education, technology, digital marketing, and self-care through his writing. He is passionate about cars, tech-gadgets, and loves long drives.