College Costs and Potential Solutions for Students
College cost becomes a main factor for an individual who is deciding whether or not higher education is the most reasonable decision. Based on statistics alone, the majority of students planning to further their education will most likely take on debt in the process. As a result, students may find it necessary to seek alternative resources in order to receive their education. This issue of tuition costs, specifically, have also been addressed several times by President Barack Obama, who has devised plans to eventually lower the costs. In addition to tuition costs, students must also spend a significant amount of money on books. Unless alternative approaches are taken, the costs of higher education will continue to increase, which may deter students from attending college immediately after high school.
In today’s society, a college degree has become a necessity for anyone planning to establish a career. Because the concept of college is so valued, ambitious students want to make the best of their education. However, as the demand for a degree increases, the cost of college also progressively increases. This allows for colleges to manipulate the cost of tuition for their own benefit, as they are aware that some students would be willing to pay the full cost. The students, who are unwilling or unable to pay these high tuitions, might ultimately have to seek other options even if they are good students. However, even if the student is able to earn his or her degree, there is a good chance that he or she will accumulate a significant amount of student debt in the process.
In many instances, students spend years paying off their debt. Although this was not a prevalent issue a few decade ago, it has now become an intimidating reality for any student who is planning to enroll in college. Based on recent statistics, the average American graduates have student loan debts of more than 26,000 dollars (Lewin). However, these statistics don’t include the special cases in which a student may accumulate over 40,000 dollars of debt because of medical or law school. Also, if the students cannot immediately find work afterwards, life gets even more difficult for them. However, debt can still seem impossible to manage relative to the income some students earn after completing school. Heather Stone, a graduate from Delphi University, works as an environmental scientist, but is still 80,000 dollars in debt (Liberto). Although student debt is caused mostly by tuition, expensive books also factor into the debt.
In addition to high tuition cost, students must also be able to pay for their own books. According to College Board, the average student at a public university spends approximately $1,200 each year on books alone. The price for new textbooks has been rising about 6% a year according to a report released by the Government Accountability Office, the investigative arm of Congress (Schick). To save money, students should consider purchasing used or electric books, or renting them. However, electric and rented books prevent students from being able to highlight any material within the text. The high cost of textbooks, like tuition, is manipulated because publishers know students “need” to purchase them. Because the cost of college will only increase as time passes, immediate and rational solutions must be sought out to address how it will impact students.
Since college cost is an issue that affects almost every student in the United States, President Obama has taken on the responsibility for solving the dilemma. One idea proposed by the president is to rank colleges based on tuition, graduation rates, debts and earnings of graduates, and the percentage of lower income students who attend (Lewin). The intent is to have the rankings correspond with the amount of financial aid offered to the attending students, which would eventually compensate for large student debts. Another approach suggested by Obama is for high school students to explore dual enrollment programs to earn college credits. These actions suggested by Obama may solve issues for some students, but there are still additional ways for students to avoid problems related to expensive colleges.
To decrease the stress of college costs, families should prepare by implementing effective college savings plans as soon as possible. A 529 Plan is an education savings plan intended to help families set aside funds for future college costs (Chen). The investment options in a 529 plan are diverse with most having age-based investments which adjust themselves over time and get more conservative as the child reaches college according to Richard Frazier, a financial planner in Wilmington N.C. (Chen). This provides more security for students since the beneficiary’s earnings are free of federal income tax when used on college expenses. Planning can be useful if the long-term goals are set early-on, but students still have other opportunities to avoid struggling with college costs.
An alternative action that may work for financially struggling students is to attend a community college. By attending a community college, one can save a significant amount of money. A student attending community college can first complete the basic requirements to earn credits and then transfer into a four year university. However, following this approach requires some proper management to become successful such as budgeting appropriately and avoiding financial aid deadlines. Although some amenities are sacrificed, there is less worry about discouraging future debts. Again, attending a community college will only benefit some students; another solution must be proposed to aid other students.
Some colleges have combatted the increasing trend of college cost on their own. Converse College, a private women’s college, proposed a solution that can be applied to other schools as well. They cut back on scholarships and aid, and will guarantee at least a one-thousand dollar decrease in the amount a student pays (O'Shaughnessy). However, there are some students who will be saving an even greater amount of money. This concept can be utilized by other schools that are willing to make it affordable for students to attend their institution. In order to enforce this plan, the school must also be stricter with the academic requirements of the students attending. All colleges have the potential to cut costs for students if they are willing to make sacrifices. Colleges and universities compete among each other to gather the most prospective students, which results in raising costs. Since reputation is a major factor in college rankings, schools tend to add or renovate expensive facilities, as well as hire the most high-profile instructors to gain an edge (Evans). A significant amount of money is spent towards superfluous measures that have no impact on the students’ educations. As a result, they must raise tuition in order to compensate for these expenditures. When cutting costs, colleges must be aware that the academics are the most essential while some student services can be sacrificed.
High college costs are obstacles that can have negative impacts on students’ welfare. In order to address the student loan crisis, rational solutions are required. President Obama has suggested a few feasible plans that could potentially solve the crisis for some students. Students reluctant to pay for costly tuitions do have the opportunity to take matters into their own hands. They can partake in a dual-enrollment program while still in high school to earn college credits earlier, which allows them to save money in college. Regarding additional costs on books, students can opt to buy used, electronic, or just rent books. Some struggling students can also attend a community college with the intention of transferring to a four year university. Colleges should focus more on the educational aspect rather than unnecessary provisions. Tuition costs should not be the reasons why students abandon their education entirely. Therefore, students must wisely plan their future, or else wait until a change occurs within the colleges.

Works Cited
Chen, Tim. "529 Plans: The Tax-Advantaged Savings Account That Can Curb College Debt." The Huffington Post. TheHuffingtonPost.com, 5 Dec. 2013. Web. 13 Dec. 2013.
Evans, Jasmine. "Colleges Making Big Moves to Battle Tuition Increases." - Higher Education. CMA Publication, 2 May 2013. Web. 12 Dec. 2013.
Lewin, Tamar. "Obama's Plan Aims to Lower Cost of College." The New York Times. The New York Times, 22 Aug. 2013. Web. 13 Oct. 2013.
Liberto, Jennifer. "Drowning in Student Loan Debt." CNNMoney. Cable News Network, 15 Oct. 2013. Web. 5 Dec. 2013.
O'Shaughnessy, Lynn. "This College Is Slashing Its Tuition by 43 Percent." CBSNews. CBS Interactive, 11 Sept. 2013. Web. 12 Oct. 2013.
Schick, David, and Mary Marklein. "College Students Say No to Costly Textbooks." USA Today. Gannett, 20 Aug. 2013. Web. 12 Dec. 2013.