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Universities should lower their tuition fees Essay

College tuition has been rising two or three times faster than inflation for three decades. (Kamenetz, 2007) Two-third of four year college graduates bears student loan with an average of $20,000 (Kamenetz, 2007). The payment of the mounting debts due to the increasement of tuition seems so unachievable and keeps them up at night. Universities should lower their tuition fees to alleviate student’s pressure on paying off debts, because both students as individuals and the country as a whole will be better-off. College students would be benefit from lower tuition fees because they would have less stress and more passion to self-fulfillment. The most common effect of the unbearable student loan to graduate students includes: huge pressures that they have to bear generated from job-waiting, low income and other living needs. These pressures are depressing the young people’s courage to chase their dreams, and undoubtedly discourage personal development. Therefore, tuition fee for universities should be lower, so as to provide a healthy financial environment for graduates to realize their dreams.

The country would be benefit from lower tuition fees since better generation of human capital. According to Mankiw (2012), human capital is one of the determinants of productivity and well-educated workers add to its accumulation. Reducing the tuition fees would alleviates individual pressure on education loan and encourages students to be braver and more creative after graduation as mentioned above, also leads to increase in human capital and the country’s innovation capability, which enable a country to meet with future challenges and opportunities. Thus, low tuition fees are essential to maintain a country’s economic prosperity.

Some people claims that the unaffordable student loan should be fully responsible to students themselves and university take no responsibility to reduce it, for the reason universities need large money to support their own development. This is true. However, the supply of university development funding should not be over rely on tuitions. It should be lean on government subsidy, and universities should take measures to obtain more financial support from government, so that the effect of imbalance between inflation and soaring tuitions are likely to be relieved. For the reasons above, U.S universities should try their best to reduce their tuition fees, as might be expected, students are able to chasing their dreams easier and the whole country can have better developmentYoung people are the most valuable resources a country have to maintain the country’s prosperity, and they are expected to outdo the last generation!

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Reference

Bureau of Labor Statistics. (2013, November 8). Employment Situation Summary.
Retrieved November 15, 2013 from
http://www.bls.gov/news.release/empsit.nr0.htm

Kamenetz, A. (2007). Generation Debt. US: Riverhead.

Mankiw, G. (2012). Principles of Economics. Singapore: South-Western Cengage Learning

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