The cost of education refers to the standard cost the student spends when pursuing the education in any program usually for one academic year. It involves fees, tuition, supplies, books, transportation, health insurance, and personal expenses among others. The cost of education has undergone tremendous changes over the past few decades when college students could even work part-time and pay for their college. A significant change, however, occurred in 2017 when we had the academic fees and tuition averagely between 2.9 percent 3.6 percent for both public and private universities. Elsewhere, the inflation rate could not decline but remained high. Thus, this cost of education is hyper-inflated a situation that has been caused by the increased supply and demand that is artificially inflated. The demand has been further influenced by the high expectations by students who undergo education as well as the availability of the students’ loans. As a result of these enabling factors, that have caused increased cost if education, students in colleges end up taking out loans to pay for their education. The recently found report by the Institute for Higher Education Policy indicated that it is possible for students from families with lower and middle-class income to afford education today without taking out loans to fund themselves. Therefore potential students are likely to be left out as the student loan debt continues to go up and may be difficult to recover the amount. Thus, to have the education that is affordable to all classes of people and to control the student loan debt to the reasonable amount, students should access education freely.
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