College tuition must become more reasonable
As we approach the preliminary budget time of the year, state and local school districts are trying to put together balanced budgets.
Politicians start doing their annual thing about what the other party wants to do that is unfair to the taxpayers and whether or not the state is properly funding our local school districts and state universities. Without getting into the political sides of the story, lets look at some of the basic facts affecting students and their families, especially those in our local area who will be attending college.
Pennsylvania college students attending state universities within our state, pay the second highest tuition in the country. Our out-of-state tuition is the highest in the country, which discourages students from other states in attending colleges here. The University of Pittsburgh has the highest tuition in the country for in-state students at a little over $18,000 while Penn State University is third. I have to ask if our spending is out of touch with the rest of the country or is our funding of higher education lacking? You arrive at your own conclusion.
As a result of increased college costs nationwide, the average money borrowed per student is about $35,000 for a four-year degree. That figure is much higher for a student at a Pennsylvania college, which includes both private and public colleges. The average number is a little misleading as some students may only borrow a few thousand dollars, while many other others may go in debt for over $100,000 for a four-year degree. At the present time, every $10,000 borrowed reduces a person’s retirement by $100,000, which is what $10,000 now would be worth at normal retirement age over 40 years later.
Someone borrowing $50,000 to $100,000 will have their retirements reduced by $500,000 to over $1 million which is more than 90 percent of the United States citizens now have. Along with a reduced retirement, it would also be more difficult to borrow money for a home.
I’m not saying that one should not get a college degree. I do strongly urge higher education and training for everyone. Parents can’t do much now if you have a son or daughter entering college at this time. Your time of saving and planning is over. Parents of young children do have the element of time on their side to plan for their children’s futures. There are many college savings program available. A child born today would probably need at least a quarter of a million dollars to attend a four-year college and graduate with a small debt, an amount which in most cases would be impossible to achieve.
An 18-year-old doesn’t understand the gravity of borrowing money now. They don’t see or understand the penalty of borrowing huge sums of money that will affect them the rest of their lives. Parents and school guidance counselors need to work together to find the best fit for each student based on their personal finances. If one doesn’t have the money to pay for college at this time and doesn’t want to borrow a large sum, there are many choices available to you.
College scholarships and other small grants from the state and other government agencies are available for those who qualify.
Local state universities and community colleges, such as the Penn State Fayette Campus, California University, and WCCC are available for those who can commute and maybe work part-time to get their education. They can take some online classes at home from lower cost distant universities for many of their basic classes. Also, most high schools make available to their students the chance to take college level credits while still attending high school. Many students borrow enormous sums of money to pay for the party campus life and then struggle to pay for it the rest of their lives.
A student can no longer afford to go to college to “get away from home” or “to find themselves.” One of a parent’s major responsibilities is to guide their children in the proper direction and to plan ahead for their futures. You don’t want your children graduating with a large “education mortgage” and not be able get a home mortgage.
Unless our legislators and governor begin to work together, college costs are going to continue to skyrocket. A recent article from a local legislator’s office blames our financial problems on the governor, while the governor blames it on the legislators. Both feel they are right. The legislators say that Gov. Wolf’s budget proposal would raise taxes on energy industries and cause layoffs. They must not consider the recent gas tax on the people as a tax. Also, there’s the lack of state funding, beginning with the Corbett administration, which has caused over 85 percent of school districts in the state to raise taxes recently.
Very high state tuition will directly affect all college students and any parent with children from ages 1-22. College tuition is not a tax but it still comes from the same source. It’s time for elected officials to stop worrying about re-election and bashing the other political party and do what they were elected to do and serve all of the people in Pennsylvania. What happened to the days of the independent thinker and decision maker?
Bob Renzi is a resident of Connellsville.