By Laura Colantonio, Trending Editor
The rise of college tuition yearly is nothing new to those who are involved with paying or planning for how to budget according to such increases. Especially when comparing to the prices 80 percent cheaper from a decade ago, the costs to attend college have an extremely negative connotation, but nonetheless are unavoidable for those who want to attain and maintain successful careers throughout their lives.
On the other hand, colleges use this money often to renovate or build new facilities, for growing their faculty-base, and updating their technologies. When thinking about all of the accruing costs every year in addition to the ones that remain relatively constant, the large tuitions, although not preferred by the student or their families, may not be so out of place.
According to Radio Open Source, public universities only make 20 percent of their money from tuition and fees, while private universities make 40 percent of their money from this cause. This goes to show how although the prices may be high to go to college, this money in the grand scheme of things is not as substantial as one might expect.
Radio Open Source also claims that both public and private universities spend the largest sum of money towards “instruction”, which is essentially educating students. Other popular means for spending money in universities include research, hospital services, and institutional support.
Although the amount spent towards college does seem to be high, according to TIME, President Donald Trump announced some plans during a campaign event in Columbus, Ohio earlier this month about implementing an income-based repayment plan for graduates, where they pay 12.5 percent of their income towards their college bills. After 15 years, these bills will be forgiven and therefore allow graduates to not live in debt for the rest of their lives.
Although this last decade has been tough for college students and graduates when it comes to their unaffordable college expenses, laws in regards to colleges being more transparent about where their funding is being spent have allowed for people to gain an awareness that their money is being put towards productivity. In addition, with Trump’s plans and consideration of college students’ debt, matters are surely looking up and towards positive change.
A version of this article appeared in the Tuesday, December 10th print edition.
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