There is no going around this, the cost of education is quite high. Today, most students are graduating with tens of thousands of dollars’ worth of loan debt and in most cases, the students have loan payments of thousands of dollars monthly which last for many years. This can be devastating as a student is forced to work for many hours after college in order to be able to service the loan. This article outlines the main factors that make the cost of education high.
The Cost of Education
The type of degree
One of the major factors is the type of degree one chooses to pursue while in college. All other factors held constant; an associate degree costs much less compared to a bachelor’s degree. Professional grad school such as medicine and law can cost as much as $200,000. The cost of an associate degree is about $5,000, which explains why an associate degree is so popular.
A person taking up an associate degree can go to school for a few years, get the required skills, look for a well-paying job and if they want to, go back to school for a few more years to get a bachelor without borrowing money as they can pay the fees using the salary. This college plan makes a lot of sense, and it is worth considering as it helps to reduce the overall cost of education.
The type of institution attended
The other factor that affects the cost of education is whether you school in a private or a public institution. The tuition fee in a private school is much higher compared to public institutions, but his does not mean that they are considered elite. The private institutions are more expensive because they do not get any subsidies from the government. The public institutions are supported using the taxpayer money by the government which explains why their tuition fees are much lower.
There are other factors that affect the cost of education like the living arrangement. Living with parents can be quite cheaper especially if you live near the school than getting a dorm or an apartment. However, the two factors that play a major role in determining the cost of education are; the degree being sought and whether the institution is private or public.
The high cost of education is certainly a major concern to most parents and in order to reduce it as much as possible, you know the two areas that make the biggest difference…