Annotated Bibliography

Bernardo R. (2014) “Best and Worst States for Student Debt”. Wallet Hub. Feb. 19, 2015

In this article on the website, wallet hub, there is a map showing the states with the highest rates of debt from state to state and their rankings. Surprisingly enough, the state of Utah is the number one state with the highest amount of student debt. This information can be used for research on the outstanding costs of attending a college or university. 

 

 Ehrenberg R. (2002) “Tuition Rising: Why College Costs So Much”. Cambridge, Massachusetts. Harvard University Press.

This piece of writing goes on to explain why you are paying so much for higher education. Professors need to be paid and buildings need to not only be safe but clean, etc. Is tuition being used for these needed costs? Other articles and books can be used to argue against this question. 

 

Lorin J. (2014) “College Tuition in the US Again Rises Faster Than Inflation”. Bloomberg.  Feb. 19, 2015.

This article is fairly recent, being written in November of 2014. The author is emphasizing not only the growing rates of tuition today, but the growth of tuition over the past several years. In her title she refers to tuition costs rising, again. She backs up that statement and gives factual examples on why her statement is true. This information can be used to show that the high costs of college are not a new issue.

 

Peralta K. (2014) “Benefits of College Still Outweigh the Cost Fed Study Says”. US News and World Report. Feb. 19, 2015.

This article discusses how many will say, although college is expensive, the benefits of having an education after will cover it. Is this argument true? The federal study shown in this essay gives statistics proving that higher education is worth the cost and student debt but other statistics could be found to prove otherwise. This information can be used to argue that higher education is expensive but worth it.

 

Thelin J. R. (2013) “The Rising Cost of Higher Education: A Reference Handbook”. Santa Barbara, California. In Contemporary World Issues. 

This text provides information on  the things that are sometimes required for attending college like gas, books, food, room and board, parking, injuries, etc. The list truly goes on forever. This is a beneficial resource because it discusses how the cost of education goes beyond tuition. 

 

"The Rising Cost of Higher Education". Youtube.com Feb. 1, 2010. Feb. 19, 2015

This YouTube video goes through America’s rising cost of college and/or a university. Students, professors and peers alike took part in the video proving their clams and statistics. Although the video was made in 2010, this video still gives a decent understanding on the issue. This video can be used for  their statistics, knowledge and agreeable arguments.

 

Abel, Jaison R., and Richard Deitz. "Do the Benefits of College Still Outweigh the Cost?" Current Issues in Economics and Finance 20.3 (2014): 1-12. 1 Mar. 2014. Academic Search Premiere. Web. 18 Feb. 2015.

This article compares the benefits of college to the costs of college. It shares research of studies that find average wages of people who have obtained a bachelor degree and compare them to the average wages of those who have obtained an associate’s degree and people who only have a high school diploma. This article also looks into the way majors matter.

 

Ekman, Richard. "Myths and Reality about U.S. Higher Education." Vital Speeches of the Day 79.12 (2013): 392-96. 1 Dec. 2013. Academic Search Premiere. Web. 18 Feb. 2015.

This speech talks about the average student debt after graduating from a higher education institution. The authors focus on costs and debt of both public and private institutions as well as the benefits of attending either a private or public institution. This piece compares the price differences between both public and private higher education institutions, as well as analyzes them. It also looks into studies of in which institution, public or private, will a student graduate with more debt.

 

Khan, Salman. "What College Could Be Like." Communications of the ACM 56.1 (2013): 41-43. 1 Jan. 2013. Academic Search Premiere. Web. 18 Feb. 2015.

This article discusses a number of things regarding the American higher education system. The article discusses how the cost of college has risen over the years. It also discusses what majors are good in college for a higher paying career once you graduate. It focuses mainly on the U.S. higher education system and the University of Waterloo in Ontario, Canada. It compares the debt between American graduates and Waterloo graduates and how intellectually ready graduates of both Waterloo and U.S. institutions are for a career after finishing their studies.

 

McCollum, Sean. "Drowning in Debt." Education Digest 80.1 (2014): 23-27. 1 Sept. 2014. Academic Search Premiere. Web. 18 Feb. 2015.

This article focuses primarily on low income students and how they are getting steered away from obtaining a degree because of inflating tuition. The article talks about how colleges do not really care as much about students as they used to. College is now just a business, with a goal to make as much money as they can. This article shares that colleges have been raising tuition to get out of their own debts, especially after states slashed spending towards public institutions because of budget crises.

 

Min, Zhan. "The Impact of Youth Debt on College Graduation." Journal of Sociology and Social Welfare 41.3 (2014): 133-56. 1 Sept. 2014. Academic Search Premiere. Web. 18 Feb. 2015.

This article focuses on credit cards and student loan debt and how it can affect college graduation. The article looks at numerous studies on  the association between student loan debt and if that affects how likely a person is to graduate. The article also looks at studies that associate not only student loan debt with graduation, but also credit card debt and graduation as well as how parental involvement can help.

 

Sobel, Ann. "Escalating Cost of College." IEEE Computer Society 46.12 (2013): 85-87. 19 Dec. 2013. Academic Search Premiere. Web. 18 Feb. 2015

This article primarily discusses how colleges are only a big business. This article talks about how universities are gaining all of this money while at the same time putting students deeper into debt. It discusses how faculty composition has changed over the years and how that saves the university money. This article lightly touches on where some of this big money goes, including how much CEO’s and Presidents get paid. This article even lightly touches on the cost of dorms, meals, and athletics for students at universities. 

 

Kelchen, Robert, and Sara Goldrick-Rab. "Accelerating College Knowledge: A Fiscal Analysis of a Targeted Early Commitment Pell Grant Program." Journal of Higher Education 86.2 (2015): 199-231. Academic Search Premier. Web. 19 Feb. 2015.

Synthesizing the costs and benefits of “early commitment” programs, Kelchen and Goldrick-Rab provide the Pell Grant Program as an example of an early commitment program that has benefits that outweigh the costs. They explain how children from higher income families are six times more likely to complete a bachelor’s degree than students from lower income families. Students are less likely to push academics in grade school if they are from lower income families because they know that the cost of college will be too much for their family. But an early commitment program focuses on aiding students from eighth grade to graduation in academic, social, and financial prep for college.   

 

Knapp, John C. "For Liberal Arts Colleges, No Time to Be Content with the Status Quo." Vital Speeches of the Day 79.12 (2013): 397-400. Academic Search Premier. Web. 19 Feb. 2015.

John Knapp establishes himself as an Alum of Hope College who is interested in still maintaining the original goal of the school, to prepare students for success and leadership after they graduate. But recently liberal arts colleges have been under fire for the cost of the education, yet not adequately preparing students for the future. Knapp gives an inspirational speech promising that the school is fighting annually increasing tuition rates, and using students’ tuition money for the advancement of the curriculum.

 

González Canché, Manuel S. "Is The Community College A Less Expensive Path Toward A Bachelor's Degree? Public 2- And 4-Year Colleges' Impact on Loan Debt." Journal of Higher Education 85.5 (2014): 723-759. Academic Search Premier. Web. 19 Feb. 2015.

Many students believe that it is a smarter, and cheaper alternative to get their general education requirements done at a two year community college then transfer to a four year university to finish their degree. González Canché explains how this logic is incorrect. In an investigation, results showed that students who chose the path of a two year college then transferring to a four year college acquired more loan debt than those who went straight to a four year college. Those transfer students also had problems adjusting to the transfer, as well as took longer to complete their degree.

 

Block, Sandra. "The Right Way to BORROW FOR COLLEGE." Kiplinger's Personal Finance 88.11 (2014): 54-59. Academic Search Premier. Web. 19 Feb. 2015.

Block suggests a plan for borrowing money for college that will leave students with the least amount of debt possible. She suggests that students be smart about borrowing money, looking for the loans with the best terms and borrowing little money. Students look at Federal Loans first, like the Perkins Loan. She then suggests students look into alternative loans, such as state loans or private loans. But the most important thing about borrowing money for college is to make a payment plan so that you can pay back the money.

 

Kim, Youngmi, Jin Huang, and Michael Sherraden. "What Shapes Assessment of Ability to Pay for Children's College Education?." Journal of Consumer Affairs 48.3 (2014): 486-514. Academic Search Premier. Web. 19 Feb. 2015.

The authors analyze parents’ financial decisions on their children’s college expenses. The authors state the most important thing is to educate parents early on, and to get them ready to make financial decisions about college before it is time to pay. Parents are willing to pay whatever it takes because they believe that the cost of an education is worth it in the long run. But they are poorly informed and unaware of how to cover such high costs. The article suggests parents become more aware of how to cover the cost of college for the benefit of their children.

 

 McArdle, Megan. "THE COLLEGE BUBBLE. (Cover Story)." Newsweek 160.12 (2012): 22-26. Academic Search Premier. Web. 21 Feb. 2015.

Megan McArdle questions the reason students decide to attend college in today’s society. Yes it is true that college grads make 80 percent more than those with a high school diploma, but college grads are struggling in society. College tuition has nearly doubled, while the price of goods has only increased by 50 percent, but why? Why has the price of an education increased so much? College grads are paying more, yet jobs are becoming few and far between. And half of recent graduates are unemployed or working at a job not in their degree. So why pay so much if it doesn’t pay off?

 

Lillis, Michael P., and Robert Guang Tian. "The Impact of Cost on College Choice: Beyond the Means of the Economically Disadvataged." Journal of College Admission. 2008. 4-14. 
This journal article elaborates on the findings of research that have been done to help determine what key factors students focus on when picking a college institution.  Specifically expanding on the effect the costs associated with a certain institution have on students especially students that are paying for school on their own. Studies show that the increasing costs of attending college have caused students to take out loans, go to less expensive institutions, or even not attend college. It is also shared that it is not only tuition costs increasing but its housing, food, and transportation that all play into the cost of attending college.

Archibald, Robert B., and David H. Feldman. Why Does College Cost so Much? Oxford UP, 2010. 

This book shares information like how much the cost of attending college has changed over the past few decades and why. The focus is mainly on the increasing costs of tuition and housing. Research shows that the overall decrease in growth of our economy has a huge part in why schooling has become so expensive but where you sit has a large impact on what you see for example the president of a university see's the issue differently than a congressman. The book is separated into four parts and each part elaborates on the change in costs of higher education and what the effects are. 

Paulsen, Michael B., and Edward P. St. John. "Social Class and College Costs: Examining the Financial Nexus between College Choice and Persistence." The Journal of Higher Education. 2nd ed. Vol. 73, 2002. 189-236.

Over the past twenty years state and government involvement and funding that supports higher education has changed. Tuition keeps rising because of less and less involvement from the state. Grants used to be a huge promotion that the federal government used to convince people to further their education after high-school but now loans are being used to help students pay for school and are sometimes the only way someone can go to college causing students to rack up debt that they spend the rest of their life paying off. With tuition costs rising the way they are our younger generations may not be able to afford to college.

King, Tracy, and Ellynne Bannon. "At What Cost? The Price That Working Students Pay for a College Education." United States Public Interest Research Group. Washington DC, 2002. 

The main focus in this piece is the effect of working while attending school. With the extremely high cost of attending college many students have to work full-time to even have the ability to attend school and receive a quality education. But students that have to juggle work and school struggle more than people that can give 100% to their schooling, Working students don't have nearly as much time to further their education and their grades suffer because of it. 

Astin, Alexander W. "The Changing American College Student: Thirty-Year Trends, 1966-1996." The Review of Higher Education. Vol. 21.2: Association for the Study of Higher Education, 1998. 115-35. 

As colleges change so does the impact of specific trends and the effect on students. In this paper information about the change in common trends of college students over the past 3 decades is shared. Like the change in educational plans, career plans, and gender differences. One trend that is shared is financial concerns. With college costs becoming so extreme students are beginning to pick schools with low tuition because that's all they can afford not quality education.

Ikenberry, Stanley O., and Terry W. Hartle. "Too Little Knowledge Is a Dangerous Thing: What the Public Thinks and Knows about Paying for College." American Council on Education, 1998.

The information in this source is based mainly off of a survey given to 2,000 random adults ranging in age across the US. The survey shares that most people value higher education and are sometimes willing to do whatever it takes to attend a college that offers a high quality education. But some people also have a distorted view of what it costs to attend a quality teaching institution; in fact not many people know how or why college costs are increasing. And there are people that even assume they can save money by going to a cheaper institution without affecting the quality of education.

Argument Campaign

Getting an education comes with a high price. Is it worth the financial investment that students have to pay? In my research I found that while yes college is expensive, it is necessary. There are many different options for students who may not be able to afford the high prices of an education and that may include incurring debt. But it will pay off in the end.

The costs of attending college have been increasing substantially over the past 3 decades because of a decline in funding from the state. Previously public universities relied on state funding as a main source of revenue. Without financial help from the state, universities are shifting the costs over to students. State support for public colleges and universities has fallen by about 26% since the early 1990s. And in 2011, Public universities took in more revenue from student tuition than funding from the state.

With the high costs of not only tuition but books, housing, food, and transportation students are being forced to find other ways to cover those costs. Some students are forced to work full time while attending school in order to cover the costs of their education. In the past students were able to obtain grants and scholarships to cover a four year education but now it is harder to find funding that will cover all their time at a university. Students must keep their grades high, and stay out of trouble or they risk losing that financial help. Because of that loans are being promoted more than ever. Loans cover the upfront costs for college but follow students for up to thirty plus years after they graduate.  And even if that is the case, it’s worth it. It will pay off in the end.

FULL TIME WORKIG STUDENTS

Students that are required to work full time while attending school are not able to give their undivided attention to their education, causing their grades to struggle.  It is recommended that students should devote three hours a week of study per college credit. For example for a class that is three credits a student should study nine hours a week. Full time students take a minimum of twelve credits a semester, which means it is recommended that a full time student devote 36 hours a week outside of the classroom to their studies. It is unreasonable to assume responsibility for class, study time, and work while expecting to succeed as if they were only focusing on their academics.  

Tracy king and Ellynne Bannon authors of "At What Cost? The Price That Working Students Pay for a College Education”, from The State PIRG’s Higher Education Project share that students who work full time are not able to devote the time needed to maintain their grades.  In a survey done by King and Bannon of 1,031 students from across the united states, 46% of all full-time working students work 25 or more hours per week, and 42% of these students reported that working hurt their grades. Fifty-three percent of all full-time working students who work 25 hours or more per week reported that employment limited their class schedule, and 38% said that work limited their class choice. Sixty-three percent of all full-time working students who work 25 hours or more each week reported that they would not be able to attend college if they did not work. And one in five full-time working students work 35 or more hours per week. Their research shows that working full time interferes with education but sometimes it is the only option for students.

There are 168 hours in a week and it’s recommended that students get at least 8 hours of sleep a night, meaning on average students should spend 56 hours a week sleeping, leaving only 112 hours for everything else. Which seems like a lot of time until you subtract 36 hours for studying, anywhere from 12-20 hours for class time, and then 25-40 hours for work,  that is also not taking into account any other time used like eating, traveling to and from school or work, etc. Students that works full time are not given nearly as much time to focus on their studies as other students that are not required to work.

 

STUDENT LOANS

Another option for students would be to take out students loans. Loans are becoming more and more used as college costs have risen. But there are burdens to borrowing, while students are not required to pay all of the upfront costs of college it allows them to focus on their education without the worry of a full time job but they will be stuck with debt after they graduate and one of the cons of a student loan is the amount. It is not guaranteed that a loan will cover all of the college costs, especially with the high sticker price on attending college.

A student may be able to take out more than one student loan if necessary but with that comes even more burden. Multiple loans mean multiple payments. According to the Student Loan Borrower Assistant (SLBA) students can consolidate their loans so that they only have one monthly payment. Consolidation is also a way to catch a break sometimes on interest rates or at least that used to be the case. But there are cons to consolidating and students need to take those into account before attempting to take out multiple loans. “In the past, many borrowers consolidated their federal student loans to save money on interest payments.  This is no longer the case for most borrowers. This is because interest rates on federal loans made after July 1, 2006 are fixed. The interest rates for consolidation loans are calculated based on the average interest rates of the loans that you are consolidating” (SLBA). So there is the benefit of having only one monthly payment but students need to decide if one payment will be better for them or if multiple payments will work for them.

King and Bannon also authors of “The Burden Of Borrowing
A report on the rising rates of student loan debt” from The State PIRG’s Higher Education Project share that 39% of students graduate with an unmanageable amount of debt. Student borrowing has increased since the strength of Pell grants has decreased. Grants used to cover about 84% of tuition for a four year public College and now only cover about 39% therefore students have to find other ways to cover that difference and loans are a very popular solution.

 

SCHOLARSHIPS AND GRANTS

Another solution could be applying for scholarships. Students can use the help of a scholarship to cover the difference or sometimes the entire tuition costs. Scholarships are offered for a different variety of things such as race, grades, and sports but there is really a scholarship for just about anyone at any college.

Another thing students should consider is what type of education they require. Do they need to attend a State college or will a community college be sufficient for them? Or do they require an Ivy League education? Each institution will have a different cost associated with it. Richard Ekman touches on this topic in his speech, "Myths and Reality about U.S. Higher Education." Ekman shares that community colleges and state college do provide a different education but state school and Ivy League schools provide close to the same education. The only thing is that sometimes an Ivy League school can offer benefits in the future Soley because of the name. For instance a student who attends Harvard may be chosen for a specific job over a student that attended the University of Utah mainly because Harvard is an Ivy League school and the general population believes a better education is offered there.  Ekman also shares that the majority of students that attend Ivy League schools come from low income students. Which proves that students are able apply for Pell grants and scholarships to cover any type of education.

IS IT WORTH IT?

Now is college even worth all the work and money invested into it? The answer to that is yes. Multiple studies show that a degree improves opportunities in the future. Students with a college degree are able to get higher paying jobs and overall benefit more than anyone without a degree.

Referring back to of “The Burden of Borrowing A report on the rising rates of student loan debt” higher education is critical to the future success of Americans. A college degree is worth 75% more than a high school diploma or more than $1,000,000 over a lifetime in the workforce.

Jaison R. Abel, and Richard Deitz the authors of, "Do the Benefits of College Still Outweigh the Costs” share that even with increased tuition and reduced wages, the return to both degrees has held at about 15% for more than a decade. Abel and Deitz show that college is worth it but return percent does fluctuate depending on the students are of specialization. According to the authors students that major in technical training, such as engineering or math and computers, earn the highest returns, anywhere from 18% to 21% respectively. Whereas students that major in the liberal arts or leisure and hospitality tend to have below-average return percentage. Nonetheless, every major earned a return of more than 9%. Abel and Dietz also share that the cost of a bachelor’s degree used to be about $4,600 per year in the 1970s and has risen to nearly $15,000 a year in 2013. For an associate degree, the published costs rose from about $1,100 a year in the 1970s to more than $3,000 a year in 2013. (Peralta 2104) And even with the higher costs a bachelor degree has a larger payoff that an associate’s degree but they both have a larger payoff than no degree. Abel and Dietz also share that college degrees are stepping stones for postgraduate degrees, which offer even bigger payoffs.

Katherine Peralta validates Abel and Dietz in her article, “Benefits of College Still Outweigh the Cost Fed Study Says”. Peralta shares that wages for students without a degree are on the constant decline. “Americans 25 to 32 with a college degree made an average of $17,500 more annually than their peers with just a high school degree in 2012, whereas in 1979 they made just $9,690 more” (Peralta 2014). And even with the costs students have to pay for their education student that used loans to cover their education costs for higher education between 1992 and 2010 saw their incomes increase enough so that 2.4 years of that higher income would cover the increased student debt incurred according to a report from the Brookings Institution.

COCLUSION

The increasing costs of college have made it harder and harder for students to afford an education. Students are forced to find other means to cover the financial investment. And some students are even troubled with working full time while attending school and that is overall impacting their education. Data from the National Postsecondary Student Aid Study show that the majority of students are turning to loans to finance College, and debt levels are escalating but an education is necessary to succeed later in life.

Stats have shown that the wages for people without a college education are on the constant decline. College is expensive and can cause tremendous amounts of debt that students may possibly be left to deal with for most of their life but there are other options like scholarships and grants which students should apply for to prevent having to work full time. Students have many different opportunities to succeed. Chances are most students will graduate with a large amount of debt but it has been proven that people with a college degree have a larger payoff than anyone with just a high school diploma.  Even if students are required to accrue debt over to receive a higher education, college is worth the cost invested.

Abel, Jaison R., and Richard Deitz. "Do the Benefits of College Still Outweigh the Cost?" Current Issues in Economics and Finance 20.3 (2014): 1-12. 1 Mar. 2014. Academic Search Premiere. Web. 18 Feb. 2015.

Ekman, Richard. "Myths and Reality about U.S. Higher Education." Vital Speeches of the Day 79.12 (2013): 392-96. 1 Dec. 2013. Academic Search Premiere. Web. 18 Feb. 2015.

King, Tracy, and Ellynne Bannon. "At What Cost? The Price That Working Students Pay for a College Education." United States Public Interest Research Group. Washington DC, 2002.

 King, Tracy, and Ellynne Bannon. “The Burden of Borrowing
A report on the rising rates of student loan debt." United States Public Interest Research Group. Washington DC, 2002.

Peralta K. (2014) “Benefits of College Still Outweigh the Cost Fed Study Says”. US News and World Report. Feb. 19, 2015.

Student Loan Borrower Assistant “Consolidation Loans”. http://www.studentloanborrowerassistance.org/start-here/federal-loans/consolidation-loans/