Is College the Best Financial Move for Your Pockets?

By Lilia Stokes, Editorial Intern

The economy is slowly getting back to a better financial state; however it has not been an expedient process. With unemployment claims stuck above 400,000, it makes many skeptical that the economy will get out of this slump anytime soon.

Not only is the economy not gaining jobs, many have opted to go to school because the job market is not at its peak. The idea seems to be a good plan, until you re-consider the rising cost of receiving a higher education.

Within the last 20 years, the price of college has sky-rocketed. The price has jumped a staggering 130 percent. This percentage is eye-catching because in 1988, the average tuition and fees to attend a four- year institution was a mere $2,800. In 2008 that number climbed to about $6,500 a year.

This almost seems unethical, if tuition has climbed to bethis costly , one would assume the median income would have exponentially increased to cover the exceeding cost of attending a four- year institution.

The median income should be about $77,000 a year to be able to cover the cost of attending a four- year institution, with today’s cost. The median income now is nowhere near that figure. The median income for Americans in 2012 is $33,000 annually.

These costs make many parents feel uneasy. Many have opted to send their children to two-year institutions instead of sending them to a costly four-year one.

Students, who still have the vision of attending their “Dream Schools,” simply have to become more resourceful. It is important to begin looking for scholarships before their senior year of high school. While many scholarships may not cover the full financial load, it is always financially helpful to have one or a couple of scholarships to help cushion the cost.

Stay tuned, the interns and I are diligently researching for this year’s August issue, which will feature testimonies on how to hunt for scholarships, internships and fellowships.