As the price of tuition continues rising, will students (and their families) choose to forgo a college education? The most recent college application cycle for Fall 2013 doesn’t seem to indicate that students are not choosing a college education. Applicant numbers are up around the country from a 10.7% increase for the University of California system to 16% increase for Boston University. But, applicant numbers only tell one part of the story.
Yield or the percentage of kids who end up enrolling in a college after being accepted, will be another telling factor about the demand for a college eduction. Also, increasing or steady “persistence rates”, meaning the number of Freshmen who return to the same college for their Sophomore year, may also show that the price is still within a family’s ability to afford increasing college costs, thus demand for a college education is holding. However, as middle class families continue to experience limits on their financial resources to pay for college, more questions about the value of a college degree may be asked. Students and parents may want to know more specifically that the investment in time and capital will most likely merit a return in the future, reducing their risk that the future college graduate will be unemployed, in debt or both.
The silver lining to continuing college tuition increases may be that families and prospective college students will become more deliberate in their academic choices and more articulate their future goals. Greater consciousness by the students may be helpful to colleges seeking continuous improvement in training and educating future generations, which will create a collaborative, dynamic learning environment. However, the annual rise in college tuition and growing student debt may not be sustained into perpetuity, as change is a constant–so what’s going to give?
For more information about how Creative Marbles Consultancy’s advisors can assist your family in identifying colleges that fit your pocketbook and will provide the quality education you seek, contact us at (916) 769-6092 or [email protected]
