HIGHER EDUCATION COSTS
Higher Education Costs
There is no doubt whatsoever that college education in the US is expensive. The numbers of student loan borrowers as well as their combined debt has been increasing rapidly. Nuckols et al. (2020), in the article Was it worth it? Using Student Loans to Finance a College Degree, conducted phenomenological research using the cognitive dissonance theory to try and establish whether financing a college degree using a student loan was worth the effort. Essentially, the authors sought to examine the perceptions of students regarding the value that a college degree would have on their lives taking into account the student debt they had accumulated. The article provides a foundation for policy solutions and future research related to lifting the veil off the skilled labor fallacy, economic stimulation of local and national economies, and access to education to show that college degree is necessary compared to skilled labor.
The authors found that student loans are worth taking given that without them, some students may not be able to get a college degree. This is more so the case given that over the last few decades, the cost of tuition has been on an upward trend. However, investing in the said debt may require further examination given that it may be difficult for some students to pay back the loan. Some respondents made an observation to the effect that student loans were not worth it because the degree acquired did not equate with the jobs they had.
This article is definitely crucial, especially in the realm of higher education financing. This is more so the case given that stakeholders could utilize the findings of a research of this nature to formulate policies meant to rein in the high cost of college education. However, the article fails to acknowledge alternatives to student loans or suggest solutions to runaway debt in the realm of higher education financing.
References
Nuckols, W. L., Bullington, K. E. & Gregory, D. E. (2020). Was it Worth it? Using Student Loans to Finance a College Degree. Higher Education Politics & Economics, 6(1), 1-19.
