The rising cost of Education and how to fund your university studies
“A good head and good heart are always a formidable combination. But when you add to that a literate tongue or pen, then you have something very special.” ― Nelson Mandela
Education is one of the primary requirements in today’s day and age, but affording it is a luxury. From kindergarten to a post graduate degree – parents struggle to deal with the growing cost of education.
Researchers have shown that the cost of education has risen more than housing and consumer prices in recent years. According to Bloomberg, tuition expenses have increased more than 500% since 1985 in the US, and not everyone can afford it. This means that some students who are looking to continue their studies are not able to do so. No doubt US universities are among the best in the world, but their accessibility to both domestic and international students depends on their parent’s bank accounts.
But at the end of the day, education is needed for the following reasons:
- Higher education gives you better work opportunities
- A degree is a basic job requirement in today’s world
- Better Pay and growth
- Secured future.
Reasons for the rise in costs of education
A few decades ago, higher education was something only a few aspired to; the quality of universities was rated by their prestige and the caliber of their students. The wide gap in salaries and job opportunities offered to university graduates vs high school graduates is huge, which increases the value of a degree, and as a result, the cost of it as well. The understanding is that it’s a lifetime investment, and you will reap the benefits for the rest of your life, so why should it come easy and cheap?
The rise in tuition fees is also dependent on the cost that the university incurs to maintain its good name and reputation; for example attracting more experienced faculty, and offering classrooms updated to the latest digital and state-of-the-art technology.
The better the name, the bigger the cost. If you cannot afford it, you can always go for community colleges, but if you want to get into the big league – You have to pay for it. If you want an MBA from one of the top MBA colleges in USA – You pay through the nose. For example Harvard charges almost $50,000 and MIT charges almost $45,000 for their undergraduate programs.
Most parents plan their children’s education from the day they are born. They start saving early so that their children have a good chance of getting into a top university. Children are then under immense pressure to get good grades so that they are eligible for these universities and the circle of life continues … But what about those who cannot afford it? Here are some tips on funding your studies:
How to fund your studies?
- Financial Aid: There are provincial and federal loans available from the Government (check our CanLearn) and also from other organizations. To apply, generally you need your acceptance or enrollment letter from the university, your ID, photographs and transcripts. Generally you won’t need to start paying back the loan until you have graduate and are working. The catch? Make sure you can pay back the loan and don’t get into colossal debt.
- Scholarships: Many universities offer scholarships for either academic or sports achievements – and some other organizations also offer them (check out Fulbright or Erasmus Mundi). Generally scholarships cover a percentage of the tuition, but not everything
- Part time Job: Take a gap year and earn some money for your university studies, or work part-time while you are studying. However, make sure you have enough time for your studies and don’t have to skip classes for work shifts.
Education is really important, and affording it can be a struggle. However, it is an investment in yourself and in your future, so well worth the effort.
Author Bio: Trisha is a professional writer and adviser on education and career. She is an ardent reader, a traveler and a passionate photographer. She wants to explore the world and write about whatever comes across her way.