The Higher Education Conundrum

Higher education seems to be a double-edged sword in today’s economy. It is deemed as a prerequisite for the job market, yet the affordability of higher education is decreasing more and more. These are competing interests and often at odds with each other. Thus, it brings up a conundrum in the education sphere. The price of education has certainly increased in the recent past. According to an August 2012 article in The Economist, the cost of tuition has increased from 23% of median annual earnings in 2001 to 38% in 2010. Increases in tuition lead to an increase in the need for loans and ultimately debt. Recent estimates have student debt reaching $1 trillion, which sets an all-time record high (http://www.economist.com/node/21559936). All of these factors combined with decrease in state funding for public universities makes higher education a victim to socioeconomic status. Those with the means to pay for college are the students more likely to attend, decreasing the diversity of college campuses. In 2011, Republican Governor Rick Snyder proposed a budget for the 2012 fiscal year that decreased higher education funding by 15% for the state of Michigan (http://www.michigandaily.com/content/budget-proposal-gov-snyder-cuts-higher-education-funding-gets-rid-business-taxes). Many believe that some sort of college degree is necessary in the current job market, but with the soaring price of universities, both public and private, it is not a possibility for everyone.

What options are left? Is it feasible for every high school graduate to attend an institution of higher education? Are recently graduated high school students adequately prepared for the workforce? Should high schools offer vocational training for students who elect not to attend college for personal or financial reasons?