By the time most of us graduate the money we spent on Pepperdine tuition and board could have paid off four Porsche Boxters with funds left over. It’s the equivalent of about 1000 iPods 200 computers or a modestly priced house. We are all undoubtedly aware that our tuition is well above the average cost of higher education and recent economic issues are not going to help relieve this financial burden.
A recently released report from the College Board indicated a nearly 6 percent rise in average national tuition costs this fall. Furthermore officials are forecasting a sharp increase next year resulting from the current economic crisis we are facing.
Most colleges including Pepperdine rely heavily on donations for added income. With the state of the economy even charities are finding donations hard to come by. This fact along with state budget cuts and tumbling endowments is causing many higher education institutions to seek funds in other ways – namely increased tuition.
Every year without fail Pepperdine students open their mailboxes to find the letter stating the percent of tuition increase with circumstances being extremely unlikely that any foreseeable school year will cost the same as the one preceding it. Typically Pepperdine tuition increases by about six or seven percent each year. However this could suddenly increase at any time.
The high cost of tuition will plague students forever. That being said as politicians attempt to help us cope with these changing financial times tax breaks and greater federal aid may be in the cards for those struggling to pay for schooling. With American banks dropping faster than Bush’s approval rating students are already choosing federally guaranteed loans over less-desirable private loans.
Some colleges have been proactively helping their students overcome part of the financial load. One such college – Benedictine University in Illinois – froze its tuition costs in order to ensure that the freshman class would see no increase in fees. While this kind of moratorium may not be a possibility for Pepperdine it is an indication of something that can help ease the burden at select institutions.
Students may notice spending at Pepperdine that could warrant some apprehension. While the current increase looms over every student the University is in the midst of some major construction and renovation that seems untimely with the state of the economy.
Even with these increases in tuition though most students would agree that the cost of higher education is worth every penny. It takes money to make money and in this country those who work with degrees under their belts are much more likely to see the benefits of the tuition fees.
College degrees are the new standard in the American work force proving higher wages increased job security and more specific work. College graduates earn nearly $30000 more per year on average than a high school graduate who lacks a degree according to the Census Bureau. This totals an average of $1 million dollars more over a lifetime and Pepperdine graduates could stand to make more than that.
For many the cost of education will be a lasting burden. Loans can take decades to pay off which consequentially translate into debt. Yet if one were to pay off an entire Pepperdine degree over a period of 40 years it would cost less than $5000 per year.
When considering the average $1 million income over the less-flashy not to mention free public high school degree this figure seems entirely plausible to pay off over four decades. With the economy taking a plunge however the percentage of increased college expenses may lessen the gap and create frighteningly similar figures for income and tuition.