The premium that belongs to obtaining post-secondary education seems to slowly be slipping away. With the advent of rising tuition to Universities and Colleges, students now face a potentially life-changing decision of whether or not to incur the (expensive) cost of higher education. A striking statistic that jumps out however is that postsecondary enrolment has been increasing over the past few decades despite the increase in tuition and other related costs associated with attending a college or a university. To put this in perspective, total enrolment has increased at a rate of 2.78% between 1973 and 2005 even though the costs of attending a postsecondary education increased by a real annual rate of 6.53% over the same time period (Hu & Miao, 2010). Human capital theory (HCT) suggests that investments in education allow individuals to increase their stock of human capital, which in turn increases productivity. Another interpretation of HCT suggests that differences in human capital can also help explain wage differentials, i.e. the higher the human capital accumulated by an individual, higher the wages. However, with the rising costs of postsecondary education over the past three decades and projections showing these costs will only go higher, is undertaking a postsecondary education worth it? Are the wage differentials and net benefits (personal as well as social) for someone with a university degree as compared to someone with a high school diploma high enough to justify pursuing a postsecondary education? This paper aims to explore these issues with the help of mathematical tools such as earnings premiums, net present value, and also look at the positive externalities generated by acquiring a postsecondary degree while determining whether further education is worth the cost.
The cost of postsecondary education has been on the rise for students since the early 1990s when the average tuition fees increased by 10% for two years in a row and has been increasing consistently since. This rise in average tuition fees can be attributed to a substantial shift in the funding methods of postsecondary education requiring students to increasingly pay more while governments pay less. Between the period 1989 and 2009, average tuition fees as a percentage of total revenues for universities more than doubled from 10% to 21% while funding from the government fell from 72% to 55% (Luong, 2010). Though costs may not discourage students from acquiring a postsecondary education, the debts continue to accrue and can become substantial. The Longitudinal Survey of Low Income Students (L-SLIS) offers some insight into debt accumulation by third year university students. Third year students in universities across Newfoundland and Labrador, Nova Scotia, New Brunswick, Ontario, Manitoba and British Columbia reported $18,480 in government debt over the period 2006-2009 (Finnie, Childs, & Wismer, 2010) as compared to $7,725 over a four-year degree in 1996 (Statistics Canada, 1999) across universities in Canada showing a 139% increase over 10 years. Furthermore, the returns to postsecondary education are not always equal for all graduates as some realize the benefits sooner than others and some realize higher returns than others. However it is important to realize that returns to education are not always in terms of monetary gains but can also be in the form of improved health, longer lifespan and reduced involvement in crime. To a large extent returns to education and wage rates depend on how well the employers’ needs are being met and how well prepared students are for the job market upon graduation. While some university programs prepare students
well for their future occupations, more often than not a lot of students are found lacking in basic skills required in the workplace.
There is no doubt that individuals with postsecondary education reap higher...
...February 16, 2009
The Real Cost of Education
It was David Henry Thoreau who said, "The price of anything is the amount of life you exchange for it." He graduated from Harvard in 1837, but not with a diploma.
He explains, “they have been foolish enough to put at the end of all this earnest the old joke of a diploma.” Thoreau understood that the piece of parchment handed out at commencement means nothing more than the hard work, studying, andeducation that came before it. Today, those values are lost, and only 59% of Arizonan high school students graduate. This number reflects changes in society, problems in schools, and student’s personal reasoning.
Society today demands a degree, not to get ahead, but just to keep up. An article published in the July 17, 2008 Wall Street Journal titled “The Declining Value of your College Degree” states that “College-educated workers are more plentiful, more commoditized and more subject to the downsizings that used to be the purview of blue-collar workers only. What employers want from workers nowadays is more narrow, more abstract and less easily learned in college.” A phrase like this is very discouraging to a high schooler. When the prospect of a brighter future is taken from the table, the immediate response is “why try?” This attitude gives way to a sense of hopelessness and discouragement. A study by Civic Enterprises shows that 69% of dropouts said that they were not motivated to...
...Is the Cost of Education Too High?
Education is a human right. At the core of education is the development of societal and individual cultural identity. Education makes people neither tired nor rich and can make all people equal through social justice. Social justice is the precondition for sustainable human development and peaceful coexistence. Every child has the right to an education and every person has a right to satisfy their basic learning needs. However, in recent years, education is becoming more expensive. From the 2001-2002 academic year to the 2011-2012 year, tuition and fees at public four-year universities have increased by an average of 5.6% per year above inflation. Federal financial aid packages enable universities to substantially increase tuition without pricing out low-income (Roberts). College tuition hikes prove to be an even greater deturrant to higher education. Students suffer from the increase in prices and have to resort to extreme measures to attend school, such as taking out high interest loans or depending on their parents to pay for school. Many people protest against the profit on higher education.
Historically, higher education was seen as a valuable opportunity and a significant means of social advancement. In recent years, however, the cost of college has rose...
...In the society of the United States, students are expected to follow the typical path of day care, grade school, middle school, high school and hopefully college. Growing up in America today, the importance of education is stressed starting at the earliest stages of development. In a world with a competitive job market and with citizens who want to make the most money that they can, a college education is the key to success. For some students, financing college is not a problem. Money should not be a factor in the student’s decision-making process when choosing what school to attend, but unfortunately many people are unable to attend the university of their choice due to high tuition costs. Working through college is not always the best answer because this may have a negative effect on academic performance with the added stress. It is true that financial aid and loans are available, but it is sometimes much harder to take advantage of these than people realize. Although universities offer many forms of aid in paying for college, the continually increasing prices still make it impossible for many people to afford higher education, and lowering prices would be effective in increasing the amount of people able to obtain a college degree.
The average income for middle class families is an estimated $49,500. This is barely more than just the tuition of many colleges, not including services such as room and board, food,...
Student number: 20134571
Science 1 in the Early Years
Assessment: Item 1- Views of teaching and promoting science of young learners
The pedagogy of play can be hard to understand and part of the reason for this is it’s so difficult to explain how children learn by play because play isn’t simply; it is complex. Each child begins their early childhood education with a set of skills and prior knowledge that is influenced by their family, culture and past experiences (Fellows &Oakley, 2010). The past knowledge should become the foundation for developing an understanding of scientific concepts (Duschl, Schweingruber & Shouse, 2007). Children are naturally inquisitive, creative and aware of the world around them (Campbell & Jobling, 2012). Play is an important development tool and an effective way to teach children scientific concepts while using their prior knowledge (Preston, Mules, Baker & Frost, 2007). Learning science through play shows children that science is useful and enjoyable and is a significant aspect of the real world (Bulunuz, 2013). This essay will review teaching science through play, theorists who support play and the way in which the Australian curriculum and EYLF support play pedagogy.
Science and Play
Play pedagogy is a context for learning through which children organise and make sense of their social worlds, as they engage actively with people, objects and representations. Research shows...
...read well), this will be less handicapping if she learns to tape lectures and "read" books on audiotapes. Using such approaches, even in elementary school, can prevent her reading disability from interfering with her progress in other academic areas (increasing her handicap).
Gale Encyclopedia of Education:
History of Special Education
Home > Library > History, Politics & Society > Education Encyclopedia
Special education, as its name suggests, is a specialized branch of education. Claiming lineage to such persons as Jean-Marc-Gaspard Itard (1775 - 1838), the physician who "tamed" the "wild boy of Aveyron," and Anne Sullivan Macy (1866 - 1936), the teacher who "worked miracles" with Helen Keller, special educators teach those students who have physical, cognitive, language, learning, sensory, and/or emotional abilities that deviate from those of the general population. Special educators provide instruction specifically tailored to meet individualized needs, making education available to students who otherwise would have limited access to education. In 2001, special education in the United States was serving over five million students.
Although federally mandated special education is relatively new in the United States, students with disabilities have been present in every era and in every society. Historical records have consistently...
“Is Higher Education worth the Cost?”
Americans today tend to believe that college education is not an option but more so a necessity. “Why are so many parents trying to encourage their kids to attend college”? Is it because they are trying to control their lives? Or maybe it’s because they are just awful parents? I say that it’s completely the opposite of that. Parents just want what’s best for their kids; they don’t want them to have to fight the struggle of the daily grind. Nobody wants that life! Although a college education could be costly, it is worth the cost because it can help young African American males find a career instead of a job, and it could be beneficial to their child’s life.
One source talks about how much College tuition has tripled since the 1980s. This called for the rise of a lot of student loan debts. Due to finical reasons majority of people are not worried about attending college. Others think that there is no need to go, and the rest said that they just can afford it. From the same source someone stated that the only thing that’s more expensive than getting an education is not getting an education. I read from another source that with a high school diploma, there is a very low chance of finding a career and a job with high earnings.
One reason why I...
...The skyrocketing costs of college can lead a parent to wonder if an investment in higher education still makes sense. This is especially true when the annual cost of attending a private college can easily exceed the annual salary a graduate receives during their first few years of work.
For those parents who still have a number of years before their children reach college age, doing the math can make the dream of college sound more like a nightmare. For those within a year or two of college, the change in estimated costs can bring some major sticker shock.
So, here are some of the major contributors to rising college costs, and what it might mean for your budget and planning:
Inflation generally refers to the natural increase in the cost of living over time. While no one loves inflation, it's generally accepted as a fact of life. In the broad economy, this annual increase has historically averaged about 2%. In other words, you would need $1.02 today to purchase what $1.00 bought you one year ago.
The inflation of college costs has not been so gentle, averaging 4-6% annually. In other words, a college education costing $10,000 this year will likely increase by $400-600 next year. In a nutshell, this means that college costs are doubling every 12-18 years, compared to everything else in the economy doubling in cost...
20 October 2013
The Ridiculous Cost of Education
It can be heard all the time that college is far too expensive. This statement is often spoken without much thought, nor do many people give it much consideration. The fact that college in the United States is very expensive is a widely known fact, but shouldn't it be thought of as a problem rather than being accepted as a part of American life? A college education is now a crucial requirement for most careers and if one wants to have a successful future, a college degree will most likely be one of the steps on the way to that future. With the rising cost of tuition in the United States, many Americans are now unfortunately asking themselves if college is even worth it anymore.
With so many Americans now debating whether or not to go to college simply due to the fact that tuition is so expensive, something should be done about this. According to College Data, the average tuition for an in-state University is right around $22,000 per year. In Canada, the average yearly tuition is around $5,000 ("Americans flee to Canada for college education."). The result of this is that a higher percentage of Canadian residents have a college degree to hang on their walls when compared to the United States. The high cost of college here is making a degree seem less and less plausible for more people around the country, causing national...