CollegeBoard reports that, on average, a public four-year college tuition costs $23,890 a year for out-of-state students, while tuition at a private college costs $32,410. These are costs that many average students coming out of high school, nor their parents, can easily accommodate.
Source: Pexels
The median family income in the U.S. hit $61,937 in 2018, according to Census data. In many cases, putting a student through higher education could cost as much as half or more of a family’s income. This has led to a system of spiraling student debt and constantly increasing costs.
As the world deals with the issues of the COVID-19 pandemic, we are increasingly turning to technological solutions to mitigate these problems. In higher education, this shift may be a needed one, a way for students, families, and universities to cut costs while providing quality education.
Why Is College So Expensive?
Rising costs of college tuition are leading to trouble for families and massive debt for students. Debt.org reports $1.4 trillion in student debt across the nation, with the average student accruing over $37,172 over the course of their education.
So why is college so expensive?There are a handful of reasons:
- An increase in demand for higher education, meaning more students than ever before attending college.
- An increase in financial aid options that allow universities to increase costs without losing student interest.
- A decrease in public funding for many public universities.
- A shortage of faculty members.
In light of the coronavirus pandemic, many of these issues are also being exacerbated by the loss of funding from students no longer on campuses, requiring education policy analysts to potentially reexamine legislative orders around how colleges are functioning at the moment. Some institutions are reeling from the impact of the pandemic on student populations, such as the class action lawsuits that have been brought against universities across the nation as students seek refunds for their Spring 2020 tuition.
How Technology Can Help Lower Costs
The pandemic necessitated a shift towards online processes for college campuses, and in many ways, this shift can represent lowered costs for both students and universities. Reassessing for the future of higher education will be a process, but by maximizing the effectiveness of technology solutions, the problems of high-cost education can be combatted in the pandemic-era.
Here are just a few ways in which technology stands to lower costs in higher education:
- Decrease the cost of building maintenance and construction. A massive cost for higher-education institutions is the building and maintenance of facilities to accommodate increased demand. By shifting to a more technology-focused and hybridized manner of education, universities can accommodate this growth without having to build more facilities. Similarly, they can plan for building maintenance patterns that reduce energy expenditures, cutting costs across the board. Lower expenses could mean reduced tuition for students.
- Move data management to cheaper cloud services. Right now, many colleges struggle with the storage and security of student data on-site. With efficient technologies like cloud services or even highly secured and cryptographic blockchain systems, schools can outsource their data management for enhanced security and reduced burden on the system, all at a lower cost than maintaining extensive on-site servers and networks.
- Remove student costs of room and board. A huge expenditure in student college life is the cost of dorms and food that are frequent expectations of American higher education. However, by shifting more online, students will be able to save money by living off-campus and conducting their schoolwork remotely. They can manage their own meal plans and conduct budgets that work for them.
- Transition medical costs through money-saving apps and telehealth. The burden of providing students with cost-effective insurance options and healthplans has no doubt contributed to rising costs in higher education. However, with the shift to telehealth services and application-based healthcare, students can get the care they need remotely without universities having to necessarily provide student health plans and the staffing to accommodate them. Apps can track dental, physical, and even mental health data to help students communicate with their providers in a cost-effective, modern way.
- Cut costs in transportation for students and staff. For adjunct professors, maintenance workers, and students that live off-campus, the transportation costs associated with going to school every day can be a significant burden. With online or hybridized learning models enabled by technology, students and staff can save money.
The possibilities of a world in which technology hybridizes or replaces our need for in-person learning mean safety and comfort for students and professors. Along with that comes a reduction in costs that may help reduce the rising costs of higher education and prevent the rapid rise of student debt.
A Cheaper Future for Higher Education
Currently, many students have not changed their plans in attending higher education, despite the risks, challenges, and costs. For this to continue, cost-effective solutions in a pandemic world must be found. This means technology.
Nonprofit institution NewU has already created a plan to innovate for self-sufficiency through the use of crowdfunding and technology to reduce expenditures for students and their families. With colleges across the world altering their processes to accommodate students, this trend towards self-sufficiency through technology for both schools and their students can mean lower costs in higher education.
As the nation looks to reduce the burden of student debt on our youth, the trend towards technological integration in our higher education facilities may just mean freedom for many struggling students and universities. The shift will not be painless, but it could turn out for the best, meaning money saved for millions of Americans.
