The Overpriced Cost of Higher Education.

One of the greatest challenges that is currently facing America is the over inflated cost of higher education. In the last thirty years the cost of higher education has increased over 1000% or 10 times what it was in the early 1980's. Loans that once took 3-5 years to pay off are now taking 20 or even 30. I have read some articles that support the increasing costs, saying it is still worth it to attend college. I have also read some that disagree. However I think everyone can agree that something needs to be done, and that we need better price controls on higher education. We need to stop treating students as profit centers. Below are some ideas on how we can solve this situation.

1.) Regulate the prices colleges can charge based on graduate earnings.

To attend a college for four years, and to pay loans for 20 is downright wrong. We need to make the loans affordable so that our younger citizens don't become living debt slaves. I think a great way to do this is to find out what graduates are making two years out of college and regulating tuition based on that amount. For example, if the graduate average for business majors is $35,000 a year, I believe that the maximum a university should be able to charge is $14,000 a year, which is about half of that persons salary after taxes. It's a fair price, and won't lead to middle aged citizens still paying off college loans.

2.) Charge tuition prices by major.

Personally, I don't think it makes any sense for an engineer who might make 60-70k a year out of college to be paying the same as an English major who will most likely make half of that or less. The structure we have now also motivates people who are passionate about something to avoid it because it is not cost effective.

3.) Require colleges to teach more industry related skills and programs that will prepare graduates for the workforce.

Almost half of college graduates are underemployed or unemployed after a year. Why is this? Simply because they have no relevant skills and there is a surplus of young talent fighting for a job. When I look at monster, indeed, beyond and every other job site I see the same desired skills. Employers for business majors generally want someone with SAP, ERP, Oracle or Access experience, yet colleges ignore teaching these valuable programs. Instead they resort to fluff classes where you spend an entire semester focusing on the deforestation in South America caused by Walmart.

4.) Require textbooks to be used longer and lower the prices to make them affordable.

It amazes me that $1000 spent on books at the beginning of the semester will become $60 for buyback at the end of the semester. A book that was $300 will become worthless because a new edition that changed three words just came off the press. Many college professors also write custom books that they then price gauge for. Since they are custom you won't be able to get them online.

5.) Better interest rates.

Wall street currently can borrow from the federal government for under 1% interest rate, yet college graduates often have rates roughly four times as high from the federal government. Many private loans for higher education go as high as 10%. Is this fair to these kids? I don't think so.