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Search term:
expensive education
high education cost
education cost inflation
college cost out of control
Expensive education cost is not merely a problem
in Malaysia, all nations around the world basically facing the same situation.
In the past three decades, college tuition has consistently increased much
faster than both inflation and incomes.
Why do college costs “inflate” so much faster than other expenses?
Facilities and
equipment
Higher education institutions need to follow the trend,
upgrading their equipment and teaching material regularly. We can see that large
portions of a school’s budget are more sensitive to inflation that the typical
household. For example, colleges need to replace technology more often than the
typical family. Also, teachers have been historically underpaid, and are
finally getting some of the raises they deserve.
Scholarships
If your student is not one
of the lucky few that receives a scholarship, then they become one of the
unlucky few who helps pay for what others receive. This is especially true with
private colleges and universities that receive little or no funding from the
government.
This becomes a perpetual problem that seems to feed on
itself. As college costs rise, more students need scholarships. As larger
scholarships are given, it continues to raise the price of higher education for
the remaining students. This leaves more students needing scholarships to meet
the skyrocketing costs, and so on.
Demand
The main reason of skyrocketing higher education cost is
due to the demand. Credential society makes certification too much important.
For wealthy families, parents willing to pay expensive fees in order to send
their children to branded universities. Even though extremely expensive, they still
were willing to invest since they know it bring better prospect to their
children. Therefore, for branded colleges administrators have no reason to
lower the fees because many people willing to pay high, many of them even
increase the fees since people still pay for it.
How
about moderate and low quality colleges? Will they lower the price to compete for
customers (students)? No, because people will still pay for it, although it is
more expensive. This phenomenon greatly increase the financial burden of
students, many owe high debt to complete the study.
Education becomes less beneficial to students. In some countries like Taiwan and Japan, you can see almost everyone is degree graduate, but real income do almost no improve. Tertiary education cost is high, but it is irrational to giving up the study. No one can deny that higher education individuals earn much higher. Without recognition of certificate is detrimental to your future career, it is the main reason of poverty. When I search the web, I notice that in Malaysia, people from board of directors and senior management mostly were graduated from foreign universities. You can try to search the information of big companies, and then you will know why rich people send their children study overseas.