For most students, college is a time for both learning and fun. Often, though, it is also a time of financial troubles that can last far beyond graduation. In order for America to keep up with the rest of the world, the government must find a way to contain the cost of higher education.

            The average U.S. college tuition has gone up 1,120 percent since 1978, according to Bloomberg. Even when inflation is accounted for, that is a massive increase in the amount students have to pay for their education.

            “College is the second most expensive thing you’re ever going to buy, second only to your house,” Carl Krause, college career counselor, said.

            The rising cost of a higher education can discourage students from pursuing a degree, as many cannot afford it. This results in a less qualified labor force and could harm the US economy when highly skilled jobs are not being filled, while the number of openings for jobs with no college requirements decreases. This hurts America’s chances to sustain economic dominance internationally.

            Most students who decide to attend college have to take out student loans. The nonprofit organization American Student Assistance (ASA) says that 60 percent of the 20 million students in US colleges borrow money every year.

Only 37 percent of borrowers between 2004 and 2009 were able to pay off all loans on time, the ASA said. When a student graduates, he or she faces even more pressure to get a quality job to pay off that debt in an economy where there are not many jobs available.       

            “It’s like credit cards. The reason loans are so easy to get is because people are making a lot of money off them,” Krause said.

In order to decrease the cost of college, President Barack Obama has made some reforms to the education system. At the Democratic National Convention in September, he encouraged Americans to “help us work with colleges and universities to cut in half the growth of tuition costs within the next ten years.” Among his reforms are more Pell Grants, an income-based repayment plan for student loans, tax credits for families paying for college, and a low interest rate on student loans. But despite these reforms, the cost of college continues to rise.

To save money, many students attend a public or state college instead of a private one. Community college is also available for a much lower price, but it is generally considered lower quality education in comparison to universities. The majority of schools have four-year total costs of over $100,000, difficult for any unemployed student to pay.

“If money is that much of a concern, then take the cheapest route to start with. Go to community college, be able to have a more flexible schedule and be able to work,” Krause said. “That’s the most economical option.”

This schedule is often necessary, as struggling students need jobs even during the school year. It can take time out of their studies and consequently lower grades, hurting their chances to graduate or get hired after graduation.

As a result, prosperity starts with education. Without a good education system, there are not enough qualified workers; without qualified workers, there is not enough production in the economy to compete with foreign countries like China. Accordingly, in order for the US to prosper, more must be done to make college affordable for the average American.