The Student Burden of Rising Tuition in America With Robert Davis of RD Heritage Group
Today, the United States spends more on college than almost any other country. Americans spend an average of $30,000 per student per year, which is nearly twice as much as the average developed country. Unfortunately, while tuition rates have been steadily increasing year over year, wages have not been rising at the same rate. In fact, the cost of college has increased almost 8 times faster than wages, causing students to feel overburdened with no light at the end of the tunnel. Here to talk about the overwhelming debt burden felt by students across the U.S. is Robert Davis. Robert Davis is the Founder of RD Heritage Group, and is the creator of the Robert Davis Scholarship. The scholarship fund was created to help aspiring students across the United States pay for their studies in a time of increasing financial uncertainty.
More recent high school graduates are attending college than ever before. According to the USA Facts 2019 Annual Report, in 1980, 49.2% of recent graduates aged 16–24 enrolled in college within a year of high school graduation. In 2016–2017, this number rose to 69.8%. Robert Davis explains that college has almost become an almost mandatory prerequisite for anyone entering the workforce. According to one study, in 2018, college graduates earned weekly wages that were 80 percent higher than those of high school graduates. However, despite the increasing demand from employers for students to have a post-secondary education, the cost of enrollment continues to rise.
National Student Loan Debts
The national student loan debt reached $1.6 trillion in June 2019, according to the Federal Reserve. Unsurprisingly, student loans now make up the largest portion of U.S. non-housing debt. While many Baby Boomers and Gen Xers were able to work their way through college and university with little to no debt, that is no longer the case. Robert Davis RD Heritage explains that while the next generation faces record levels of student debt, it seems that the coronavirus pandemic has paused rising college costs — at least for now.
Since the start of the COVID-19 pandemic, many schools have been forced to close their doors, cancel classes, and move instruction online. This left many wondering if college tuition rates would lower. While that has not yet happened, according to a College Board report, between the 2019–20 and 2020–21 school years, the average tuition and fees at public four-year institutions increased by only 1.1% — this is the lowest increase in tuition costs in over 30 years. Robert Davis explains that while this is a step in the right direction, many students are still being crippled by the heavy cost of a post-secondary degree.
Obtaining Academic Finding
While most students take out bank loans to help pay for their education, Robert Davis explains that there are other options. For example, hundreds of scholarships often go unclaimed every year simply because no one applies for them. While applying for scholarships and grants takes time, it can often pay for itself if you apply strategically. Robert Davis explains that the benefit of applying for scholarships and grants is that they do not have to be paid back, they look great on a resume, and can be excellent networking opportunities.