LOS ANGELES, Aug. 11, 2021 /PRNewswire/ -- In the US, there is a direct correlation between education and income. On average, people make more money with every degree they earn, but the benefits and costs of education can vary greatly. GOBankingRates is shining a spotlight on the true cost of education in America while offering some strategies and tips for those who are struggling with the rising costs.
The United States government is required to provide every child with free schooling through 12th grade. Even though education is provided as a public service, it comes with staggering costs at every level. From overpriced preschools to Ivy League universities, the price of education continues to skyrocket and doesn't seem to be slowing down anytime soon. In addition to five-figure tuition bills, the unexpected pandemic fast-tracked the integration of technology into the classroom and parents are having to pay the price for virtual learning on top of everything else.
"This series explores whether or not you can put a price on a good education," said Gabrielle Olya, Lead Writer at GOBankingRates. "When it comes to setting your kids (or yourself) up for success, what's actually worth it? We tapped experts to share their thoughts on spending money on elite preschools, college prep and expensive degrees to find out what actually provides a good return on investment -- and when you might be better off spending your money elsewhere."
It's a known fact that the cost of college has been increasing in the US about 8% per year, doubling the cost every nine years. With increasing tuition comes rising student debt, something that generations like Gen Z want to avoid. Avoiding 4 year universities, attending community colleges and starting to save as early as you can are some of the ways teens and their families are battling these increasing costs of education.
"By now, it's no big secret that the cost of education in the U.S. is pretty expensive. And when you really dig into the breakdown of costs as we did here, it's easy to see that there are a lot of places where additional costs can stop people from achieving the education they want or leave them in massive debt," said Molly Sullivan, Senior Editor at GOBankingRates. "While all that's pretty depressing, there do seem to be actions taking place that will make education more affordable for many, such as with some schools no longer requiring SAT or ACT scores (which saves on those test and prep costs) and the discussion around canceling student loan debt. It's important that all of us are aware of the many costs that go into getting an education, so we can now see where we, personally and as a country, can find ways to make schooling more affordable for more people."
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