Effect of the Escalating Cost of Tuition in Higher Education in the United States

Abstract

Higher education has always been a fundamental cornerstone for development and prosperity in the United States. It is incumbent upon the government and other stakeholders to formulate policies to ensure our institutions of higher education are well resourced and funded to enable economic development. The unprecedented price hikes in tuition at universities and colleges, coupled with high student loan interest rate has compelled a lot of students to drop out of college [1]. Majority of the dropouts are now resorting to drug sale and other nefarious activities in order to sustain their lives. The current pandemic has put a huge strain on the American economy with over a million death and unemployment is at all-time high. This article critically examines the severity of insufficient funding for higher education and the adverse impact of the escalating tuition fees. To regulate the rising tuition fees, suggestions are made with reference to sustainability of strategies and policies to stem this phenomenon.