College Cash Crisis

by Alli Brown

What is the College Cash Crisis?

College and cash both relate to the same word… crisis. The cost of college tuition is skyrocketing without an end in sight. Although there are discrepancies in sources about public," "private, and in and out of state tuition, Businessinsider cites the average cost of tuition in America is $90,875 for four years. The cost of college tuition is too high and should be lowered as these staggering numbers are affecting the overall well being and mental health of college students and their futures. Why is society accepting these astronomical prices, and what further actions can the public take?

Cash Crisis Equals Health Crisis

Graduate from high school, go to college and get an education, obtain a job that pays a median salary and maybe be happy. This is the path that society constructs as a “normal life”. Students endure the pricey cost of obtaining an education. This normalization has been dismissed and consequently, is negatively impacting their futures, specifically mental health.

The repercussions of mental health issues due to college debt last far beyond one's college career. “The study surveyed 2,000 Americans between the ages of 18 and 67 with at least some higher education experience and found that borrowers have suffered from anxiety (56%), depression (32%), and sleepless nights (20%) because of student debt.The energy depletion cost is almost as dangerous as the debt itself. A student currently in college faces the pressure of financial burdens that deters their concentration on studies. As for graduates, the mental energy they spend on repayment plans and budgeting negatively impacts relationships, binge eating/drinking, and delaying milestones.

One prime example is Melaine Lockert. She states “I had graduated from N.Y.U., one of the most prestigious schools in the country, and I couldn’t find a full-time job to pay it back. I felt like my debt was mocking me.” More and more former students are finding a connection with social media users alike. A study published in the Journal of Evidence-Based Social Work analyzed 85,664 comments from Twitter and Reddit on student loan debt and mental health from 2009 to 2020. Researchers found high levels of mental health issues, including depression, anxiety and fear and anger associated with the loans.

Society's Unrealistic Expectations

How can young adults set up a successful future with the overbearing weight of stress from college tuition debt after graduation? Society makes expectations unrealistic. According to

U.S. Department of Education “Today, three-quarters of the fastest-growing occupations require education and training beyond a high school diploma.” It is now up to this generation, to step out of the boundaries and change this all too real reality.

"When Gen X was in college, according to Businessinsider, they paid the low low price of approximately $39,400 for four years. Now, Gen Z pays an average of $90,875 for four years.

Adam Davidson said “Tuition at a private university is now roughly three times as expensive as it was in 1974...” CBSN states that the average 20-24 year old makes around $30,628 per year. That is just enough to pay the average yearly tuition cost.

The sad reality is that without a sizable scholarship, nor help from a guardian, students are almost forced to take out a student loan which they will have to pay back with interest. Even with financial aid, little to no debt is not guaranteed. According to Staff Writers, the number one reason for consumer debt is college student loans. “Since 2010, college student loan debt has ballooned from around $800 billion to $1.7 trillion, financially setting back college graduates and dropouts alike.”

Doesn’t it seem like society is rigging the system? Without a college degree, many students are only able to obtain a minimum wage job. According to the U.S. Department of Education,“College is the best investment Americans can make in their future.” The rate of college tuition has and will continue to go up. "The cost of attending a traditional four-year university has been rising more than twice as fast as inflation"

College officials entice those seeking a higher education with scholarships and grants, but unless fully funded, students must pay the remaining costs plus living expenses. Scholarships lift the burden, but are only a temporary fix to the college cash crisis. At the end of the day, students are still paying too much money for the college education that society says they need if they want to be successful.

Do you really want to pay back loans until you are 50 years old?

Cashing in for the Win

What can we do as a society to cash in our ticket to a healthy future?

According to The Century Foundation, “...in some cases, aid may be available to bring down those costs. In California, for example, enough aid is available at public four-year institutions to make the net price lower for low-income students to attend a University of California school than a community college. But almost half of students who do not fill out a FAFSA state that they believe they will not qualify for financial aid or are not eligible to complete a FAFSA. As a result, students leave potentially billions of dollars of aid on the table.”

Along with this, many students are not aware that they are eligible for financial aid which deters them from enrolling in college from the start. This is partially a flaw in the education system as students are not taught and informed. In addition, there are many scholarships online in which anyone can apply.

The US needs to take lessons from countries in Europe like Finland, France, and Chile. According to Delisle and Bernasconi, “Tuition free higher education emerged in Chile as a popular idea in the wake of the massive student protests in 2011 in response to what students argued was unaffordable tuition, high student debt, and large concentration of enrollments in private higher education institutions. Chilean lawmakers ultimately adopted a tuition-free policy in 2016.”

This is exactly the ticket, and Gen Z has a tool that no other generation had… technology.

Speak Up

With one click of a button, pertinent issues spread like wildfire thanks to social media. Advertisers are paying influencers millions of dollars to advertise their products. Gen Z can use that same kind of power in social media to fight the ridiculous and high costs of education.

Mass posts and reposts spark worldwide movements. For example, blackout Tuesday was one of the most powerful and thought provoking posts on social media. Instagram users posted a black picture on their feed to raise awareness of the Black Lives Matter movement. Millions of users posted and within hours, curiosity led to awareness. This sparked education and showed the power social media truly does hold.

Sources like Princeton, Pewresearch, and Forbes all state how there were more Millennial and Gen Z voters in the 2020 election as awareness and the importance of voting was spread massively through social media. According to credible sources like Forbes, “the importance of social media in the 2020 presidential race could not be overstated.” Currently 72% of people who are eligible to vote use some form of social media. That is a lot of people one can reach with just one click of a button. With this kind of access to billions of people and platforms like TikTok, Instagram, and Facebook, this generation can speak out and have their voices heard.

Future generations implore the public to make an impact and protest against the college cost crisis. Create a TikTok, post on Instagram, retweet to grab the attention of government officials and those who will hear our voices and make change.

College Cash Crisis Conclusion

The price of getting a college education is too high. Tuition only continues to increase as it is normalized in American society. College debt is the number one form of consumer debt and takes a toll on mental health short term and long term. Gen Z can fight the fight to help lower the cost and reduce mental health concerns. Speak up for the unfair price of tuition by speaking out, posting on social media, and having the public hear your voice.