Cost of College

Anna S & Andrew W

In the case of each college, it would be expected to spend an addition $4000 or so in various living expenses, books, and supplies.

North Lake College

Community College

Tuition and Fees

    • $1665

Everyday transportation costs

    • $1,296

Room and Board

    • $3,708 (these are the expected expenses of living in the Dallas area)

Amount of time/money a business degree would take to complete

    • Since this is a community college, the classes are taken into account per hour, so for a business administration degree, it would take about 2 years to complete this Associate's degree plan.

    • This is an Associate’s Degree, not a bachelor degree.


Total - $10,669

Baylor

Private Institution

Tuition and Fees

    • $42,206

Travel costs to and from the college
    • $25 round-trip drive

Everyday transportation costs
    • $1,416

Room and Board
    • $11,632

Amount of time/money a business degree would take to complete
    • 95-107 Hours

    • This will take between 3.5 - 4.5 years, but this is for a Finance major only.


Total - $59,254

University of Texas

Public University

Tuition and Fees
  • $10,738

Travel costs to and from the college
  • $40 per round trip drive in gas

Everyday transportation costs
  • Campus is small, so it would be possible to ride a bike around. I would expect to spend roughly $30-50 a month on gas. Would probably have a job that requires transportation to and from.

Room & Board
  • $11,456

Amount of time/money a business degree would take to complete
  • The business program at UT is the most expensive out of all the other programs. The business program also would not take as much time studying outside of class to complete as other majors, such as biology.


Total - $26,194

Cornell University

Out of State

Tuition and Fees
  • $48,880

Travel costs to and from the college
  • One flight one way is about $356

Everyday transportation costs
  • Would expect to spend roughly $30-50 a month on gas. Probably walk to classes or maybe ride a bike. Expect to have a job that would require transportation to and from. Gas is roughly the same price as it is in Texas.

Room & Board
  • $13,678, the dining and other luxuries at Cornell are likely better quality than at other universities or colleges, so it is slightly more expensive.

Amount of time/money a business degree would take to complete
  • The business program at Cornell is actually slightly cheaper than some of the other programs. However, it would likely be more difficult and involved than business programs at other schools because it is at Cornell, which is an Ivy League.


Total - $67,982

Systematic Problems with Education and Income Inequality

In the US

Main thing is that there is the No Child Left Behind reform, the American Competitiveness initiative, and lastly the responsibility is not largely on the government anymore. These programs, however, are used to help decrease the problems with education.


College-educated students have had an increase in their wages of 22% since 1980, and High School drop-out wages fell by 3%.


The government wants to put more emphasis on education, and they want to help decrease the disparity by educating those that usually drop out of high school.


Wages for the less-skilled have not decreased as trade increased, and the groups that experience the greatest increase in wages have also vastly increased immigration. The best example is Silicon Valley because of their highly paid immigrants as well as native-born Americans. Finally, it is found that trade and immigration account for only a small amount of the increased wage spread that has occurred these past 25 years.


The President’s tax cut have made it easier on the tax code, and this will eliminate the difference in take-home earnings.


In conclusion, the more educated an individual, the better off they will be. Education is the driving force to earning money, and the value of a college degree is increasing greatly.


In the World

In 2012 and 2013, Income inequality was the biggest global risk at that time.


Two types of increasing inequalities: (1) The rising gaps between nations causing migration as well as the increasing inequalities between nations causing revolts, protest, anger. Due to this, that means that the global market is very important and needs to be monitored and fixed.


A large reason for the inequality is the financial crisis that occurred in 2007, and this made an emphasis on the economy for many global nations. In addition, the US reduced many government entitlement programs.


The major problem due from this income inequality is that they can’t even pay for the essentials like food and water anymore. This was previously seen in the netherlands.


Driven by the deregulation of the labor market


EU income inequality is created by the deregulation of the labor market and destabilizing the welfare state.


Income distribution is becoming more and more unequal, and while the financial crisis is almost over, there is still going to be an increase in jobless individuals. The income inequality will only increase.


Many in the world, especially Europe will lose their wealth, and there won’t be a lot to do for recovery. Some say that Southern Europe is already lost.


Higher-education wealth gap is growing among rich schools

How Education is Funded

K-12 schools receive funding from state and federal governments.


Higher education schools still receive funding from the state, which they primarily use to operate and improve their facilities. However, they also receive federal funding. Federal funding is primarily available to individuals that demonstrate financial need through grants and funding. Both state and the federal government provide funds for research, however the federal government supplies a much higher amount for research than state governments. Local governments also provide funding for community colleges.


Students starting their education with undergraduate programs have many options to pay for college. Most of them do not have the money out of pocket to pay for it. They can start by applying for financial aid. If a student qualifies, they can receive funding such as the Pell Grant from the federal government. Colleges and universities themselves will also provide funding if the student demonstrates need. Students also have the ability to apply for scholarships either from the school they are going to or outside sources. Then, if the student does not receive either grants or scholarships, they have the option of taking out a student loan and paying it back at a later date.

Reflection

Andrew

Doing this research, I learned that first and foremost: College is expensive! College is the next big step in my life, and I feel much more prepared understanding the different costs that lead to such an astronomical cost. This project helped me learn about additional fees, the cost of transportation, as well as the amount of time it would take to complete the intended major. All of these will help me in my future as I am paying for college.


In addition, I also did research on the the income inequality seen in both the United States and the world. I found interesting claims on the impact of education on the income earned by an individual. There are many programs instilled in the United States specifically such as No Child Left Behind and the American Competitiveness initiative.

Both of these programs are utilized for helping decadent and poor children reach a higher level of education, and it also helps America become more competitive on a global level. In the world, there are similar programs that help further education, but there are also issues with the economies especially in Europe. Income distribution has increased here because the poor are barely even able to pay for the necessities like food and water.


Overall, I learned a lot about the impact of costs for college, but I gained a plethora of knowledge about the income inequality and the impact that education can have on the labor force.


Anna

As I am about to go off to college next year, all of this information has been helpful. Although I try not to let the price of a college be a determining factor for whether I choose to go there, it is still interesting to see the drastic differences in price between the colleges and universities. The high costs make it imperative that I find ways to save as much money as possible, in addition to finding as much outside funding as possible. I will certainly apply for financial aid and attempt to apply to many scholarships. One of the most important challenges for me right now is finding a way to afford the ever rising cost of college. Also, I had not previously considered the fact that certain degrees or programs may be more or less expensive than the general tuition the college generally displays.


Of the colleges we researched, I have applied to three of them (all except North Lake). It has helped for me to research their financial details more specifically than I previously had, but in order to make my decision on where to attend I must first wait and see where I am accepted. Then I will have to pay attention to other things each university offers. Some of the schools may not offer as much aid as others, it just depends on the college or university.