The Cultural And Global Impact Of College Tuition And...

The Cultural and Global Impact of College Tuition and Student Loan Debt Introduction College debt is quickly rising as more students pursue a postsecondary education. Tuition is growing at a rate higher than inflation, thus forcing many students to make up the gap between income and tuition through loans (Houle). However, cultural factors must be considered before a young adult makes a decision about higher education. The type of postsecondary education one pursues, if any, is determined by many circumstances including socioeconomic status, race, and family background. Therefore these same factors impact the amount of student loan debt one acquires. At a global standpoint, the United States is among the nations with the highest amount of college debt with more than 1.2 trillion dollars in outstanding student loan debt according to CNBC, Consumer News and Business Channel (Holland). Although the amount of student debt in each country varies, similar cultural factors impact all students. Socioeconomic Status Tuition and finances are among the most commonly inquired topics regarding college. Socioeconomic status, one’s social and economic position within society, directly and indirectly influences the ability to attend college. It directly relates to the financial aspect of higher education. One explanation for this is the human capital theory, which suggests a negative correlation exists between parents’ income and educational level and the amount of student loan debt theirShow MoreRelatedFreedom Of Life, Liberty, And The Pursuit Of Education1424 Words   |  6 Pagesof Education Until this past 2016 election, free college was a mere idea. That is, till’ a white headed democratic socialist informed us how that idea could very well be a possibility. 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