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Wednesday, September 3, 2014

Pros and cons of student financed education

Financing education
High tuition costs make it difficult for students to finance college

A research study carried out by professors at Brigham Young University indicates parents who make their children pay for at least some college facilitate a greater respect for education in their children. The report, which involved surveying 402 students, is detailed by Laura Padilla-Walker, Larry Nelson and Jason S. Carroll in Volume 19, Number 1 of the Journal of Adult Development. More specifically, the researchers sought to identify statistical relationships between parental funding and beliefs about education in children.

Following further investigation of the study, Allison Linn of MSNBC uncovered details of the research from one of its authors. Moreover, according to Laura Padilla-Walker the students that obtained the best results in their education were not assisted by their parents at all. Also, the students who were completely funded by their parents had the least respect for their education and spent more time not getting educating in college. Overall, the research results indicated that of those students surveyed, at least partial responsibility for paying for college led to positive educational results.

Making kids pay for college forces the hand of financial responsibility. It raises real life questions before rather than after college is signed up for. For example, students  faced with paying their own college are more likely to think about where the money comes from and what it actually pays for. Such reasoning often leads to more appreciation for the what the money buys and even better money management skills. Innovative thinking is one of the possible outcomes having to pay for college encourages. To illustrate, according to Business Insider, two students raised $50,000 by advertising using their faces. 

Requiring children to pay for college is not entirely beneficial however. The research also indicates disadvantages according to a press release issued by Brigham Young University. For example, if students find themselves excessively burdened with the cost of education, they take longer to get educated and may not graduate at all. These kind of results can lead to a kind of adult pragmatism and skepticism that leads to an unfortunate economic outlook. In other words, children may  look at their education as a medium to high-risk investment, which is wise, but also perceptually restrictive to confidence and career development.

Additional research into perceptions about education shows how requiring children to pay for education may exacerbate an already dim view of the benefits of education. For instance, a report from NAS Recruitment Communications shows 51 percent of millennials believe they will not receive job offers upon graduating from college. This is further highlighted by a study from the University of California at Berkley that state enrollment and amount of degrees being awarded are not increasing, and in some states decreasing. It attributes this trend to the rise of foreign competition and the declining benefits of obtaining a higher education in the United States.

Image licenses: 1. Barry Dahl; CC BY 2.0; 2.