Memo- Policy Proposal and Recommendations on Addressing the High Cost of College Education

Memo- Policy Proposal and Recommendations on Addressing the High Cost of College Education

Background

Despite their glaring academic prowess, many students are locked out of a higher education system due to inadequate funds (Dickler, 2021). The lucky ones who enroll must contend with a struggle to raise tuition fees throughout their college life. On the other hand, professors and faculty in these institutions must balance offering quality education and fending for themselves. Despite a call for government intervention through enhanced funding, a government has other pressing issues such as basic education, healthcare, and infrastructural development to handle.

The high cost of college education reflects a failure by the private sector. When the private sector fails, it is incumbent upon the government to respond (Kettl, 2018). If private actors cannot address private problems, they become public issues.

Alternatives

Restriction of access to student loans will play a significant role in reducing the cost of college education. Colleges seem to be motivated by government funds availability, so they keep increasing the cost deliberately (Ma, 2018). By restricting access to loans, colleges will understand that there is little at students’ disposal, thus reducing tuition fees.

Also, the government should consider limiting access to tax-exempt benefits. Tax exemptions target the most vulnerable communities. The program’s benefits include access to donations, limited taxation, and affordable financing. Some colleges take advantage of such affirmative actions to increase college fees (Ma, 2018). The government should force the institutions to abandon their unending fees increment pursuits or withdraw funding from the institutions.

Financial Analysis

An American college student’s average cost of education is about $30,000 per year. The cost includes family/personal contribution and government contribution through grants, loans, and other interventions. The cost is more than twice than is the case in other developed nations.

A large portion of the college cost caters to auxiliary services. These include food, accommodation, healthcare, and transport. Collectively, these services account for $3,370 of the entire tuition fees (Dickler, 2021).

Recommendations

To reduce the cost of college education, the government should stop funding college education using taxpayers’ money. Instead, students should consider entering student investment plans (SIPs). These programs will link private students with private investors to fund their education. Once they complete college, the students can repay the loans through deductions from their income at an agreeable interest. Under SIP programs, the students will not have to pay the entire amount of money they borrowed. Instead, they will only pay a percentage of the total amount borrowed as per the agreement. Besides, the amount to be repaid will depend on one’s income.

References

Dickler, J. (2021, August 16). College costs are rising, and many families have no idea just how expensive higher education is. CNBC. https://www.cnbc.com/2021/08/16/families-really-underestimate-the-cost-of-college-study-finds.html

Kettl, D. F. (2018). Politics of the administrative process (7th ed.). Sage.

Ma, R. (2018). How The Federal Government Could Control College Costs. Forbes. https://www.forbes.com/sites/rogerma/2018/05/29/how-the-federal-government-could-control-college-costs/?sh=3b81d5b1dcc5

Ripley, A. (2018). Why Is College in America So Expensive? The Atlantic; The Atlantic. https://www.theatlantic.com/education/archive/2018/09/why-is-college-so-expensive-in-america/569884/

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You have been asked to prepare a memo on a policy. Your memo must outline the policy concisely and clearly. On one page, create a memo that contains the following:

Background of the issue

Memo- Policy Proposal and Recommendations on Addressing the High Cost of College Education

A discussion about other alternatives for the issue
A financial analysis
Evidence-based recommendations for action.
Use two to four scholarly resources to support your explanations.

While APA style is not required for the body of this assignment, solid academic writing is expected, and documentation of sources should be presented using APA formatting guidelines, which can be found in the APA Style Guide in the Student Success Center.