At Sharon High School, where the culture is focused on perfect grades, everyone around me wants to attend an impressive college.

The colleges that SHS seniors will attend are posted on social media (@shs25futureplans) and constantly discussed. Everyone wants to look smart and cool when they commit to college. Why would you want to go to a boring state school when you’ve been accepted into the private school of your dreams?

Because it comes at a price. Literally.

Each year, most high school seniors join the 42.7 million Americans who are still paying off their federal student loan debt. Crazily enough, about 20% of those Americans are over the age of 50. As a result of their inability to pay off their tuition, these people could end up spending over $90,000 per year.

At their core, colleges are businesses, and even if they are designated as nonprofits (meaning all of the money earned goes back into the school), the institution is still able to make lots of money. These colleges’ reputations give them leverage to continue making money and building their business.

Depending on the path they take, students can end up paying the full sticker price without a penny of financial aid or scholarships. Not only do loans hinder students’ financial independence, but their families will also be burdened with debt for years to come.

When my peers talk about college, it’s almost always in the academic regard; no one talks about the prices. They are simply left out of the majority of our conversations. 

It’s up to 11th and 12th grade students to carefully consider their college choice in regards to the money they will need to spend. In most cases, the cost of college will burden their entire family, not just themselves, and their student debt could linger throughout the rest of their life.

Don’t get lured in by the brand name. Underneath it all, colleges just want money.

According to the Brookings Institution, the funding gap between the amount students pay and the amount colleges spend on each student can vary from a few thousand to over ten thousand dollars. 

Respected universities can charge as much as $90,000 a year and still expect to have plenty of students paying in full. Every student wants to attend a prestigious college, so colleges use their reputations, along with government loans, to make money.

Another consideration is that students who apply through Early Decision (ED) often fall victim to paying the sticker price of tuition, and they are less likely to receive any financial aid. Both SHS guidance counselor Ms. Jacqueline Kaye and this CNN article explain that ED favors wealthy students, who can afford to commit to a college without all of the financial information. Some students apply early to increase their chances of getting into their dream school, but they can end up in a pickle when they’re surprised with the price tag. 

The fine print in the Early Decision contract theoretically lets students break the agreement if they prove they are unable to pay. However, that is not an easy feat for middle-class Americans, Ms. Kaye stated. In fact, during her time at SHS, only one student she has worked with successfully went through this difficult process.

Colleges typically use financial aid to lure the students they want to their campus. However, students who have already committed to attending don’t need convincing. Many colleges also promise to meet full demonstrated need, which is a complete scam.

The information listed on applicants’ CSS profile and FAFSA form determines whether they will receive a scholarship. But are these an accurate way to measure income? Just because a form says that your parents have enough money to pay for your expenses doesn’t mean that they can afford to cover the entire cost. In fact, this article from The New York Times, claims that students often have more financial need than FAFSA recognizes due to imperfections in its formula.

The current tuition system is holding students back from reaching their full potential post-graduation.

In the last 40 years, many colleges’ tuition has more than tripled. Previous generations of Americans were able to pay off their loans faster and reach milestones in their adult lives sooner than the young people of today. 

Ms. Kaye said that she made payments on her student loans until she was 40 years old, even though her loans were minimal compared to those of students today.

According to a poll by Gallup, about 71% of post-grad Americans have postponed major life milestones due to student loans. As many as 29% put off buying a home, 28% put off buying a car, and 22% put off moving out of their parents’ house. Also, 15% of people have delayed marriage and 13% have delayed having children due to their financial situations. 

Ms. Kaye pointed out that colleges spend lots of money on renovations, but underneath the landscaping and new buildings, the quality of education has remained more or less the same over the last 20 years. Why are we stuck paying double or triple the amount of money for the same education that our parents got? How is this fair?

As students enter their last two years of high school, they should consider the following questions: 

Is it really a good idea to be paying off loans for so long that you won’t have enough money to live your life the way you want? 

Do you really want to be in your fifties and still paying off student debt from more than twenty years ago? 

Is the “bumper sticker” name brand worth it? 

Is the education you will receive significantly better at a private school than a public university?

It is crucial to pay attention to the financial aspect when deciding which college to attend, or even which colleges to apply to. In fact, Ms. Kaye recommends that students openly discuss their financial situation with their families so that they understand what they are getting into before committing to a college. 

Maybe it is better to go to a cheaper school, where you can pay tuition at a third of the price of private school and still have an amazing college experience. “Sometimes the curriculum may even be better at the lesser known school,” Ms. Kaye added.

However, if you do choose the private college route, “squeeze every single drop out of them,” said Ms. Kaye. “Be a consumer there. If you can double up on a major, or major and minor, or if there is some sort of leadership conference that you can get involved with, or go abroad. Try to get every single thing out of them that you are paying for… make them think that you are expensive back.” 

Because the lifestyle that everyone is chasing entails getting a degree, colleges will continue to hike up their prices, and young people will continue living with the burden of debt for a majority of their adult lives if they don’t make responsible choices.

Higher education’s system of tuition and financial aid is unfair and needs to change. Until then, we should make decisions about our future only after we consider the reality of the money we will inevitably need to pay.

Attention, juniors! Go to MyinTuition, a website where you can select the colleges you are interested in and input information about your financial situation. This website will let you know how much financial aid you will most likely receive from that school if accepted. This is an amazing resource, so please take advantage of it!