The average cost of college is very high for a family that makes the median amount. The average cost for one year of college is $9,410, according to the College Board. Compare that to the annual household income for Americans, $54,462. If we do the math $9,410 of $54,462 is about 17%. Put those number aside and think about what most employers look at when hiring an employee, they usually look at what type of degrees the person has. Today the best case scenario for people is to get a Master’s Degree if they can, a master’s can cost between $30,000 to $120,000 according to FinAid.org. This cost is on top of the average four year college education, and the time it takes to get a master’s degree is usually two years. The math will come out to be around at least $67,640 for six years to get a master’s and a maximum to be around $157,640 (both on an average annual household income of $54,462). Also keep in mind that this is all an average for a public instate college, a private college would cost more than 50% annual off of the average household income.
My plan to help students is to at least make a four year college education free for students. After the four years they can decide whether or not they want to continue and get a degree. Once they decide, their families should pay a maximum of 50% of the extra cost to get their child a degree. This way the family will pay a minimum of $15,000 and a maximum of $60,000 to put their child through college on a household income of $54,462. How to make the four years of college free?, increase the tax on individuals who make over $250,000 annually. I know this doesn't come with much enthusiasm, but it is necessary the future of our nation, to get the future more educated, and they could very well be the ones who pay the taxes that put a child through college.