The disparity between cost and investment clearly heats up as Americans discuss the increasing cost of higher education. The ballooning of student debt of the whole country requires that the US government should assess how higher education is financed. Thus, an iTunes model is proposed to made education more affordable.
Education is a great factor in helping young individuals to reach their dreams and become active contributors to the development of society. However, the staggering cost of obtaining higher education makes it difficult for low-income and middle-class families to invest for their future.
U.S. student loan is approximately $1.3 trillion. The average median family pays $48,000, according to Student Loan. American families are burnt with paying for student loans. Unlike credit card debt, student loans are not forgiven. Even with the declaration of personal bankruptcy, the penalties and interest keep on ticking on student loans, according to a commentary in Forbes.
Utilize Technology To Lower Down Costs
More students can be reached with high quality education yet affordable costs through smart ways of using technology. Two hundred college campuses are recipients of redesigned courses by the National Center for Academic Transformation. These have decreased costs by 37%. There is now availability of online courses that can be adopted for free or at low costs by regional and community schools. These courses are adopted from Harvard, Stanford, and the University of Michigan. Lower costs result from this mode of delivery as courses can be supplemented with mentors, facilitators, and learning support services compared to traditional education delivery models.
Publicize free content
Knowledge should not be monopolized by a few. Thus, this principle resulted to the creation of free libraries. A commentary in Forbes envisions an education that is similar to the music industry. It would be like music streaming on Spotify or Pandora. People can easily access basic knowledge. MIT was the pioneer in putting online courses free to anyone in the world since 2001.
An iTunes model is proposed in marketing academic credentials from the whole degree. It is similar to being able to purchase individual songs instead of the whole album. Learners can also purchase a micro-credential instead of a whole degree.
