College acceptance season is here! Coronavirus or not, colleges are passing out acceptance letters and denials. For those students choosing not to partake in the craziness of being judged based on a single essay and the sum of your GPA, SAT, ACT, AP, SAT Subject Tests, and course rigor, besides enjoying an inner calm during senior year, what are those students giving up?
You hear the term opportunity cost tossed around when choosing whether or not to purchase a vacation home or when choosing whether to go on vacation or pay down a debt. Opportunity cost is applicable in any situation that involves a choice with a common unit of measure, either monetary or time. We make choices all of the time.
Let’s look at the opportunity cost of going to college versus getting a job after graduating from high school. Lots of comparisons include room and board, but housing and food are necessities regardless if you live on a college campus or commuting to a job. There is the obvious expense of tuition and course books when choosing a college degree, but what about time? Students who spend time on school projects forego the opportunity to secure a job, income, and make progress toward financial independence.
However, we all know choices are individual and include immeasurable factors, not the least of which is emotion.
Sources:
https://www.accountingtools.com/articles/what-is-opportunity-cost.html
https://college.compareer.com/opportunity-cost-attending-college/
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I think this is interesting to read since this is very relatable to what we are currently experiencing as seniors. As we compare colleges with their programs, tuitions, and environments, we are all weighing the different opportunity costs. However, I believe that this also puts a highlight into the socioeconomic inequality where some can afford to go to out-of-state schools while others can't. Although one might love a school out-of-state, they might be unable to pay for it, which is may be the greatest of opportunity costs for them. I think that although tuition is definitely an opportunity cost, I think that it should not be the most leading factor in deciding where students go to college, thus letting go of their dreams.
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