Ethics
Wherever big money is involved, ethical questions naturally arise. The industry of higher
education is no exception to that rule. The most prevalent ethical issue involved in
universities today is the rising cost of tuition, which seems to have a doubling time similar
to that of the common bacteria. The debt that college graduates incur is a pressing issue of
the industry that has global effects. Other ethical issues that have arisen as institutions
continue to evolve in the 21st century include the process of accreditation, how colleges
and the NCAA distribute its revenue made off student-athletes, and the ethical
considerations that coincide with the expanding business of for-profit, online universities.
The cost of attending school is a burden that is felt long before a student attends the
college or university of his/her choice. Many parents begin saving years in advance –
many state governments have embraced a “529 Plan”, a savings plan where guardians can
put money aside tax-free for state institutions. Some states have even adopted a “buy-in”
program of sorts, where you pay the current tuition to lock in the cost of attendance.
The costs associated with attending the University of Virginia, Thomas Jefferson’s
university, totaled $25,000 for in-state students and $50,000 for out-of-state attendees.
Stevens Institute of Technology’s annual student tab is a whopping $64,000, similar to that
of most private schools.
These massive tuition rates have more than exceeded the rate of inflation, and many
graduates have not been able to keep up. Student debt as of August 2013 surmounted to an
