Rising Tuition For Non-Residency Student

Throughout this economics class I have begun to actually understand why our nation functions the way it does and then I realized it is not as easy as I thought to fix problems within the United States, or the whole world for that matter. When I started this class I did not really see how economics fit into my life because, as most college students are, I was more consumed with how things directly affected me, instead of looking at the big picture. Once this quarter began I realized one huge issue that affects my daily life and the money choices I must constantly be aware of. I am an out-of-state student who is from Florida. I always wanted to go out of state to lead me in becoming a more independent individual. I was always a big fan of Ohio State, which happens to be one of the more expensive out-of-state tuition costs. My family is middle class, so the tuition can be very expensive for us. With that being said, I feel that a price ceiling should be put on college tuition.
Before this class I understood and knew more about a price floor, especially in dealing with a person’s wage. In this class I have learned that a price ceiling is a capped amount on what something should cost. A price ceiling on tuition would be dramatically help me, but also any student struggling to pay for school. Out-of-state tuition is way over double what a resident pays. I ended up having to attend a community college last year, in order to be able to afford Ohio State's non-residency tuition, which does not seem right. With a price ceiling on tuition, more students would decide to attend college out of state, allowing them to experience more and try new things. I understand and recognize that students from out of state should have to pay more, but I feel the amount is unfair and should be monitored more. On the opposite side though, I realize that if a price ceiling was incorporated, we may be trying to control the economy too much. From different videos we watched about other countries in the past (Russia, ect.) and other things we learned about, that can be hard on every individual in the long run because the economy must somewhat function/flow on its own.
This has also led me to understand why things within out country are priced they way they are. Even costs of things, including tuition, rent, clothes, and more are effected by elasticity/ inelasticity. The more substitutes there are for an item causes the price to be more affordable. That connects back to tuition. If people want to attend The Ohio State University, such as myself, they are willing to pay that cost because there is only one OSU and no exact substitute to that. Hopefully as the economy begins to turn around, tuition costs will begin to lower.