College affordability continues to be a concern in Ohio

Though a well-trained, well-educated and skilled workforce is more important than ever, students seeking a higher education to prepare them for their careers are having a harder time being able to afford it. Sure, many people still believe having a college degree will translate to higher earnings, but students are increasingly challenged to decide whether the expense of that education (or the long-term debt they may incur) is worth the risk. According to WalletHub, the cost of attending a four-year public college has risen by an average of 30% over the past 20 years. And that cost eats up more potential earnings in some states than in others. WalletHub took a look at how costly a college education is in each state (Alaska did not yield enough data to be part of the study). The ranking is based on the price of in-state undergraduate tuition, room and board and other college costs as a percentage of the median household income in each state. Pennsylvania was the most costly, at an astounding 72.48%; and Utah had the lowest cost, at 27.69%. It may come as a surprise to learn Ohio was in the top ten, with the cost of an education being 57% of the median household income. "College education is getting more and more difficult to afford, with cost increases well outpacing inflation," said WalletHub analyst Chip Lupo. "As a result, people have been forced to take out more and more loans, with the average student loan debt now standing at nearly $42,000. The good news is that living in certain states and attending a school with in-state tuition can greatly defray the cost of undergraduate education, minimizing the amount students need to borrow." Yes, that is good news for some, but not those living in Ohio. Though looking for a one-size-fits-all approach isn't always a good idea, it would still be worthwhile for officials at public colleges in our region to take a look at what those in states such as Utah, North Dakota, Wyoming, Hawaii and Nevada are doing to keep their costs so low. (At the same time, elected officials in the Buckeye State had better get their acts together in terms of economic diversification and expansion that helps that median household income stand up a little better to the cost of an education.) This metric is just one of many that contribute to the hemorrhaging of population in our region, as young people and their families find it serves their desire for better income, better educational opportunities and higher quality of life to live elsewhere. Even if elected officials, policymakers and other stakeholders don't feel they're up to the task, the least we can expect is that they give it the old college try.