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Parents in our country are wondering if the cost of college education is really worth it. This question has risen in the minds of people due to the “perfect storm” says Joe Biden, our Vice President specifically addressing the fears of middle class families in Bucks County.

Speaking at the Bucks West High School for nearly one and a half hours on Friday, he addressed the local officials, parents and students at the school gymnasium. Talking about the role played by higher education in our nation, he said that during the next decade, at least 62 percent of the jobs will require a higher education degree.

He also played on the emotions of parents and spoke about the sense of dignity and pride associated with educating their children. As a part of our President’s re-election efforts, Biden paid a visit to the suburban county. Just a month back, he visited another suburb in Ohio.

Joe Biden said in his address to the audience that till today, he has not come across any parent who did not want their child to complete a higher education degree. He stressed on the fact that more than just a degree, higher education defines the person you are.

The major cause for concern for parents is the skyrocketing tuition fee. In the last twenty years, tuition fee has increased by 437 percent. Debt accumulated by an average college student in Pennsylvania is $28,000. Biden stressed that it was indeed worth spending that kind of money to graduate.

He pointed out that as a four year graduate, it is possible to earn $20,000 more and as a graduate from community college, you can earn at least $9000 or more as compared to those who do not have a college degree.

Biden explained the term “perfect storm”. He said that it is the continuously rising tuition rates that was difficult to be sustained. He pointed out that at least 18 percent higher education funding was cut by states during the 2008 recession, which was when the problem started. Due to the housing bubble, people were unable to borrow against their property.

College education continued to slip out of reach of the middle class due to stagnant wages and stock market tanking. Several efforts were taken by the White House since, Biden said. Subsidies were axed for banks that disbursed federal student loans in their capacity as middlemen.

Over the next ten years, this freed up at least $60 billion. At least 9 million students across the nation including 300,000 from Pennsylvania benefited from $40 million thus freed.

Tax credit to the tune of $2500 a year was offered for a period of four years to help cover textbook, fees and tuition expenses through the Recovery Act.

From the year 2012, students can pay a maximum amount of ten percent of their discretionary income towards student loan repayment. Apart from all these beneficial programs, Biden sounded optimistic as he stated that the administration is in close consultation with state legislatures and governors and working towards getting colleges to reduce costs.