Final answer:
For students attending college, tuition is a considerable out-of-pocket cost along with being an opportunity cost due to lost wages from not being able to work full-time. Rising tuition rates have contributed to increased student loan debt, emphasizing the financial burdens of higher education.
Step-by-step explanation:
For college students unable to hold a full-time job due to their academic commitments, tuition represents a significant out-of-pocket cost and an opportunity cost. Tuition, alongside other expenses such as books, room, and board, constitutes the direct financial requirement of attending postsecondary institutions. Adding to this is the opportunity cost, which refers to the lost potential earnings from the inability to work full-time while pursuing education. Statistics indicate that the cumulative effect of these costs has led to an escalation in student loan debt, as the fees required for college education are frequently beyond what could be earned through full-time minimum-wage jobs.