Our parents sit in the audience, cheering as we walk up to the podium to accept our college degree. But what else are we walking off the stage with; perhaps a $100,000 debt that will take decades to pay off? College tuition has been a matter of public debate for the last several years since college degrees have become commonplace and are not guaranteeing the high-paying jobs that they used to provide. Furthermore, college tuition has been growing incrementally greater each year and faster than inflation. Is college suitable and necessary for everyone? College education and the debt it incurs is an essential investment for an academic student who wishes to have a career in a field requiring a necessary level of education. However, for the remaining students who are not academically strong, while the option to attend college should exist, government policies should make it possible for these students to either get further education that can help make them flourish in college, or provide technical training to help them succeed in a vocational career rather than remain uneducated and jobless.
According to the College Board, the average cost of tuition and fees for 2013-2014 school year was $30,094 for private institutions, $8,893 for state residents at public colleges, and $22,203 for out-of-state residents attending public universities (COLLEGEdata). Although students with financial needs do receive aid to help them cover some of the tuition and expenses, the remainder of the cost is oftentimes covered with loans which are not due until after the student graduates from college. These loans can add up to a large amount in four years. In a job market where jobs are plentiful and college graduates are in short supply, the investment can be well worth it, but in an economy where jobs are scarce, the college graduate can find it very difficult to pay off these loans.
College has traditionally been a vehicle for graduates to find meaningful, high-paying jobs. College is also an opportunity to grow and try different things that you would normally not try, learn about different subjects you would normally never learn about, and explore possibilities you would normally never even know existed. This is the hidden meaning of higher education and investing in one’s future growth and change is worth the extra price tag. While a college degree can help in an individual’s career, it just as importantly, helps in one’s life choices and decisions. Dr. Richard Vedder, Director of the Center for College Affordability and Productivity, states that with a flooded market of college graduates, even college degrees are being required for working as a bartender (Weber). If a college student is usually more disciplined and hard working, then wouldn’t he transfer those same habits in his bartending job? This is why a bar owner would prefer a college graduate— because the owner believes that the college graduate would make better choices and work harder.
What can be said about the college default epidemic that has seized the United States? Why are there so many loans in default and so much mounting tuition debt? If the government didn’t give out so many loans, then many students would not be college drop outs who are still paying off one or two years of college loans. One out of every six borrowers with a loan balance is defaulting (Martin). At the same time, borrowing money is a serious decision that should not be taken lightly. Students who are not sure about whether they can repay the loans or whether they really want to go to college, should not undertake it until they are certain that they can make the commitment. Some students should work a few years before attempting to attend college. Many students accept jobs in companies that offer college reimbursement and attend school in the evenings. Other students work a few years to collect some money to pay for college. There are many other options to paying for college as well, like scholarships or attending schools that offer need-based grants. Although proponents argue that by restricting the amount of loans, we are taking away the chances of some students to attend college, in fact, there are so many colleges, that a student or adult who genuinely wants to attend college can find a way to attend it. Public as well as private institutions look for students who beat the odds and excel above their circumstances.
No matter how expensive college tuition becomes, the pressure to attend the best college will always encourage every student at every level to strive hard to be admitted. Part of this is social pressure and the other part is practical because to work in a field that pays relatively well, one must have a college degree. On the other hand, students who are unmotivated and undisciplined will struggle in whatever setting they are placed in but more so in the college atmosphere where handwork and internal motivation is a necessary formula for success. Tuition will continue to spiral and grow as long as colleges continue to compete with each other for students. Alas, loans will continue to grow as long as the government parcels them out without discretion or standards. The government, in its well-meaning distribution of loans, is creating a generation of young adults that are drowning in loans instead of building a nest egg for their future needs. Are college graduates starting their adulthood in debt? Sadly, it appears so.
Sources:
Martin, Andrew. "Debt Collectors Cashing In on Student Loans." The New York Times. The New
York Times, 08 Sept. 2012. Web. 17 Nov. 2014.
Weber, Lauren. “Do Too Many Young People Go To College?” The Wall Street Journal. Dow
Jones & Company, 21 June 2012. Web. 17 Nov. 2014.
“What’s the Price Tag for a College Education?” COLLEGEdata. 1st Financial Bank, 01 Jan.
2014. Web. 17 Nov. 2014.
