As the fall semester comes to an end, many high school seniors are submitting college applications and receiving admission decisions. Many students check their emails and mailboxes every day for that one document that is going to change their entire lives. While admission to a college is a step to a successful life, one major hurdle aims to make it impossible for students to reach their goals: student loans.
It is not breaking news to any parent that college tuition is rising, and that is only the beginning. If a person wants to attend a university out of their home state, with tuition, housing, student fees, books, and other institutional fees, they are looking at upwards of $50,000 a year. Most parents and students get federal student loans to cover most of the cost of college, which while beneficial at first, can be a jail sentence later in life.
Federal student loans seem to be a great choice for a person looking to attend college. Their low interest rates make them stand out against those from private banks. However, it was recently released that the federal government is profiting from the debt of young adults looking to get an education. The government made $41 billion dollars from the interest of student loans in 2013, which is more money than any company made in the world besides Apple and Exxon Mobil. They also stick around if you happen to go into bankruptcy, meaning you still have to pay them off even if you have no money to pay them off with.
The biggest hindrance to come to mind when one thinks of a free college education would be the cost to the government. Luckily, the United States can most definitely afford it. If the federal government were to pool together the money it would have used for student loans, grants, and state grants, it could easily be able to pay for a bachelor’s degree for anyone who wants one. The money would not only pay for tuition, but also books and housing, which combined can be higher than the tuition.
The middle class is hurt the most by high tuition fees, which creates an economic disaster. A large, relatively affluent middle class is the backbone to the economy, but the United States has an ever shrinking one that is becoming poorer every year. Free higher education would allow for middle class families to spend the money they would have spent on college on other things that stimulate economic growth. Once a student graduates, with no debt to hold them down, they would be able to instantly start spending the money they earn, stimulating the economy even more.
The demand for free higher education has been very quiet in America, but that is changing. Americans are being drowned in ridiculous debt that is in all ways unnecessary, and once they wake up and realize that they should not be indebted to the government for a higher education, real change will take place. That change will finally put America back on the path to prosperity. http://money.cnn.com/2012/10/24/pf/college/public-college-tuition/
http://blog.nj.com/njv_editorial_page/2013/08/college_for_free_america_can_a.html
