For many, college is an extremely stressful time. Much of this stress can be attributed to the colossal expenses associated with post-secondary education.
I have experienced the stressful nature of college expenses firsthand. My post-secondary education will cost approximately $250,000. In order to afford this exorbitant cost, I will have to take out student loans and my dad will be selling our house. My story is one of many.
PV Alumni Madison Foley chose to invest in college as well. “Cost of tuition definitely has played a significant role in my educational choices,” Foley said. “I chose to stay in Iowa for undergrad primarily because out-of-state tuition was so high. The same thought process applied when I chose a law school. I chose to attend Florida State because the scholarships they offered me made it the most affordable.”
With the price of college on the rise, crippling student loans and immense sacrifice are the reality for many students wishing to continue their education. Collectively, Americans owe approximately $1.6 trillion in student debt.
Valerie Tucker is a guidance counselor at PVHS who believes the price tag of post-secondary education often prevents individuals from pursuing it. ”Some are too intimidated by the cost to even attempt a post-secondary education,” Tucker said. “They intend to go, but don’t know how to access financial aid, have to work to help support their families, financial aid isn’t enough to cover the cost, etc.”
Sometimes college students become so overwhelmed by debt they leave school without receiving a degree or pursuing a post-secondary education altogether.
Additionally, Tucker believes it is irresponsible to choose a school without considering the return on investment. “I do not believe there is a ‘perfect’ school for everyone,” Tucker stated. “Being able to find a school/program that is a good fit AND is financially attainable tremendously increases the likelihood that a student will graduate.”
The financial factor of college is a large determinant of where, or if, one may attend and/or complete school.
However, it does not have to be this way. Currently, many legislators on the left are urging President-elect Joe Biden to utilize an executive order to eliminate millions of dollars in federal student loan debt.
But how much student loan debt should be forgiven? While some want all student loan debt to be erased, others believe only a portion should be.
Eliminating all student loan debt would be an extremely expensive and unreasonable demand of taxpayers, but canceling a portion of student debt is completely feasible.
Excusing $10,000 in loans would cost between $250 and $300 billion, the Congressional Budget Office estimates. Additionally, the National Conference of State Legislatures determined the average post-graduation student loan balance is approximately $32,000 dollars.
Ten thousand dollars would account for about a third of the average borrower’s debt. While not completely eliminated, borrowers’ burdens would certainly be eased.
Along with excusing this debt, legislators must make public colleges and universities free for future students. Eliminating tuition for all public colleges and universities would cost taxpayers around $79 billion a year.
The benefits are well worth the price tag. College should not be a commodity. Whether rich or poor, every individual should have an equal opportunity at achieving success. Legislators must level the playing fields by providing the opportunity for Americans to attain a free education.
