College Should Be Free: Student Loan Debt
It is highly recommended that everyone attend college to succeed in their lives. It can be expensive, and often costs more than one has. Many times, college students feel devalued when they see the prices of textbooks, class fees, or dorm rooms. All students should have access to college because even the brightest ones may not be financially able to pay for it. The number of people who would attend will increase, and the amount owed by students to them will decrease dramatically. College should be free for these reasons and others. Many people have decided not to go to school because the costs are so high. For those that do attend, student loans can be a burden that will follow them for their entire lives, and in some cases, even after retirement.
It is true that a top student in high-school should have no problem getting into a college of his or her choice. The problem isn’t in that part. The issue is that the student’s family cannot afford to pay for all the necessary classes, transportation, books, etc. The colleges will probably say that they want to help the younger generation learn to manage their finances, so they’ll keep the costs the same. According to www.collegeraptor.com, some students drop out of college due to the fact that they do not have the ability to pay for tuition for all four years. A website claims that the graduation rate of college could increase if a college offered tuition-free.
The people who had the best grades (and sometimes even slightly lower grades) in high-school are most likely to have no other excuse for not graduating. On www.studentdebtrelief.us, it is said that we are wasting our best resources. The website quotes this sentence: “High school students who have the best grades are not necessarily those who get into the best colleges, especially if they are from low-income families.” They may not have had the best grades in high-school, but they are often forced to attend less expensive colleges. It’s only if they have the opportunity to attend college.
Next, free college could dramatically reduce the total amount owed by students. According to www.cnbc.com, 70 percent of students who graduated from college in 2018 had a large amount of debt. The website states that nearly $1.5 trillion is owed by 44 million Americans. It is estimated that approximately one American adult in four pays back their student loans. Denmark, Norway and Sweden do not charge tuition. Education is seen more as a long-term investment than a freebie. The United States currently spends less than 1% of its GDP on higher education. US education costs are around 1.36% GDP. Finland spends 20.8 percent, Norway 1.96% of GDP and Germany 13.5 percent. Students who borrow student loans graduate with an estimated $37,172. This amount is equivalent to a downpayment, the cost of a new Ford F-250 car, or even a new 3Audi A4. Consider this. Are we willing to put our “Future”, and all the debts they will have, at risk of failure? If college costs could be reduced or simply eliminated, people would either have debts that are reasonable or none.
Third, college will attract more students. People with lower incomes, as we discussed above, will feel relieved and happy to be able to attend college without worrying about debt. Now they don’t have to stop going to school or drop out. They can actually finish college. The free education for college could help more students go to college who are intelligent but lack the funds. Although the students would still have to work hard and study hard, they wouldn’t have as much stress because there is little or no expense to worry about. They can now purchase a bigger house than an apartment. They could also buy a car.
The flip side could be that there would be a large number of people enrolling in college who are not serious about attending but are just trying to get away from their parents. It could result in campuses being overcrowded with students. It’s unlikely that this will be the situation, as there could be expenses and work for college which would overwhelm someone who doesn’t intend to go. Currently, the cost of college is too high for many people. College should not cost anything because the best students may be unable to pay the entire price. College could be more affordable for many people, and this would reduce their debt.