Opinion

Higher education unadvisable in economic depression

 The U.S. Census Bureau found in 2005 that 22 percent of Americans obtained a bachelor’s degree, the highest proportion recorded. By 2009 that percentage jumped to 38.5 percent. The same census showed that a college graduate would make $49,675 more per year on average than a high school graduate. College recruiters far too excited about Pell grants and overzealous guidance counselors throw around statistics like the preceding to convince students that going to college ensures a fat salary. They do not accurately represent the logistical and economical difficulties associated with enrollment, giving students unrealistic expectations about life after college.

 The Project on Student Debt estimates the average debt for a 2009 bachelor’s degree recipient to be $24,000. The increased salary for college graduates would normally make this debt manageable but the John J. Heldrich Center for Workforce Development found only 56 percent of 2010 graduates were able to find work, while the U.S. Department of Education found 63 percent of students who entered university attained a degree.

 In addition to this, the U.S. Bankruptcy Code states that if a person were to declare bankruptcy, student loans may not be discharged unless the debtor can prove they faced undue hardship. Unless a debtor dies, the government will make sure to break even on their investment. Enrolling into a prestigious private university will by no means ensure a job or even a degree, but students will have to compensate the school regardless of their success.

The societal benefits of universal education are unambiguous and the expansion of knowledge is an ideal to be strived for. But the benefits of universal education only materialize when every youth is given not only the opportunity to learn but the opportunity to apply their newly-found knowledge. Baby-faced college graduates cannot do so when inundated with bills before their feet hit the ground. Even citizens with their student loans paid off find it difficult to manage their finances effectively in this recession, so the belief that recent graduates will not be consumed by their debt if federal protections are not enacted serves only to feed a broken system.

College Board found a 1.4 percent increase in the cost of tuition for each family every year from 2005 to 2010, a rate much higher than overall inflation rates. As the government grants aid to students, instead of the universities, tuition rates are adjusted accordingly. If the government were to subsidize public universities directly rather than the students themselves, students would not spend such a large portion of their lives accumulating interest in debt.

The Occupy Wall Street protestors demand a more financially viable postsecondary education system, serving as a warning for those who wish to major in a liberal art like philosophy or English instead of a field with more job security. Until the federal government begins enacting legislation to protect unemployed students from debt, prospective college students should be wary about how easy it will be to find a job in their chosen field and whether or not they can succeed in a collegiate environment.