My Degree and My Debt

I was reading this article when I noticed the statement that, "the average student now graduates with $17,500 in student loan debt." It doesn't seem that hard to know why that is, but I'm wondering if there is just a whole different approach we should be taking. Students have never been able to afford college. However, one of the major differences is that in the 17, 18 and early 19 hundreds students were just skipping the bill. Now we carry around our debt for years. I'm not suggesting a grassroots movement that inspires students everywhere to dodge thier debt collectors, but if tuition for students doesn't work and has never worked, maybe it needs to be reassessed from top to bottom.

According to this simple College Cost Calculator, a high school freshman right now can expect to pay $90,591.93 for college. If that freshman starts working at 14 (when it becomes legal) for $7 an hour and 20 hours a week over the next 4 years she will earn $26,880. If she continues to work at the same rate through four years of college she will earn a total of $53,760. That student is short $36,831.93. She almost earned 60% of what she needs. Of course this doesn't take into account any living costs that she may have such as the car or the gas to get to this job. I could go on but there is no need to. We are knowingly marketing and selling a service to customers that cannot afford it. That is unethical.

I understand the importance of the commercial approach and that marketing universities supports the quality and diversity that we have in our country. I also understand that the students are people receiving the services rendered, but all of our campus programming on being responsible with a credit cards and staying out of debt seems ironic and perhaps a bit hypocritical given the situation we are putting them in.

During a discussion with one of my instructors she mentioned that tuition made up 15% or less of the University's budget. I don't have documentation for this but if it is true, we are expecting student to take out loans, be awarded scholarships, and work part time to provide us with only 15% of our budget. It doesn't seem like much to ask but it is enough to jeopardize their grades both in high school and college, cause them extra stress and anxiety, and edge them in to counseling (financial and mental). It has the potential to keep them from engaging in their community, visiting with their faculty, or even coming to college in the first place.

I don't know what the solution is. Maybe we should cut 15% of our budget. It's not a task I would want, but it wouldn't be the first or the last time a business has done it. Maybe employers should be recruiting students the same way sport coaches do, and whichever employer is lucky enough to get me is also lucky enough to pay off my debt. Maybe every potential student in the country should be given vouchers that equal the average cost of college. If they want to go somewhere more expensive then they should start worrying about scholarships and loans. It may be crazy talk, but crazy talk may be just what we need. This problem has been around for hundreds of years, we have to completely abandon the box in order to find an answer.