This is from an old article from the Huffington Post, however, I think the ideas within it are noteworthy enough to be repeated. Barack Obama has wisely noted the need to fix America’s broken system of education. Forgotten by the wayside, however, is the dire situation facing many college and university graduates.
A post-secondary education in the States is exorbitantly expensive to begin with. A year at a “cheap” university (such as the State system in Arizona) will run you just over $5000, or roughly the same as a Canadian university. However, most publicly-funded universities cost something more like $18,000 a year, and a private institution will run you double that. Over four years, then, the average American student spends anywhere from $72,000 to $128,000 on their undergraduate education, and the vast majority require loans to do so.
Unsurprisingly, there have been calls recently for the forgiveness of outstanding student loan debt. Although I fear it will never happen, it’s a wonderful idea worth deep consideration.
Any given worker will do a better, more spirited job in a position they love. High morale amongst workers is good for productivity, and thus the economy. However, many graduates seek not the jobs they want, but any job that will pay a high salary in an effort to retire their debt as quickly as possible. In this economic climate, however, such an endeavour is an uphill battle. Not only are many of those jobs being lost and the competition growing steeper, it’s easy for the graduate to lose sight of why they got a college degree in the first place. To make matters worse, this drive is pushing people to act unethically in their jobs in order to squeeze some extra money out right at the formative part of their business career. This could be a source of a significant amount of the ethical issues which plague many job realms.
In order to stimulate our flailing economy, money must be used to support workers and their products. With the chain of outstanding student loans on their ankles, these graduates are not free to wield their economic power in such a fruitful way. The money instead disappears into the ether of the crumbling American financial system. Compared to the billions banks are requesting from the federal government, the loans – not to mention the interest payments – are drops in the bucket for the institution at large, yet devastating on the finances for the average American household.
If people finish their University or College training, why not give them some form of relief on their loans based. This will have the effect of not only encouraging people to finish their programs, but also not be as burdened with loan debt when they are done.
I think that would be something that would improve the lives of all Americans who are willing to work hard, and complete their educations.
1h