Recently, the national student loan debt has hit $1 trillion dollars. With many students graduating with an average of $40~50,000 dollars of loan debt and with zero job prospects, it’s not hard to see why so many young adults are angry. I’m angry about it! Hell, we have an entire generation being left with lots of debt and virtually no way out it!
What is the problem here? How did we get to this point?
I think a major problem is how the entire system is set up. We have universities spending exorbitant amounts of money on recruiting and marketing to increase enrollment, as well as charging overly inflated tuition prices, and yet spending so much less per student for their actual education. We have many for-profit (a.k.a. private) institutions that place making profits for the administration, rather than spending it on the student. One senator from Iowa compiled information from universities around Iowa, for a report that documents and discusses the problems with the current system. Though the report doesn’t discuss the public institutions, the same problems affect those as well.
When we have educational institutions – public or private – that place a greater value on making profits than actually providing a quality, what message does that send to the students who are enrolled there?
Here’s an infograph I found that might help put it in an easy-to-understand manner. Here’s another one, and a few more. These graphs, and the blogs in which they’re featured, further highlight the problem many college students are facing today. It’s not just in the US, but in the UK and even in developing countries.
So, how can we solve this problem in a time-appropriate manner? What can governments do to help reduce student loan debt? There are so many questions that need answers, but I fear they won’t be answered soon.