With the presidential candidates beginning to weigh in on the high price of a college education, maybe families will finally get some relief from the crushing debt resulting from seemingly endless tuition hikes. ADVERTISING With the presidential candidates beginning to
With the presidential candidates beginning to weigh in on the high price of a college education, maybe families will finally get some relief from the crushing debt resulting from seemingly endless tuition hikes.
The problem has gotten worse since the early 1980s, when tuition growth began outpacing median family income, making college less attainable for the middle class and for families trying to reach that level. As a result, students attempting to achieve the dream of a college education have amassed a record $1.2 trillion in debt.
Some analysts say student debt could become more destructive to the U.S. economy than the recession-related mortgage crisis, as debt-ridden graduates put off buying homes and starting families.
Seeking votes among that group, Democratic presidential candidate Hillary Clinton has introduced a college affordability plan that could cost taxpayers $350 billion over 10 years. The plan includes ideas promoted by President Barack Obama, such as indexing some student debt to income, which is being done now, and allowing students to refinance loans much as property owners refinance mortgages. By cutting federal interest rates, Clinton would reduce the billions in profits the government earns from student loans. She would also require colleges to be more fiscally accountable.
Other candidates have offered less-detailed proposals to cut college costs. Sen. Bernie Sanders wants tuition-free public colleges. Republican former Florida Gov. Jeb Bush is expected to announce his college affordability plan in a couple of weeks.
Sen. Marco Rubio, R-Fla., is pushing alternative and vocational schools. But Rubio and others should resist the idea of subsidizing for-profit institutions that have produced dubious academic results.
The college affordability crisis has caused lower enrollment at many small private colleges, and some have closed their doors. A number of historically black colleges are facing extinction and some Catholic colleges also are struggling.
Schools must be thorough in evaluating exactly what it must provide to ensure that students get a meaningful education at a cost that does not require them to struggle with debt years after receiving a degree.
Government has a role to play, too, so it’s good to see the presidential candidates address the issue. But they need to offer more than sweet talk to get votes. They must offer realistic plans that make college more accessible.
— The Philadelphia Inquirer
