On Feb. 3, the U.S. Secretary of Education’s Commission on the Future of Higher Education is holding a meeting in San Diego. It will discuss questions about access, quality, cost and more — an awful lot for one meeting. As a student facing these issues right now, there’s really just one question on the commission’s agenda that I care about: “What is the true cost of a college education?”
For me, and for millions of other students around the country, the true cost of a college education is more than just dollars: It’s debt. Debt from student loans can take a lifetime to pay off and have major consequences. When I start paying over $200 a month on my student loans, how will I save for retirement, buy a house, start a family or even afford to work in my chosen field (teaching, social work, etc.)? Plus, Congress just approved higher interest rates for student loans: 6.8 percent for students and 8.5 percent for parents. That could mean thousands more in interest payments for borrowers like me.
Student debt is already the highest it’s ever been: Two-thirds of full-time students at four-year schools have student loans, and their average debt load grew a whopping 60 percent over the last decade. That’s because even public universities now cost more than most people can afford, not to mention other necessities like housing and textbooks. Nationally, students graduating from four-year public colleges in 2004 had an average of $17,600 in student loans.
As for myself, I am the first person from my family to attend a university — a dream my family has fought for me to achieve. The importance of going to college lies with the ability to give back to the community from which I came, the ability to give someone hope.
The importance of going to college is to know that one day you will be able to give back to society through teaching, social work, health care, and numerous opportunities that can influence change within our country. Having to borrow money through loans puts a significant burden upon those going through the college system. Not knowing whether I will be able to find a job that would allow me to make payments to my loan lender, pay rent, afford affordable health care, and so on. I am a student who has to work in order to afford my status in the university. I work full time, carry a full-time class load, and maintain advocacy on behalf of the students at UCSD. By the time I graduate, I will be $25,000 in debt, which leads me to doubt whether I will be able to afford to go on to attain my master’s degree and eventually my doctorate degree.
Everyone tells you that borrowing for education is a good investment, that you’ll make a million dollars more than people with just a high school diploma and that you should do whatever it takes to get that degree. And we do, because a college degree is just about the only way to get into, or stay in, the middle class. But student debt can hold you back, instead of helping you get ahead like college is supposed to. Not everyone gets a high-paying job when they graduate. Even if you do, what if the company goes under, your car breaks down or your mom gets sick? A hefty student loan bill every month leaves too many young adults without anything to fall back on when times are tough.
Student debt is the true price we pay for college: We pay a lot longer than it takes to get a degree, not to mention a lot more than we actually borrow thanks to a nearly incomprehensible system that keeps piling on interest and fees even when struggling borrowers do everything right. In a case from Seattle, the U.S. Supreme Court recently ruled that the government could even take money out of retirees’ social security checks if they still owe money on their student loans.
Having to borrow more and more to get a decent education makes college riskier instead of more accessible, limits our choices of schools and careers and jeopardizes the quality of our education. If the commission is truly concerned about access, choice and quality, then it should address the growing problem of student debt and consider reforms to our financial aid system. Student loans should help increase opportunity, not condemn the college-educated to financial instability.
Christopher T. Sweeten is the A.S. President.
