By: Bridie Beamish
National/World Editor
As numerous selective universities across the nation raise their costs of attendance to 100,000 dollars, the importance of a higher education becomes increasingly more vital while simultaneously less accessible. While these 100,000 dollar universities are certainly the minority, in the past three decades the average cost of attending a private college in the United States has tripled to around 50,000 dollars annually, while public university fees have increased to about 25,000 dollars per year. These costs are far too high and perpetuate a wealth gap among Americans, fostering cyclical economic struggles and disparities. It is critical that the cost of higher education is lowered to create equitable and equal opportunities for a larger proportion of American students.
According to the Education Data Initiative — after adjusting for currency inflation — college tuition has increased 747.8 percent since 1963. Today, Federal Student Aid under the Department of Education declared that 43.2 million Americans hold federal student loan debt, with a total national balance of over 1.6 trillion dollars. Additionally, Black, Hispanic, and Native American students hold much higher rates of debt in comparison to White and Asian students, exacerbating wealth gaps, as well as economic and racial inequality. For instance, the average amount owed as a percentage of amount borrowed among federal student loan borrowers is 105 percent for Black individuals, compared to 63 percent for Asian graduates or 73 percent for White graduates.
While recent leadership has taken measures to reduce the student loan debt crisis, it remains imperative that education costs diminish to prevent the student population from grappling with debt years after graduation, impacting their ability to reach the same success as those who are wealthy enough to be free from student debt. Additionally, the costs of education significantly deter many from attending, resulting in less diversity in the workplace and significant setbacks for society and racial and economic equality. Ultimately, a better educated society is a more diverse and advanced society. To improve societal systems, we must see education as a crucial and invaluable factor in evolving.
The benefits of a higher education go beyond mere career opportunities. An educated population has less unemployment, reduced dependence on public assistance programs, and greater tax revenue. It further results in the reduction of crime, better public health, and higher turnouts of political and civic engagement, positively impacting voter turnout and involvement. Society should not see higher education as a privilege, but rather a right of all individuals, granting them access to success, which will thereby benefit society as a whole. Therefore, we must work to reduce higher education costs to foster the betterment of individual lives, the economy, and the public.
(Sources: CNN, CNBC Council on Foreign Relations, NY Times)