I was reading this article on employers helping to repay student load debt over at Y! yesterday. Pretty cool that companies are starting to realize student debt is a huge burden which is an issue that is only growing.
While I think this is a huge help to those college students entering the workforce, to me it’s just a kind of band-aid on a bigger issue – the expense of going to college. My youngest started at the local community college just this week. He’s taking a full class load and tuition for the semester was just over $2.6k. A deal actually as far as college tuition goes. In contrast, the four year school he is eyeing to go to after his two year stint at the community college is just under $15k a semester. Maybe I’m out of the loop on college costs, but $15k a semester?!? Now I understand this is an exceptional school for his career focus, but wow, $60k for two years of schooling!
The more I thought about it, aren’t we as a society, hurting ourselves? Forget for a minute the student and his or her mounting debt that will follow them to their grave. If the cost of education it putting off potential students, who is that really hurting? For example, with the Affordable Healthcare Act and a larger portion of the population aging, we will have a need for more doctors. We’re already seeing the affects in the South with a shortage of doctors. So while schools continue to be increasingly expensive to attend, our country as a whole will suffer because of a lack of interested students.
I mean, who can blame students these days? The average student load debt is about $30k. And that’s just for a four year university/state school. The debt increases if it’s a private college. I don’t feel a little debt is necessarily a bad thing – there are other lessons to be learned with having the accountability of a student loan – but when you read about doctors having $100k+ in load debt, something is seriously flawed with the system. Who’s at fault? I don’t know, but I’m willing to bet the schools hold a good portion of the blame. Some hiding behind a thin veil called “non-profit”, bah.