There ain’t no such thing as a free education – Denver, Colorado

Denver, Colorado 2022-06-03 14:30:50 –

The price of the university is too low. That’s right — colleges are affordable for students who can’t afford it when their accounts are finally balanced. Unfortunately, making it “free” by allowing students to borrow only helps to exacerbate the illness of higher education.

Since elementary school, students are said to be guaranteed success by checking a particular set of boxes (getting a college degree, ✓) from virtually every adult. Parents, educators, and university managers have become converts.

And why shouldn’t they?People with a bachelor’s degree earn an average salary 84.7% higher Than a worker with a high school degree. Nationally, the average salary for bachelor’s degrees is $ 92,608 and the average salary for high school degree holders is $ 50,151.of ColoradoThe average salary for bachelor’s degree workers is $ 92,777, and high school diploma workers (54,117), according to figures from the Thomas Fordham Foundation, which AP News describes as a “conservative devotion” organization. It is 71.4% more than the dollar).

The numbers don’t lie, right? perhaps.But we talk using this story averageWhen Average masks important details such as fluctuations — Graduation salaries are an important part of this story, as they vary greatly depending on: Where They got a degree and chose Major..Labor market results like Unemployment rate, Underemployment rate (Holding a position where your degree is not a prerequisite), and revenue growth is also different. Areas that are considered difficult, such as engineering, computer science, and finance, are less popular among students, but have higher average returns. On the other hand, in less difficult majors such as arts, humanities, and education, the popularity is high, but the salary is low. This fluctuation can distort the salary distribution so that a small number of high-income earners raise the average and hide the frequency of low-income earners.

detail: Current and former Colorado students weigh the pros and cons of student loan forgiveness

Currently, the contribution of financial assistance does not take these fluctuations into account.Assistance is given regardless of whether the student plans to study philosophy or engineering Based solely on student education needs and costs.. Any relationship between the price of education today and the price you have to pay tomorrow will be broken. After investing, graduates will only be aware of the full cost of education if they are tied to certain skills that may or may not be evaluated by their employer.

The widening gap between the expectations of students entering and graduating from college is that Recent research This shows that students overestimate their starting salary by an average of $ 50,000. Graduates are having a hard time paying. And because fixed rates and flexible repayment plans aren’t mixed, managers can still witness an increase in debt (who guessed?).

The surge in debt is not surprising. Easy access to loans stimulates demand for college degrees, which in turn encourages colleges to increase tuition fees. More aid, higher prices, more debt.

There is a loan Suspended until August 31stThe future of higher education is full of uncertainty. President Biden And other Democrats have proposed a panacea for student loan allowances — Proposals to attract attention among voters..

Not everyone responds to incentives in the same way, but we should expect forgiveness policies to produce the following results:

  • Attendance at high school: Despite the fact that many students are perfectly suited to build a successful career without a four-year degree, more students go to college than any other way, so “the road doesn’t go” The value of “is low.
  • Higher tuition fees: The higher the demand for attending college, the higher the tuition fee.The bigger budget Disproportionately funding management and campus equipment As the school tries to attract more students (as opposed to education).
  • Confused labor market: Choose a short-sighted major if the student has not paid the full cost of the decision in advance, or if future policies are expected to reduce financial responsibility. This irreversibly disrupts the labor market and requires corrections, as skilled workers do not appear on wrist flicks or flow from the nibs of lawmakers.
  • Future expectations: Future cohorts will expect forgiveness, leaving a loose end to unleash systematic problems. If future graduates find themselves underestimating their investment in education, they form an effective political interest group with similar demands on taxpayers. Only this time, they are armed with strong precedent.

Over the last 50 years, we have witnessed a system full of suspicious incentives. There, despite the consequences, ill-advised choices are rewarded. Forgiving students is to double this dysfunctional system by further reducing the cost of debt. And when debt gets cheaper, we shouldn’t be surprised to see it more.

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