College Should Be Free: Student Loan Debt

Introduction: The Case for Free College Education

College is recommended for most to be successful in life. However, more often than not, it can cost significantly more than what many can afford. Whether it is the cost of books, classes, or a dorm room, a college student can feel burdened by the high prices of essentials needed to attend classes. College should be free for everyone because some of the brightest students might not be able to afford it. Many more people would be excited to attend, and it would drastically reduce the total amount of student loans. These reasons, along with many others, justify why college should be free. The costs of attending college have risen dramatically in recent years, leading many to opt out of attending college, while those who do often struggle with student loan debt that follows them throughout their lives, and sometimes even into retirement.

Accessibility and Affordability: Barriers to Higher Education

For a high school student who is at the top of their class, getting accepted into colleges of their choice should be straightforward. Acceptance isn’t the problem; the real issue is that the same student may not be able to afford classes, books, and transportation due to financial constraints. Colleges often justify the high costs as a way for younger generations to learn financial management, maintaining the status quo. According to College Raptor (2020), some students drop out of college because they cannot afford tuition for all four years. Furthermore, if colleges were tuition-free, graduation rates could improve significantly. The students who were top of their class in high school, and even those slightly lower, would have no reason not to graduate. As noted by Student Debt Relief (2019), we are wasting our best resources: “High school students with the best grades, particularly when they come from a low-income household, are not necessarily the ones who go to the best schools. Even though some might have been the most successful students in high school, they often see little choice but to attend lower-rated, more affordable colleges. That’s if they are able to attend college at all.” These students, who settle for lower-rated colleges, could have contributed to groundbreaking medical advancements or other innovations that could benefit society.

Reducing Student Loan Debt: A Path to Financial Freedom

Another compelling reason for free college is the potential to drastically reduce student loan debt. According to CNBC (2018), 70 percent of college students graduated with a significant amount of student loans. The same source reports that over 44 million Americans collectively hold nearly $1.5 trillion in student debt. This means roughly one in four American adults is paying off student loans. In contrast, countries like Denmark, Norway, Sweden, Iceland, Mexico, Germany, and Finland do not charge for tuition, viewing education as an investment in the country's future rather than a giveaway program. The percentage of GDP spent on education in these countries is not significantly higher than what the United States currently spends. The US spends around 1.36% of its GDP on post-secondary education, while Finland spends 2.08%, Norway 1.96%, and Germany 1.35% (OECD, 2020). Studies show that student loan borrowers now graduate with an average of $37,172 in student debt, which is equivalent to a down payment on a home, purchasing a new car, or even covering the cost of a wedding. This situation raises an important question: Do we really want to set our “Future” up for failure with insurmountable debts? If college costs were reduced or eliminated, students could focus on paying for reasonable expenses or have none at all, allowing them to start their adult lives on a more stable financial footing.

Increased Enrollment and Economic Contribution

Free college education would also encourage more people to pursue higher education. Individuals from lower-income backgrounds would feel relieved, knowing they can attend college without the looming threat of debt. This access would enable them to graduate instead of dropping out or not attending college at all. Free college could open up more opportunities for intelligent students who want to go to college but cannot afford it. Although the academic workload would still be challenging, students would experience less stress knowing there are minimal expenses to worry about. With a college degree, they could contribute more significantly to the economy by purchasing homes instead of renting apartments, buying cars, and exploring the world.

Potential Challenges and Conclusion

On the flip side, the introduction of free college could lead to a surge in enrollment from individuals who are not genuinely interested in pursuing higher education but feel pressured to do so. This could result in overcrowded campuses. However, this scenario is unlikely, as there may still be some expenses associated with college, and the rigorous academic demands would deter those who are not serious. Currently, college can be prohibitively expensive for some, which should not be overlooked. College should be free because some of the smartest students coming out of high school might not be able to afford all the costs. More people would be eager to attend college with reduced prices, and a free college system could significantly reduce the amount of debt students accumulate.