Taylor McFadden: Breaking Down the Financial Barriers to College

A college education is only worth the cost for the individuals who can afford paying for it.  Yes, a college education is definitely worth obtaining for everyone. However, this controversial question does not deserve a one-dimensional answer.  Institutions of higher education have a responsibility to make college a feasible option for everyone and to make it worth student’s time, effort, and resources. This is not a question of if college is valuable but of how colleges can make costs less of a burden to their students. If a student is willing to put the time and effort into obtaining a college degree, colleges should supply them with the financial resources to do so. This can be accomplished by increasing the amount of financial aid offered or by helping students find aid from the government and other scholarships. Today, many students often risk burying themselves in debt because they believe a college education is worth it even though they cannot entirely afford it. A college education is worth paying for if the student and their family has the resources to do so; but the costs can be too much of a burden for those without the resources. Nonetheless, a college education can be very beneficial to individuals, who can afford it; but puts others at a disadvantage due to high costs.

  Despite the potential benefits of a college education, not everyone in society has the chance to reap the benefits of higher education due to financial barriers. In the United States, if a person wants to go to college but they do not have a wealthy family, then they will most likely have to take out a loan. Even middle-class families often have trouble paying for their students’ education. Blake Ellis, a senior writer for CNN, reported that approximately 40 million people in the United States have outstanding student loans. This amount adds up to a total of over $1.3 trillion in student debt across the United States. Not only are more people borrowing money for college, but the amount that they borrow is increasing also. The Institute for College Access & Success has found that about 68 percent of college seniors at public and nonprofit colleges had student loan debt, which created a debt average of $30,000 per borrower . People go to college to get an education and the chance to make a better life for themselves, not to go into debt for the rest of their life.

  By choosing to enter college, many individuals are especially at risk going into debt with the uncertainty of being able to pay it off. Many of these individuals of a low socioeconomic status tend to be among the African American and Hispanic populations. Recently, a U.S News report “found that among 232 four-year, public schools that improved overall graduation rates from 2003 to 2013, more than half of them, or 53 percent, saw gaps between black and white students either stay the same or increase”. Colleges have failed to support this demographic due to inadequate financial aid support. Colleges already have the right to be exclusive, in terms of academics. However, it is morally wrong to exclude an entire group of individuals because of their financial limitations. By consistently increasing tuition costs and failing to support these individuals, colleges are indirectly hindering these minority students from receiving a college education and possibly a higher standard of living.

Colleges and universities can create barriers for students by supplying little monetary support for students’ education or by failing to supply their students with sufficient information about how financial aid works. In the United States, only  34% of students whose parents have  less than a college degree immediately go to college.  However, researchers from the National Bureau of Economic Research also discovered that “more low-income students would enroll in college if changes were made to streamline the complicated financial aid process”.  I believe that colleges can attract more students from this background by empowering and informing them about the financial aid system. Many colleges and universities tend to leave the responsibility of financial aid literacy to the individual and their high school. However, some students come from underfunded schools that lack the necessary support for students to seek and find financial support to fund their own education. Therefore, in order to ensure that each student has an adequate amount of support, colleges should offer more transparent and clear financial support for potential students. By doing so, not only will students benefit, but the colleges will also. This additional support can lessen students’ burdens and foster a sense of community on college campuses.

Today, there is more pressure than ever to attend college and obtain a college degree. A college degree is worth obtaining for the sake of one’s potential earnings, career options, and overall standard of living. If institutions of higher education are going to increase their tuition, they should work towards ascertaining that their institution has the necessary financial resources in place to increase their accessibility for any individual who wishes to attend. By colleges reducing their cost or supplying students with more financial resources, colleges can break down these education barriers and help students see college as an attainable goal. Recently, a few colleges in San Francisco and New York have begun making college free for low and middle-class students so that more reap the benefits of having a college education. Tuition is also expected to rise for students who are able to pay the full price. Additionally, it should also be noted that in these areas with free tuition, their living costs are among the highest in the US. Nonetheless, it is time for all colleges to start taking financial responsibility and to break down the concrete barriers to education. By making college accessible and affordable for everyone, colleges can make the United States a more productive society and fulfill its true purpose of equipping students with the necessary skills and tools to be successful.