The Question is Why is College Debt So High
Yesterday U.S. Senator Debbie Stabenow talked with Western Michigan University students about the staggering cost of attending college. I believe this is something all of us can agree on, the cost of attaining a college degree appears to be too high.
The question though is why is the cost of college so high? Why do these students have to take on so much debt to attend and attain a college degree?
That is the crux of the issue.
Mlive.com is reporting that 63% of Michigan students graduate from their colleges with debt related to their schooling. In fact in 2014 the average amount of student loan debt for a person graduating from a 4 year Michigan College or University is approximately $30,000.
Senator Stabenow wants to allow college students to refinance their loans at rates that are now being offered to students. Those rates range from 3.86% for an undergraduate degree to 5.4% for a graduate degree. Senator Stabenow has authored a bill titled Reducing Educational Debt (RED) which would make that possible to refinance those loans.
The President of the College Democrats at WMU is quoted in the article stating:
"I avoided college because of the cost, but statistics show you do better and earn more if you have a college degree." He went on to say "I have friends who've graduated and said the job market is tough ... I'm worried I won't find a job after school and will have to start paying back loans around the same time."
The President of WMU College Democrats then added this:
"It's such an important issue, the more we educate people, the more we can solve this problem."
The problem though is who is educating parents and students about this problem and what are they telling them?
Are they giving them all sides of the debate or just one?
For instance Senator Stabenow blames decreased state aid but never addresses the root cause of the problem and that is the ever increasing cost the colleges are charging these students. She does not address the fact that year after year after year colleges and universities increase their cost far about the inflation rate.
Why must they do so?
Who controls these colleges and universities and decides on what is taught and how much they charge?
Why it is the administrators, and what ideology do a vast majority, I would estimate somewhere in the 90 percentile, are liberals.
So a question for Senator Stabenow is why do people who follow her ideology feel the need to charge these students so much?
Do the students understand that the concern and anger at the cost of college should be directed at the college administrations and the palaces and some would say huge (Bernie and Trump) salaries these people are making?
Let’s talk about this today on The Live with Renk show, which airs Monday through Friday 9 a.m. to noon, to let me know your thoughts at (269) 441-9595.
Or please feel free to start a discussion and write your thoughts in the comment section.