Do the ends justify the means?

David Lai

The recent increase in college tuition has been a major problem facing students everywhere. Even in a declining economy, the average price of a bachelor’s degree is now higher than ever. And to add to the problem, available financial assistance hasn’t increased at the sharp rate that tuition has. According to Finaid.org, four-year undergraduates leave college with an average cumulative debt of $27,803, while graduate and professional students borrow anywhere from $30,000 to $120,000.

Such large debts are hurting new college graduates, especially those who can’t find work in their fields. According to Liz Weston, “Many newly minted graduates find their loan payments are so big that they can't save for other goals, such as a house or retirement.” In addition, according to Christine Dugas, “the sour economy is preventing employers, parents and relatives from helping those who are behind on payments.”

Even bankruptcy doesn’t present a way out of the accrued debt. According to Dugas, “Bankruptcy law allows for discharges of credit card debt, car loans and even gambling debt, but not student loans.” Instead, the graduate must attempt to claim “undue hardship,” which requires debtors to file a lawsuit against the creditors. This process alone costs thousands of dollars to arrange.

Prospective students need to be informed of the implications of potential debt before selecting a college. While many advisors advocate that tuition cost shouldn’t play a role in the college selection process, the reality of the situation is that there are far reaching consequences to disregarding the economics of higher education.