There may be but one statement that reaches unanimous consensus on college campuses across the country this day and age: tuition costs are too high.
In yet another display of selfless idealism, President Obama once again assured major reform, this time in the way of student loans. Packaged among some 2,000 pages of health care language, the bill serves as another example of the federal government wrestling control from the private sector.
Student debt has been in recent years a very real issue in the lives of college students. Nearly two-thirds of students use student loans to help finance their education, and student debt, on average, ends up being around $23,000 by the time of graduation.
Not a paltry sum, certainly, but well worth the benefit as college graduates enjoy, again on average, a $43,000 annual salary.
No one enjoys debt, which begs an answer as to why the federal government is burdening even more of it for the sake of socialization.
Student loans are messy, that’s certain. It’s an unfortunate consequence of demand that so much debt must be accrued to be competitive in the job market, but one can’t help but be wary of the direction reform has taken us. If ever there were an omen for a failed venture, taking over the private sector would be it.
The federal government, headed by Obama, has opted out of steady student loan reform in favor of an all or nothing approach.
But what exactly does Obama’s package include?
In addition to his social activism, Obama is encouraging students to opt out of the private sector in favor of Americorps or the Peace Corps.
In exchange, the government will offer student loan forgiveness. All it requires is 10 years in the public service.
Reform is not a bad thing, but it potentially does more harm than good. The effects of this and future student loan reform will be long lasting, and by elbowing out the private sector from these decisions, the door will be open wide to even more tedium and bureaucracy than usual.
Progress should be made, but no decisions should be reached without thought and hesitation. If we don’t, we risk losing more than just debt.
The government has put us all at great risk shuffling through legislation under our noses, and students have a right to be concerned. By removing the alleged “middleman,” we also lose another level of security and accountability, without which we cannot be certain of what’s to come.
It’s wise to remember that things never get smaller and less complicated in relation to the federal government, and bureacracy does nothing to aid any student.
Even if the government does not excercise patience and wariness, students in pursuit of loans must.
No one, including the president, can tell where this path will take us.