Debating whether college is worth the crippling amount of debt in student loans is a hot-button issue right now. Many young people are wondering whether college is a worthy investment for their futures, and if attending a four-year university is actually worth the price of tuition.
With the sometimes prohibitively high cost of college, many young people are deciding to opt to enter the labor force immediately after high school or enter a trade school or community college. But earning a college degree from a four-year university is something that opens up many employment opportunities, and typically ones that have better salaries and career advancement opportunities.
In Massachusetts, students attending state schools and public universities are graduating with more debt than ever. Students graduating from the University of Massachusetts Amherst are often accumulating debts of around $30,000. Even though public universities are known for being cheaper options for local students who can’t afford the steep costs of many private schools, these students are still ending up in massive amounts of debt.
Public universities should be the financially secure option for students to rely on if they would like to avoid having whopping amounts of debt.
State schools are intended to serve students in their respective states. But in Massachusetts, state schools are still an expensive option, with tuition at University of Massachusetts Lowell amounting to $27,300. Because of these high public school tuitions, students choose to attend private universities which are often able to offer better financial aid packages or grants that deduct a significant chunk of the expenses. Private universities are equipped with more financial resources to accommodate students who can’t pay full tuition from their parent’s pockets. Even other state schools — whose prices are cheaper than those of Massachusetts — are attracting Massachusetts students.
For the Commonwealth, this is problematic for many reasons. With so many of its students choosing to attend universities out of state, many of them end up relocating to these new cities and states after maybe landing an internship there after graduation. This creates a talent drain, with young people often choosing to stay in the states of their alma maters after graduating. Additionally, many international students attend and enroll in prestigious universities in Boston, earn their degrees, receive a quality education and then return to their homelands. So when domestic students aren’t able to afford an education close to them, it hurts both students and the state. If public schools are supposed to provide an education to local residents, but they are too expensive for these students to do so, this points to a flawed system.
The easiest answer to the debt issue is suggesting these students attend community college. But this is a temporary solution to a growing problem, and certainly not the answer. Because community colleges are so cheap, state schools feel obliged to charge more for tuition, and this is evidently happening in Massachusetts. In addition, there seems to a certain stigma surrounding attending community colleges — even if they’re the cheapest option. At many high schools, students feel pressured to attend a well-ranked four-year university.
The problem at the end of the day is that students at public and private universities still acquire a substantial amount of debt. This is a cyclical issue and one that warrants change. Signing your life away to debt is not a way anyone should live. Students who are cognizant of the fact that they’re going to acquire substantial debt still don’t grasp the severity of debt they’re in until they are. In the long run, these individuals are inhibited from taking part in the local economy because they are more concerned with paying for essentials after dedicating a portion of their paycheck each month to paying off the debt.
College debts incurred by attending public or private universities are a huge problem facing students right now. If we want students to feel encourage to attain higher education and pursue promising careers, public universities should work on being more affordable and attainable for local residents who want to go there.
