The Price Of The American Dream Is Raised

Education is the key to succeeding in our society.  Study after study has shown that the more education a person has, the greater his or her earning power.  Of course, a high school diploma is no longer enough to ensure success, and in some fields, even an undergraduate degree is not enough.  Yet, the price of higher education is rising faster than wages.

Nationwide, four-year public universities have raised tuition an average of 40% since 2001.  Recently, the University of Texas announced that tuition will increase 12% this fall at UTSA. You would think this is the time for the government to help families afford college. 

But, the Republican controlled Congress chose to do the opposite and actually cut funding for student grants and loans.  In February, Republicans reduced loan programs by $12 billion, while every Democrat voted against this funding cut.  This legislation will make paying for college harder for the people we should be helping: the working and middle classes. 

Last week, Democrats tried to undo some of this damage.  We wanted to change the Higher Education Reauthorization Act to cut interest rates in half for student loans.  That would have meant thousands of dollars less in interest payments for graduates and parents who worry about how to pay for college.  Yet, the Republicans voted against it.  Moreover, the same bill freezes Pell Grants, awards designed to help low income students go to college.  Yet, the funding for this program has not increased in the last few years and when adjusted for inflation, the Pell Grant is now worth less than it was in 1975.

Because college costs are increasing and the Republican controlled Congress refuses to help, students are graduating with more debt than ever. In 1993, one-third of students graduated with educational debt, and today two-thirds of graduates will have to worry about paying student loans. Being handcuffed with thousands of dollars of debt can make it difficult to afford to work an entry level job and get by.  Moreover, many graduates simply cannot afford to work in public service jobs like teaching or social work.

The benefits of an educated population are bigger than just the individual.  The entire community benefits from a more educated population.  The more educated a workforce, the higher the earning power, the bigger the tax base and the more likely it is for businesses to move to that community.  Moreover, in order to maintain our place as the world’s economic power, America needs to keep pace educationally. 

Every American dreams of making a better life for their children, and education is the route for to improving one’s lot in life.  We need to improve our education system on all levels, but we particularly need to keep college affordable.  Otherwise, we will close off an avenue many use to advance in life.