15 October,2024
Table of Contents
Saving for a college education begins as soon as a child is born. Higher education has always been expensive, through perhaps over the years, the expenditure has reached astronomical levels. Perhaps a closer look at the price comparison chart below will give you a better idea.
You might want to sit down for this.
| Year | Public Colleges (4-year course) | Private College (4-year course) |
| 1963-1964 | $243 | $1,011 |
| 1993-1994 | $2,537 | $10,952 |
| 2022-2023 | $9,750 | $35,248 |
There’s a 60-year difference here, and within this time, the tuition fees for public colleges have increased by approximately 3912%, while private colleges show an increase of approximately 3386%. Those numbers don’t seem real, do they?
Well, there are multiple factors you have to consider. The strength of the currency, the economy, declined state funding, and the demand for higher education – all of these factors affect education costs. The more time passes, the more elusive higher education seems, especially for those whose finances are in the red.
Students who, at a young age, are told by their teachers that they can become anything that they want become aware of the irony when their path becomes blocked just because they can’t bear the financial burden that comes with higher education. This begs the question –
Should college education be free?
Ideally, the answer should be “Yes”. If higher fees are discouraging students from attending college, then removing this factor from the equation should solve the issue, should it? Well, the situation is more complicated than that.
On one hand, you have a section of people actively working to get the governments of their respective countries to make college education free. On another, you have a section that’s completely against the very notion. Only a handful of these people really weigh the pros and cons of making college education completely free for students, and that’s why these discussions keep going round and round without ending with a proper resolution.
You’ll never find any company making big financial decisions without covering the pros and cons. Big companies have dedicated risk assessment teams that come up with a hundred hypothetical situations that might pose a risk to the company. After reviewing all the risks, a company finally makes its final decision. That’s the same method that should be applied when trying to assess whether college education should be free.
In this blog, we’ll be covering both perspectives. Once you know the implications of free college education (both good and bad), feel free to form your opinions based on the evidence we provide.
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Given how expensive college education has become, even the most brilliant of students with poor financial backgrounds will think twice before considering higher studies if they can’t bag a full scholarship. If the scholarship goes through, the road becomes clear. However, the student-to-scholarship ratio isn’t the best, and it’s always a risk to rely completely on grants.
So, let’s suppose that a country has made college education completely free. How is that going to impact students and society at large? Let’s find out!
Lumina Foundation and Gallup joined hands to conduct a survey of 14,032 individuals in 2023 to assess interest in higher education and the factors preventing students from pursuing this interest. The sample size included:
55% of the adults who were once enrolled in a program and those who never enrolled claimed that the cost of the degree was the primary hurdle that prevented them from fulfilling their academic dreams. No one can ignore those numbers or the implications of them. Accepting the fact that almost 4,400 out of 8,000 adults once had to give up on academics because of skyrocketing fees is almost impossible. That’s why increased accessibility is one of the focal points advocates of free college education keep focusing on.
What to do when someone from a low-income family can’t study because of high tuition fees?
The answer is simple.
Just remove the tuition fees.
That way, students struggling financially won’t have to worry about letting their dreams go without even getting the opportunity to fulfill them.
Students who can’t secure full scholarships often have to take out education loans to complete college. Washington Post reports that the average US student graduates with approximately $30,000 in debt, while one-third of the total student debt is held by 7% of borrowers who owe their lenders more than $100,000. That is almost close to the median down payment of a house for a single family!
How can such debt impact a student’s life after they graduate?
Well, here’s a brief glimpse into what awaits most students with debts –
The easiest solution to avoid such issues is not to have debt at all. If students could access college education free of cost, then there wouldn’t be any need for them to incur an astronomical debt even before they secure their first job. Besides, a society that has debt-riddled students won’t be able to invest in the future. So, it’s better for students and society at large to keep debts to a minimum.
College graduates have a higher chance of securing high-paying jobs than those who don’t complete their postsecondary education. Care to guess what this means for the economy of a country where the majority of people are highly educated?
More and more students will be able to become homeowners before they reach their 40s. Isn’t that a dream come true? Besides, someone who earns well is more likely to spend more, thus helping the economy thrive.
Without the burden of college debt on their shoulders, students will be more willing to take on entrepreneurial risks. Their innovative approaches to solving modern problems can increase productivity and take the economy of a country to the next level.
“If college education is so expensive, why do students take the risk of going into debt by taking out education loans?”
Well, that’s because, with higher education, you develop and hone crucial skills that make it easier to apply for important job roles that pay well. Now, social mobility is not all about high earnings. It also includes increased status in society. Based on the current higher education system, students who are financially well-off are the only ones who get the opportunity to improve their skills and knowledge.
Who gets left out in this race?
In other words, the minority gets left out. Now, if you get rid of the financial barrier, the playing field gets leveled out. All students will have the same opportunity to pursue higher education. They won’t be restricted by their financial situation, gender, sexual or racial identity.
One skilled worker is worth more than five unskilled ones…at least, that’s what any recruiter will tell you. Usually, colleges and universities act as the bridge for students to move from the academic world to the professional field seamlessly. Instead of focusing only on theoretical knowledge, the institutes partner with established organizations and local businesses to provide internship opportunities for students. Besides that, students get to pick up several crucial soft skills that can help them in their careers, such as –
The moment college education becomes free, students will be able to opt for STEM degrees (often the most expensive of all courses) without a second thought. In this competitive world, STEM graduates have significantly better chances of securing jobs and earning better salaries. Check out the statistics obtained from the American Community Survey (ACS) for a better understanding of the salaries drawn by STEM majors compared to other disciplines:
Whenever the debate regarding free college education comes up, you’ll always find some people completely against the idea. Well, after looking at the benefits, it’s easy to vilify these people and think that they’re against the notion for their own benefit. However, if you sit back and really consider their arguments, you’ll realize that the concept of free college education, as good as it may sound, has certain drawbacks.
Let’s discuss what these are in greater detail.
Higher education has always been pretty transactional. Students pay institutes to get education, and colleges and universities provide them with the service. If college education were to be made free, the balance is going to get disrupted. Someone has to pay.
Want to guess who has to bear the financial brunt instead of students?
The burden will fall on the government and the taxpayers.
The federal and state governments would have to pitch in to sponsor all students interested in pursuing higher education. In fact, reports suggest that 1% of the total $5.3 trillion annual federal budget would be enough to make college education free for all.
1% seems quite less, but do the calculations yourself and you’ll understand it’s far from a small amount. The financial strain that free college education would put on the government can mean compromising social security, construction, upkeeping the military, and conducting crucial research.
Besides, the government is going to get their money from taxpayers. So, if the government wants to provide free education while not compromising on other avenues that require funds, they have to increase taxes. Now, you can guess why that will ruffle a few feathers.
If you thought colleges and universities were understaffed before, then imagine what’s going to happen when admissions skyrocket after the financial barrier gets removed. When the resources decrease, it becomes challenging to guarantee quality education to all enrolled students.
Besides, consider the fact that something that is present in society in excess loses its value. Why do you think Ph.D. degree holders are so in demand? It’s because, right now, only 2% of the entire US population has a doctorate degree. A Ph.D.-holder can snag lucrative job offers and negotiate higher salaries easily because there are so few of them.
Now, imagine what would happen if almost one in three people in the world held a doctorate degree. The degree will lose the value it holds.
Now, just because there are a few challenges that come with making college education free doesn’t mean it’s all doom and gloom. Several countries have successfully applied this model without their economy crumbling to pieces.
Education is free in public universities in Germany for ALL students (domestic and international) since higher education is public-funded. Usually, students have to pay a semester fee that ranges between €100 to €300. The only exception is the Federal State of Baden-Württemberg, where tuition fees of €3,000 per year for the first degree and €650 per year for a second degree were reintroduced in 2017.
Now, let’s cover the impact of the free education system in Germany –
Austria follows in Germany’s footsteps when it comes to offering free college education, but the restrictions in the system are quite glaring. For starters, unlike Germany, free education is only accessible to domestic and EU/EEA citizens as well as students from Switzerland.
What about the rest, you ask?
The grace of free college education (only in public universities) in Finland only extends to Finnish and EU/EEA citizens. However, there are some exceptions.
International students can only take advantage of free college education if they sign up for courses taught in Swedish or Finnish. Otherwise, if they pick courses where the language of instruction is English, they’ll have to pay tuition fees.
The good news is that the tuition fees aren’t outrageous.
Expect to pay around €5,000 to €18,000 annually for a Bachelor’s or a Master’s degree. However, if you’re planning to pursue your doctorate here, then you’re in luck since doctorate programs are free, even for international students.
The impact of free education on Finland’s economy has been so positive that even a Harvard professor has observed that introducing tuition fees will result in a loss for the economy. In fact, let’s summarize the far-reaching effects of providing free education in Finland –
In Conclusion,
It’s safe to assume that the economy of a country is not going to come crashing down just because the government decides to introduce a free college education policy. Germany, Austria, and Finland have certainly managed to allay those fears. Now, if you think about the disadvantages of introducing free education, then there are two major hurdles that need addressing – increased financial strain on taxpayers and reduced education quality.
In a country where social inequality is almost non-existent and almost every citizen has a well-paying job, paying high taxes won’t be a major issue. The government can introduce tax benefits and deductions for the economically weaker sections of society and still manage to keep the economy floating well. Providing quality education won’t be an issue if the standards for hiring professors become more stringent. Alumni can collaborate with their institutes after graduation in terms of providing opportunities to students and addressing infrastructure and resource issues.
In other words, there is always a way. The challenges should not close people off from even discussing the long-term benefits of providing free college education. In fact, if you want more perspectives on this issue, you can reach out to our experts on MyAssignmentHelp.com. We can cover the pros and cons of introducing such a scheme from an objective point of view. Other than that, we can also help you –
So, don’t hesitate to reach out to us for top-notch guidance.
Free college education can improve social mobility by boosting the accessibility to higher education for those who were barred from it by removing the financial hurdle. When all students have easy access to education, their success will be measured by their individual effort and merit instead of their socio-economic situation. Moreover, better education results in better career choices which can improve one’s social standing in society.
The economic benefits of free college education include the following –
Countries like Germany, Austria, and Finland manage the costs of free higher education by imposing higher taxes on their citizens. Other methods include –
As good as free college education may sound, some of the glaring issues that frequently come up with this system include –
When a student has too much debt on their shoulders, they cannot spend their money indiscriminately. In terms of economic impact, the main concerns are –
Hi, I am Mark, a Literature writer by profession. Fueled by a lifelong passion for Literature, story, and creative expression, I went on to get a PhD in creative writing. Over all these years, my passion has helped me manage a publication of my write ups in prominent websites and e-magazines. I have also been working part-time as a writing expert for myassignmenthelp.com for 5+ years now. It’s fun to guide students on academic write ups and bag those top grades like a pro. Apart from my professional life, I am a big-time foodie and travel enthusiast in my personal life. So, when I am not working, I am probably travelling places to try regional delicacies and sharing my experiences with people through my blog.
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