The Pros And Cons Of College Debt

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College debt is becoming more of a drastic problem in the United States with the rising costs of college tuition. In “Why the Student Loan Crisis Is Even Worse Than People Think” Mark Kantrowitz expresses how the issue of student debt in America is to be blamed by the government’s lack of action. In “Is College Doomed?” Graeme Wood expresses the benefits of the new and innovative university Minerva. A perk about this university is that it includes the cheaper tuition than other ivy league schools because of its lack of all the components of an average university. The government needs to be more involved in preventing future college students from graduating with overwhelming debt. It is impertinent that the government and colleges …show more content…
“When discussing the student debt crisis, most people focus on the rapid growth in outstanding debt and several recent milestones” (Kantrowitz). If the government would to put a ceiling on how much a college is allowed to raise its costs then it would be easier to provide more financial aid and students would be less likely to have to take out loans. “Those future students will pay about $28,000 a year, including room and board, a $30,000 savings over the sticker price of many of the schools—the Ivies, plus other hyper selective colleges like Pomona and Williams—with which Minerva hopes to compete” (Wood 507). Minerva tries to keeps its tuition lower than most ivy league schools in order for it to be more favorable to more students. There is a deviation from the focus on college education to the focus on administration. The focus on administration is causing the tuition to rise drastically. The college professor’s average salary is lower than that of a college administrator. In retrospect, the original college’s administration was not as evident hence the lower tuition. If these aspects are not regulated by the government than the average college tuition in the future will leave graduated students with a lifetime of …show more content…
If the government puts its resources into colleges that will increase substantially the taxes that taxpayers have to pay, therefore, causing controversy amongst the American people. Americans already bear the responsibility of paying for education from K through 12th grade. “ The government no longer carries its fair share of college costs, even though it gets a big increase in income tax revenue from college graduates” (Kantrowitz). Kantrowitz express how college graduates provide a large increase in tax revenue, however this increase is only a burden that is added onto their student loans. Ben Nelson says, “As if nonprofits aren’t money-driven!” he howled. “They’re just corporations that dodge their taxes” (qtd. In Wood 510). Minerva is a university that is for profit, therefore, they have to pay taxes. Universities that carry profit would be burdened with taxes for government interference in student loan counseling and financial aid, The increase in taxes may even cause those universities to increase their tuition costs. This increase in tuition would be burdened with the increase of taxes that come with the tuition, ending with an overwhelming price
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