Student Loans: Colleges Should Be More Accountable

Students who graduated from university have accumulated tens of thousands of dollars in student loan debt.

Because most parents do not have multimillion-dollar fortunes, they stand to gain significantly from student loan cancellation. 

Additionally, not everyone agrees with the conservative viewpoint that student loan relief is a negative thing. 

After all, if our country is spending millions of dollars on gender studies initiatives in Pakistan, wouldn’t you want to see that money used to reduce student loan debt here at home? 

The Root of the Problem

Student loan relief, on the other hand, does not address the basis of the problem, which is institutions charging exorbitant tuition costs. 

Colleges and universities have evaded the scrutiny they deserve in the student loan debt crisis.

For the most part, these establishments charge outrageously high predatory prices with little rationale, primarily because students are introduced to the loan funds. 

Senators from the Democrat Party, such as Elizabeth Warren and Bernie Sanders, are continually decrying the $1.6 trillion debt problem. Still, there has been no proof they ever concentrated on universities’ significant role in causing it.

Moreover, university administrators hold Wall Street to a different set of political, economic, and moral standards than they do for the private sector, which has undoubtedly acted far more greedy. 

Tuition rates have increased at a rate far greater than inflation, which is particularly significant, given the current status of the economy.

College tuition prices rose by a startling 1,375 percent between 1978 and 2019, four times the inflation rate and eight times faster than salaries during the same period.

What is the reason for this?

Is it true that teaching foreign languages has abruptly become much more expensive? What is the more critical background in science or math? If that’s the case, why is it so much more? 

Exploitation

The reason for this is college administrators have engaged in exploitative behavior. They intend to maximize earnings by taking advantage of student loans and cultural pressure to obtain a college degree. 

They boosted tuition prices dramatically because they were aware they held a social monopoly on secondary education. As a result, universities took advantage of government programs to increase their financial gain. 

If Wall Street engaged in the same type of depraved planning that schools did, senators such as Warren and Sanders would hang them all along the main highway, one by one, to serve as a warning to others. 

Politicians let the public down regarding the student loan crisis. Too few of them have paid any attention to the factors that contributed to increasing tuition costs, costs that continue to rise year after year without reason or, in most cases, explanation.

There is a pressing need for more of our elected citizens from both political parties to look into the reasons for tuition inflation, particularly the increasing cost of university administrations. 

In their place, the institutions that previously placed a high value on the quest for knowledge and higher education have morphed into financial gangsters. It is past time for us to begin putting the blame where it truly belongs.

However, if nothing is done to lower college tuition rates, we will find ourselves in the same situation again and again in the future, which is not good.

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