When looking at investments, the smartest thing to do is to weigh the cost and the potential reward.
Every year students are working hard through high school in hopes of getting into a good college to further their educational goals and prepare themselves for the workforce.
If students are smart they can get scholarships to pay for college. If they are lucky, their families have stockpiled money for them to attend college, or perhaps they have a combination of the two.
Most college students start out with no financial debt and no real know-how of balancing a checkbook, planning their financial future, and no investments other than their potential investment in their education.
New Yorkers in recent years have seen a steady increase in tuition for State Universities (SUNY) or City Universities (CUNY). The $100 increases may not feel like an immediate punch to the wallet but over time those increases have mounted, severely impacting students.
Why is New York State using our students to settle debts made by its lawmakers? In recent years the tuition hikes have gone straight into the state’s general fund — not a penny benefited the educational institutions.
The state needs to start seeing college students as more than a revenue source if they truly believe they are “our future.”
Many other countries see the value in providing a free college education to their citizens as a security deposit for a profitable future. European countries like Sweden offer a free college education to citizens. Though student loans are also taken out to provide food and housing while students attend college, Sweden’s college graduates are leaving with a degree and 60 percent less college debt than students in America.
Tying the financial burden left by financially established adults to newly self reliant young adults is unethical. Mortgage loan debt can be forgiven when someone declares bankruptcy. Student loan debt will never be forgiven and interest rates are allowed to jump any which way the lender wants.