Debt a Deterrent for Potential College Students

It's becoming more and more widely known that student loan debt is a serious issue among many US students after graduation. According to Forbes, it is now the second highest consumer debt category, behind only mortgage debt.

As of 2016, student debt totals $1.5 trillion collectively, and the average student owes $37,172.

There is evidence that these kind of statistics may be discouraging potential students of lower social classes to apply for college and to pursue a higher education. A survey conducted by the National Student Clearinghouse Research Center found that nearly half of students who opted out of college stated that the cost was the main deciding factor in their decision. In the same survey, about the same amount of students stated that they were not willing to go into debt in order to pursue a college career.

Much of the deterrent for these students is more of the "fear of debt" rather than the debt itself; if the student already comes from a low-income family, the risk of not having a better career after obtaining a college degree may be too big of a gamble for these students or their families to even consider the possibility of college. Considering the popular belief that the value of a college degree is decreasing as more people obtain them, this kind of reasoning isn't surprising if the average amount of years it takes to pay back student debt is taken into account (21 years).

Even with this taken into account, the current US government still argues that federal student aid is an equalizer for college opportunities. While it is true that it funds these students' expenses upfront, it's arguable whether it is an equalizer or not when all the facts point to this so-called solution still being a burden on students. If this reason keeps students from low-income families from attending college, it can literally be the one thing keeping them from growing, and defeats the purpose of student loans being an equalizer.

There are a number of states and public colleges and universities offering free tuition, which includes Oregon and Portland State University; however, it is not yet a widespread ordeal. Whether or not this becomes more of a country-wide trend, however, remains to be seen.

Student Loan Debt Statistics In 2018: A $1.5 Trillion Crisis
Poorer students aren’t applying to university because of fears of high debts
Survey finds debt may be discouraging students from college careers