President Joe Biden’s controversial student loan forgiveness program was finally released this week. It’s garnered quite the reaction from people on both sides of the political aisle. Republicans think it’s terrible, while Democrats think it’s good. Yet, regardless of one’s feelings on the topic, a critical detail that both sides can agree on is that any student loan forgiveness is only a temporary fix. The main problem is that these institutions of higher learning have gone unchecked on tuition prices. Only until colleges are held accountable for what is essentially price-gouging on tuition will the student loan debt crisis truly be fixed.
Colleges and universities have inexplicably escaped the blame they deserve for this crisis. For years, they have been charging outrageously high predatory tuition with little justification, mainly because incoming college students have access to the loan money. As a result, tuition prices have soared beyond the inflation rate — an especially noteworthy fact given the current state of affairs.
Between 1978 and 2021, college tuition prices have inexplicably increased by a shocking 1,377% — quadruple the inflation rate and slightly over eight times faster than wages since the 1980s. To put this into further perspective, a school charging $20,000 in tuition in 1978 would cost over $295,000 in 2021. And, to put it mildly, the quality of education is not 1,400% better today than in 1978. Statistics show that college graduates of yesteryear were more knowledgeable than today’s graduates.
Chris Palombi, a former U.S. Capitol Police officer and current Republican congressional candidate for Maryland’s 5th District, tweeted about this very thing on Thursday.
My first year at Michigan State in ’02 cost me $18k for out-of-state tuition. Now, it’s over $53k.
Biden’s plan does nothing to address the root cause of student loan debt. Universities have raised the costs of education about 5-6x the rate of inflation with zero consequence.
— Chris Palombi (@ChrisPalombi) August 25, 2022
This is why it’s time to start blaming colleges and universities. Their exploitative behavior is the main reason for rising tuition. They took advantage of the loans and the cultural pressure to obtain a college degree to maximize profits. They significantly increased tuition prices, knowing they had a sociological monopoly on secondary education. And as a result, colleges and universities manipulated government programs designed to help students afford school for their financial gain.
Furthermore, consider Biden’s student loan forgiveness program. It provides relief to those who currently have loans, but then what happens? What about the students who start school and take out loans in 2023? In 2024? In 2030? In 2032? At the current rate colleges increase tuition, what will the prices be a decade from now? Are we just going to keep forgiving these loans?
Also, consider the government’s previous history involving amnesty. Doing such things typically only exacerbates the problem. For example, consider former President Barack Obama’s DACA amnesty. After it was put into effect, there was even more illegal immigration. Now, slightly over a decade after DACA began, illegal immigration has hit record numbers. Why should anyone expect student loan amnesty to turn out any differently?
Biden’s student loan forgiveness may help hundreds of thousands, but it is nothing more than a Band-Aid. It’s a temporary remedy for a wound that will continue to bleed bank accounts so long as colleges are allowed to keep charging exorbitant amounts for college tuition without any legitimate justification. Institutions that once prioritized higher learning have mutated into financial racketeers. We must start placing the blame on colleges and universities where it belongs. Otherwise, nothing will get fixed, and we will be in the same predicament over and over again in the future. Holding colleges accountable is the one and only solution to this problem.
