School is out for the summer, and four out of five graduates still don’t have jobs. Unfortunately, this isn’t even the worst of it; most of these graduates have student loans averaging nearly $30,000 and the cumulative national student debt has surpassed a monstrous $1 trillion.
These numbers are demoralizing and young people are demanding a change. There is a solution — higher education reform.
By reforming just one feature of the higher education system we could reduce the overall cost of education — which by the way has gone up almost 80 percent since 2003 — as well as effectively decrease the amount of student loan debt young people owe. Even more exciting, we could better prepare young people for the workforce and get the unemployed back to work. It’s not a pipe dream. We just need to reform the system known as accreditation.
As the system is now, only institutions with political clout receive the government’s “stamp of approval” known as accreditation. Start-up or non-traditional programs are often unable to become accredited because they do not have the financial resources to influence politicians. Without accreditation, they cannot receive federal funding. This system of higher education is built on cronyism, and it is ultimately young people that suffer.
Reforming accreditation would successfully lower the cost of college by disrupting the role that special interests play. With more creative educational opportunities available, the monopoly on education that colleges and universities currently enjoy would diminish. By opening up the market to new and different programs the cost of schooling would become more competitive and would concurrently go down. If the cost of higher education is reduced, the amount and volume of national student loan debt will simultaneously decrease.
Additionally, it would open the market up to alternative educational programs. In order for young people take back control of our education and, in turn, our future, education must better match our interests. My generation is creative and known for thinking outside of the box — why should our education be any different?
States should be able to develop their own accreditation requirements, which would allow for more diverse educational options. Study abroad programs, apprenticeships, on-the-job training, and online programs, if accredited, would be able to receive federal funding. Likewise, students enrolled in these accredited programs, would be able to take out smaller student loans than they currently do for more traditional programs.
15.4 percent of young people aged 18-29 are unemployed. With more educational options available, young people would be able to enter the workforce with applicable skills and a greater chance of securing a job.
The time has come for newer, more affordable alternatives to traditional college education. The status quo is preventing us from prospering and paving our own way. In order for us to truly thrive, higher education – specifically the system of accreditation — must undergo substantial change. We must reform higher education in order to free our futures.
