October 27, 2016
Dear future President,
The presidential election this year has been very tough on the American people and the candidates. I think that one of the most important issues that you now face is the economic issue of the increasing expense of a college education. With the crippling price of tuition continuing to go up, along with the amount of debt people who go to college may have accumulated to pay for college, the U.S. economy will be negatively impacted if the issue is not addressed. Education of our citizens has always been a key in our growth as a nation and we need to make sure that whoever wants more education is able to afford the opportunity.
There are many things that you could do as President about this issue that could be very beneficial. As president, your support in developing a task force or organization that works on creating a plan to provide students from lower income families pay for college is needed. This task force would work to develop eligibility criteria so that only those in the most need of support have access to the government support. The estimated amount for tuition to a private college in 2033 according to Savingforcollege.com is $323,900. Such tuition costs put private college well out of range for not only lower income families, but middle class families, too.
Another option worthy of consideration is to provide students who are forced to take out student loans some help with paying those loans back. The debt of college students is over a trillion dollars according to an article in the Huffington Post, which is greater than the rate of inflation. If loan forgiveness or debt relief through a reduced interest rate was provided, these college graduates would not be as likely to go bankrupt or get into financial trouble after college. Without that level of debt, they would then be more likely to contribute to the United States economy after they find a job. According to a CNBC.com report, Harvard’s annual tuition would set a student back almost $50,000! And even most state college tuition rates, which are usually considered to be more reasonable, are averaging upwards of $39,000 total tuition costs for an average degree.
You should also focus on developing and supporting programs that provide financial help for the books, housing, transportation, and any other items a student may need. Bankrate.com shows that on average, $12,368 is needed for the average college student for these needs per year. Over four years, that is over $48,000 in expenses and does not even include tuition. As well as that, you should definitely consider proposing legislation that lowers the tuition rates of the state colleges’ altogether to address this issue.
Initiating these ideas that support college students will hopefully spark the economy and the amount of debt that college students produce will be dramatically decreased. This will be better in the long run for the U.S. economy and our overall well-being. I hope that you consider my ideas and I wish you good luck with your new job for the next four years!!