Our UT Votes President Catherine Benavidez, along with other Harvard IOP National Campaign Ambassadors, recently wrote an op-ed titled "Student Loans: The Other Debt Crisis." So far, many IOP National Campaign schools as well as local news sources (including Austin's The Horn) have published the article. We are proud of Cat's collaborative effort, and would like to share the article with you, below.
The
Other Debt Crisis
This
op-ed was written by members of the National Campaign for Political and Civic
Engagement, a consortium of over twenty colleges including The University of Texas at Austin.
Hanna Herbert (Allegheny College), Sietse Goffard (Harvard University),
Gavin Sullivan (Harvard University), Kira Kaur (Rutgers University), Catherine
Benavidez (University of Texas at Austin), and Laura Silliman (Vanderbilt
University) contributed to this article.
For
millions of high school seniors across the country, navigating the college
admissions maze proves challenging enough.
An acceptance into their dream university, however, can unravel a larger
obstacle: funding a four-year education.
Catherine
Benavidez has encountered these challenges first-hand at the University of
Texas at Austin. She is president of an on-campus organization and a student
government representative, works two jobs, serves as an undergraduate research
assistant, and is currently pursuing an independent project.
In some regards, Benavidez is
lucky. Although her parents are unable
to fund her education, she has been awarded $25,000 in scholarships and
financial aid from the State of Texas and her university. Like many students, however, this assistance
does not go far enough: a variety of expenses--from books to housing to school
materials--have pushed her to take out student loans.
She joins the majority of American
college students who graduate with debt.
According to American Student Assistance, a nonprofit seeking student
loan solutions, roughly 60 percent of students borrow to help cover the cost of
school. The average individual who has
taken out student loans owes over $24,000, with one in ten borrowers owing more
than $54,000. Combined with dismal
employment prospects post-graduation, this debt can burden young professionals
long into their careers.
The United States is virtually alone
in its staggering tuition costs. The
College Board reports that average tuition, room, and board for the 2013-14
academic year has reached $40,917 at private institutions and $18,391 for
public institutions. Meanwhile our international peers provide far more
affordable options. Many European
governments, for example, heavily subsidize educational costs, enabling their
students to graduate debt-free. At Trinity College Dublin, annual tuition for
European Union residents rests under €10,000 for the university’s most
expensive degree programs. Low income
students can receive aid to further reduce this amount.
Our
northern neighbors also enjoy lower tuition costs. Independent educational systems exist within
each Canadian province, functioning similarly to public institutions in the
United States. Annual tuition at the country’s colleges and universities ranges
from CAD$5,500 to CAD$26,000. Generous
tax incentives and grants, however, reduce the need for student loans. Interest
free financing, interest relief, debt reduction in repayment, and revision of
loan terms are available to assist students with debt.
Making
college as affordable as it is in some other countries is no easy task and
would likely require significant government expenditures. The United States faces serious debt itself:
the expansion of federal tuition assistance could add yet another burden to our
budget.
Likewise,
greater college accessibility might be responsibly achieved by reordering our
spending priorities. The Center on
Budget and Policy Priorities reports that the federal government allocated
approximately 19 percent of spending, or $689 billion, to domestic and
international defense efforts in fiscal year 2012. Another 22 percent, or $773
billion, was spent on funding Social Security.
Meanwhile, primary-, secondary-, and postsecondary-education received a
meager 2 percent of total federal spending.
If the federal government were to direct an additional 0.1 percent of
its spending to help college students, it would unlock $3.5 billion in
financial aid.
To
encourage federal action on student debt, college students must vocalize their
concerns at the voting booth. Young adults can do better in this regard. According to U.S. Census Bureau data of the
November 2012 elections, voter turnout for citizens 18 to 24 years old lagged
nearly 30 percent behind turnout among citizens 55 to 64 years old. Until we rectify this disparity, America’s
student debt crisis will likely not receive the attention it deserves, even as
it quietly intensifies day by day.
