In Defense of Student Loans

One of the priorities that President Obama has focused on recently is higher education. In these times of economic downfall, this provides an especially challenging proposition: how do we finance this? Patrick Fleenor, chief economist of the Tax Foundation, agrees that higher education should be an opportunity available to all, however he does not agree with President Obama's American Opportunity Tax Credit and plans to increasing college grants in order to attain this lofty goal. Fleenor argues that the true scandal in regards to higher education is not what people pay, but rather what they don't pay. While degrees can result in some hefty student loans that must be paid off, it is also true that those individuals with college educations will earn 60% higher incomes than those with high school diplomas. Fleenor goes on to state that higher education subsidies are paid for with tax dollars obtained from people who didn't go to college. In essence low-moderate income indivduals without a college degree are forced to subsidize an educational process that will help others to have higher incomes.

While Fleenor certainly makes some vaild points, I must respectfuly disagree with him. Higher education should be available to all those who want to earn a degree. However this is a choice each individual makes for themselves. Some opt not to go to college for a variety of reasons and there are even those who earn substantial incomes without a college degree. Potential college students should not be held back simply because there are those who chose not to go to college. College education is an investment, not just for the individual but for the collective whole. How many doctors, teachers and scientists are now making positive gains in our county because of student loans? The term "pay if forward" is perhaps applicable here. In a country where we pay taxes to help provide medical care and food to those in need, why should education be any different?


http://www/csmonitor.com/2009/0717/p09s02-coop.html