Economic Benefits of Universal Higher Education

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Category:College
Date added
2019/10/11
Pages:  2
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The skyrocketing cost of college education over recent decades has become a significant barrier for many young adults considering higher education. Concerns about accumulating substantial student debt have left many prospective students apprehensive. With Americans burdened by $1.3 trillion in student debt, this issue has reached a crisis point. One proposed solution is the introduction of free community and state colleges. This essay argues that making these institutions tuition-free is essential. A high school diploma is no longer sufficient to ensure a prosperous career, and college education is a crucial pathway to financial stability and overall well-being.

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The Case for Free College

Admittedly, free college presents a mix of advantages and challenges. For instance, former President Obama's initiative emphasized community colleges, where only 21% of students earn an associate degree within three years. This statistic highlights that the barrier to success is not solely financial; completion rates are a concern. However, these numbers can be misleading. As reported by the Patriot Ledger, many so-called "dropouts" are students who transfer to four-year universities before completing their associate degrees. This indicates that they are pursuing higher educational goals beyond community college. In fact, about one-fourth of community college students transfer to four-year institutions, and of those, 60% successfully earn their bachelor's degrees.

The Necessity of Higher Education

A high school diploma no longer provides the skills required for well-paying jobs in today’s economy. "An important pathway to the middle class runs through higher education, but rising costs are making it harder for ordinary Americans to get the education they want and need." This underscores the necessity of free community college. Many Americans are eager to further their education but lack the financial means to do so. This situation is becoming increasingly dire, leading to a shortage of skilled and educated workers. While 60% of future jobs will require a college degree, only 40% of working-age adults currently hold one. In the 1950s and 1960s, a high school diploma was sufficient to secure a decent-paying job, but this is no longer the case. Today, a college degree is necessary for success and a high-paying career, yet the exorbitant costs make it unattainable for many without incurring significant student loan debt.

The Benefits of a College Degree

In the current era, a college degree is the most common gateway to a successful career. On average, workers with a bachelor’s degree earn approximately $1 million more over their lifetime than those without post-secondary education. Additionally, college graduates face lower unemployment rates, and there is evidence suggesting that earning a degree can enhance happiness. According to surveys, 94% of adults with a bachelor’s degree or higher report being happy or very happy with life, compared to just 89% of those without college education. Making college more accessible could boost national productivity and individual well-being.

Addressing the Educational Crisis

The demand for educated and skilled workers continues to grow, and if left unaddressed, this will lead to a significant workforce shortage. This is why America must consider making community and state colleges tuition-free. High school education is insufficient for leading Americans to prosperous career paths. College is an essential gateway to financial stability, and free education would enable thousands of Americans to access the learning opportunities they currently lack. By removing financial barriers, we can address America’s educational crisis effectively. In conclusion, the argument for free community and state colleges is compelling. While challenges exist, they are not insurmountable. By ensuring access to higher education, we can foster a more educated workforce, enhance economic productivity, and promote individual well-being. Making college accessible to all is not just a practical solution but a necessary step towards securing America’s future.

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Economic Benefits of Universal Higher Education. (2019, Oct 11). Retrieved from https://papersowl.com/examples/why-college-matters/