Sara Lawrence College, located near New York City, will charge $60,000 per year per student tuition in September. It is the most expensive college in the nation. Is college worth it? What am I investing in anyway? Sure, they are good kids and they have my smile but all that money? At least both parties the democrats and republicans want to keep interest rates on loans at 3.4%. Why are the college costs rising so quickly?
Faculty salaries have still been pretty stagnant but their compensation goes up when health care goes up. So, there are higher costs and growing enrollment that all add up to a mountain of debt. The nation’s total student loan bill now topples outstanding debt on all of our credit cards. One Trillion dollars and counting. More and more students are having difficulty paying for colleges which often forces them to borrow more.
Last month in Washington students showed up at Sallie Mae, the student loan agency protesting the higher and higher cost of a higher education. Last week there were still more protests . The students absolutely see this as a crisis and it seems that every school proposes 10% increases. There is a group forming called Occupy Colleges where they have at least once a week a protest at a college.
Republican candidate Mitt Romney was close behind Obama in the appearances for campaigning votes and said, “ I fully support the effort to extend the low interest rate on student loans.” That’s it? What is the plan dude!!?? Oh I forgot, Mitt never had to worry, he was able to afford his Harvard degree, he is rich. House Republicans voted to use money set aside for the Obama Health Care Program. That is certainly not going to fly well with the President. Democrats propose closing tax loopholes for oil and gas companies. Now, it is the Senates problem.
There is one program at Sponsor Change.org which is a program that students can participate in working off payments by volunteering. Some like it because it is a way to give back to their community. I say that the last thing I want to do is to get paid nothing to help another be an unpaid expert of sorts.