College life looks awesome, right? But let’s be real–it’s super expensive. Because of the high costs, many students end up missing out on things like hanging out with friends or joining school clubs. Why? They’re busy working long hours just to save up for tuition. And the No. 1 reason students give for dropping out of college is the price. Some students have been working jobs since freshman year of high school, but that doesn’t always cover tuition or all the other costs that come with college. It’s a huge deal, especially for students from both low and high-income families, when deciding where to go to school: in-state, out-of-state, or maybe skipping it altogether.
So, let’s talk about free college tuition. Sounds awesome and a dream come true, right? But there’s a catch: it would significantly increase taxes to support tuition, while other college costs would remain high. If you haven’t noticed, tuition and fees at public four-year institutions have skyrocketed 179.2% over the last two decades. With inflation always messing with prices, we might end up paying more in taxes just to keep up with the costs of making college tuition free. From 2016-2017, it would’ve cost $79 billion a year to make public colleges and universities tuition-free. Fast forward to 2022, it would cost roughly $680 billion a year. But wait, there’s more! College isn’t just about tuition. You’ve also got to consider room and board, books and supplies, so even if we got rid of tuition, you’d still need financial aid for all the extra stuff. While free tuition sounds great, it might come with some hidden costs that we need to think about.
Alright, let’s dive into the whole idea of free college tuition. Many people believe everyone should have the opportunity to get a college education. As of early 2024, Americans owed $1.75 trillion in education debt. And on average, each borrower owes about $38,787. That’s a hefty price tag that can stop many from pursuing their dreams. As college costs keep climbing, it is far out of reach for many who dream of continuing their education after high school. Jamie Merisotis, President and CEO of the Lumina Foundation, even said that we need more Americans with college degrees to help our country grow. And by 2027, 70% of occupations will require education beyond high school. Making college tuition free could open up more opportunities, lower unemployment rates, and increase earning potential for everyone.
I was able to interview a fellow student that is currently a senior. She’s committed to play D2 soccer at Ferrum College and plans to major in Biology to become a Marine biologist. She says, “It would be really amazing if you could go to college for free and be able to learn and discover more about what you’ve grown wanting to be.”
While it could really lighten the financial burden for students and their families, it might not be realistic for everyone. Many Democratic presidential candidates and Congress members are backing this idea, showing there’s political support to tackle college costs. Right now, the federal government helps with financial aid, like student loans and Pell Grants, but the system has its limits. Each year, over 17.6 million students fill out the FAFSA for financial aid, but since it’s handed out on a first-come, first-served basis, those who need help the most can get left behind.
Instead of offering free tuition to everyone, a better approach might be to assess each student’s financial situation. Low-income students could get free tuition or significant aid, while higher-income families would pay based on what they can afford. This way, resources go to those who need them most. For example, Ivy League schools like Harvard provide need-based financial aid that works well. Families making under $65,000 pay nothing! Even those making under $150,000 pay only a small percentage of tuition. So, by using this kind of approach more widely, we could make college more affordable without making it completely free, which would also ease the burden on taxpayers.
A need-based financial aid system can really help make it fairer for everyone. That way those who need the most help get it, while others still get support based on their own financial situation. Imagine not having to stress about money when you’re trying to focus on your studies! Let’s work towards a future where everyone can chase their dreams without being held back by money worries!
