College Debt Crisis: Here's Why It Could Be 'Overblown'By Staff Reporter, UniversityHerald Reporter
While there are ever-rising worries about America's college debt crisis, some believe that the situation has just been blown out of proportion. Apparently, the current state of the higher education system still isn't "a disaster area."
Moreover, according to Vox, it is also unlikely that the college debt crisis will spiral out of control in the foreseeable future. The publication cited four myths that are creating panic in the nation that should be taken off of people's minds.
1. Several college graduates are actually not being burdened by college debt. Apparently, forty percent of public-college students don't owe anything when they graduated. Data from the U.S. Treasury department has also revealed that students who are likely to be encumbered with debt are those who dropped out of college.
2. Free tuition is not the solution. The best thing to do would be to exercise restraint in asserting privileges. These students will definitely reap great benefits from their education, which is why they should invest a lot on it.
3. Graduates with bachelor's degrees make so much more than students who only finished high school. While there have been a lot of buzz on college graduates being unemployed or taking "non-college jobs" with the financial crash, the unemployment rate for high school graduates is still about twice as high as for those who have a bachelor's degree.
4. "Academic bloat" is not the reason for public-college tuition increase. The number of non-faculty staff has fallen in recent years for several public higher education schools. These colleges and universities have actually done belt-tightening but it seems that it's still not enough to balance the budget.
Philly noted that today's college graduates seem to be "no worse off" than the graduates of the previous generation. Furthermore, the college debt crisis that some students are going through is "not representative of the young adults who have taken on debt to support their aspirations to higher education."