Thousands of this year’s college graduates will receive a student loan repayment bill well before an offer letter comes through. In fact, the median number of job offers a 2012 graduate will receive is zero. At the same time, the average alumnus living in Tennessee will hold $19,957 worth of student loan debt.
Gov. Bill Haslam is scheduled to take on higher education during a meeting next week with business, academic and legislative leaders. What cannot be left out of these discussions is the fact that the cost of obtaining a college degree is climbing, while outcomes – such as the attainment of career-ready skills and employment opportunities – are quickly diminishing. Without real reforms at the state level, the education bubble will burst, potentially toppling our nation’s reputation as the home of the world’s most respected and coveted higher education system.
In Tennessee, from 2000 to 2010 alone, the cost of attending college (including tuition, books, room and board and transportation) increased by nearly $10,000, rising from $14,934 to $24,309, according to the Institute for College Access and Success. The 161 percent increase is significantly higher than the rate at which the median family income rose during that time.
In addition to student-paid tuition, colleges and universities receive more than $100 billion from taxpayers each year through federal subsidies.
While the financial burden is rising for students and taxpayers, the quality of an American education is waning. According to the Collegiate Learning Assessment, “Considering all four years of college … 36 percent of students did not demonstrate any significant improvement in learning.”