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Introduction
The view that education is the direct path to a better life has long dominated society. This has providing individuals the chance to upgrade their skills, knowledge, career opportunities. However, in recent years, the increasing cost of going to college has become unaffordable for many students, forcing them to take on a huge amount of student debt. The burning query on everyone’s mind is: Should college be free? & if not, what can be done to ease the load of student debt?
This article will discuss the free college education idea, student and society effects of it, and programs such as CuraDebt that are assisting those who are weighed down by student loans. Also, the article will scrutinize the pros and cons of making college free and how debt relief programs can play a significant role in solving many problems.
The Current State of College Education
The Rising Cost of Education
Over the past couple of decades, the cost of college tuition has become exorbitant, and it has not only exceeded the inflation rate but also the rate of wage growth. In the US, since the 1980s, the average tuition price for a public four-year university has grown by over 200%, thus being out of league of middle-class and lower-income families
| Year | Average Tuition & Fees (Public 4-Year) | Percentage Increase Since 1980s |
| 1980-1981 | $2,000 | 0% |
| 1990-1991 | $3,000 | 50% |
| 2000-2001 | $5,000 | 150% |
| 2010-2011 | $9,000 | 350% |
| 2020-2021 | $10,560 | 400% |
The increase in tuition costs has prompted many students to load themselves with very high amounts of student loans, with some graduates exiting college with debts that exceed $100,000. It was recently estimated that the total amount of student loan debts in the United States of America has gone beyond $1.7 trillion with a staggering number of more than 45 million borrowers involved.
The Impact of Student Debt
Student debt does not only put a burden on individuals’ ability to acquire a house or a car, but it also puts their mental health & general financial stability at risk. A substantial portion of students end up graduating with debt which would take many years, sometimes even decades, to pay off. The monthly student loan payments turn into a significant financial burden that in turn makes individuals shift their lives out of economic-based reasons such as marriage, starting a family, or buying a house.
Besides, the significant proportion of student debt is a hindrance to students participating in the economy. Most of the borrowers are able to manage their financial crisis on the short term but suffer from long-term instability if the debt remains unrelieved.
Should College Be Free?
The Argument for Free College Education
The conversation on free college was gaining buzz lately, especially because of the increasing student debt. The advocates of free college education claim that every citizen, irrespective of their income, should have access to higher education as it should be a right and a public good. They are of the opinion that learning is an important factor for success in life and that the cost barrier is the primary reason for the current inequalities in the society.
Key Benefits of Free College Education:
Equal Access to Education:
A free college system would lead to open access for all students, whatever their financial background, to higher education and the job market. The result could be the closing of the inequalities caused by financial discrimination and an overall increase in the educated workforce.
Boost to the Economy:
Research has shown that the more educated a population is, the more productive and innovative its workforce is. The government can assist the society on making the college education by integrating everyone, including the future generation of highly qualified people.
Debt-Free Future:
A principal advantage of free college education is that it would eliminate the burden of student loan debts. Graduate students would be capable of entering the job market without the pressure of money that has left many youths unable to perform at their full potential.
Public Good:
Education is perceived as a primary human right. Society as a whole stands to gain from a populace that is better informed, skilled, and productive as a result of investment in education.
The Argument Against Free College Education
Although the concept of free college education may sound good, several negative factors need to be taken into account.
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Key Challenges of Free College Education:
Cost to Taxpayers:
The government would be making an enormous expenditure if it would take place of school fees. This could have individuals and organizations pay higher taxes, possibly leading to a drag on the whole economy. Detractors insist that the government should devote the bulk of the resources to more pressing problems like clinics and roads reconstruction.
Quality of Education:
The worry is that once everything is for free, educational institutes may become either overcrowded or funded less thus needing quality. Another disadvantage of free college may be that the prestige of a degree would fall too since many students would pay to get it without risking anything financially.
Undermining the Value of a Degree:
If everybody had free access to education, the value of a degree might lose its charm. Because employers only want qualified candidates who have some experience, having a graduate is not sufficient anymore hence, this may lead to oversupply in the job market.
Reduced Debt:
Borrowers deal with smaller debt possibilities and thus can clean up less expensive products for bigger ones faster.
Lower Monthly Payments:
CuraDebt one the negotiator for the student knows how loan service providers want to assist a lender in times of low borrowers’ payment proficiency therefore the company can work out a lower monthly payment for the student and spare him or her money for groceries and so on.
Flexible Payment Plans:
Too much student loan debt burden is the reason behind too many bankruptcy cases in the USA in particular, and the world in general. The answer to the question in the majority of such cases is related to the income-driven repayment options provided by the companies such as CuraDebt. Borrowers who are having problems with their financial management because of the lack of a stable and regular income would be enabled to a) lower their loans while at the same time making the payments b) make the changes of the repayment plan whenever they want.
The Future Free of Debt:
With the suitable plan, students will finish repayment in less time and become free from mental agony earlier than they think.
Free College vs. Student Debt Relief: Which Is Better?
It is a fact that both free college education and student loan obligation relief intend to tackle the increasing costs of education. However, the methods they use differ from one another.
Free College:
The term free college means the institution would be free, and so the students would not have to take out any student loans. However, there is a danger that such a program might be exceedingly expensive and will even lead to overcrowding in schools plus the diminishing of teaching quality.
Student Debt Relief:
Student debt relief programs, such as those offered by CuraDebt, are measures that help borrowers manage and reduce their existing debt. It is customary to have this approach executed in a precise and less exaggerated manner avoiding major changes in the education system.
In the end, a combination of both methods may be the most effective measure. The provision of free college education to the needy, coupled with a lively loan relief scheme, would tackle the real issues causing the student loan crisis.
FAQ: Student Debt Relief and Free College Education
1. Is CuraDebt a legitimate company?
The fact that CuraDebt has been there for more than two decades helps it become a reputable firm in the area of debt relief. They are mainly in the field of student loan debt relief and they have a wide variety of solutions to the problem, among them being debt settlement and consolidation.
2. Can I get my student loans forgiven through CuraDebt?
CuraDebt may permit the reduction or the total elimination of some of your educational loan debt by means of a loan settlement or token consolidation. However, the forgiveness of debts programs such as Public Service Loan Forgiveness (PSLF) are directly controlled by the federal government.
3. Is college really too expensive?
The college tuition hike has been tremendous over the years, with the tuition growing more than the price of goods in the economy. The majority of them are left behind with a mountain of education debt that could take years to pay off.
4. Should college be free for everyone?
Having free college education as an option would mean that people will have the same access to education, but it is something that needs some form of government regulation in terms of quality and also the cost is one of the issues. It could be well if for instance the government decided to give free college to low-income people or if possible to delete some part of the student loan debt that some have previously incurred.
5. What are the benefits of student loan consolidation?
The main advantage of combining loans is giving them a unique one with a lower interest rate. Paying your bills becomes easy and the monthly payment is reduced.
Conclusion
The question of whether higher learning institutions should be free is a challenging, multifaceted issue. The idea of providing free education may sound attractive; thus, the challenges of heavy costs normally associated with it as well as the possibility of consequences such as a poorer quality defiantly reduce the brilliance of its life. Students who currently have a college debt only need to sign up for an assistance program like CuraDebt, a situation that will quickly resolve their problems right away. One approach to solving the issue is to have more scholarships available for needy students as well as the provision of panels by volunteers who are willing and able to assist in financial planning.
The success of programs providing low-income students with free education and the impact of debt relief schemes should come together to provide the most appropriate solution to the issue of student loan money. The outcome must include measures being put in place by both the public and private sectors that ensure greater financial feasibility and student participation in higher education.
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