A High-Stakes Journey to College Admission and debt
In the United States, higher education is increasingly viewed not as a public good but as a business, and students are treated more like consumers than individuals seeking personal growth or societal contribution. The cost of tuition has skyrocketed, while the financial benefits for many graduates seem more elusive than ever. Despite investing in their education, many students face a stark reality upon graduation: they earn less than what they paid for a single year of university, leaving them mired in student loan debt. U.S. universities are essentially profiting from this system, and the consequences are felt deeply by students—who are left struggling to find employment, repay loans, and achieve the futures they were promised.
Before even stepping foot on a college campus, many U.S. high school students find themselves under immense pressure to excel, whether in academics, sports, or extracurriculars. This pressure is not just about personal achievement but about securing the future, as the cost of higher education has made scholarships a rare and coveted lifeline. In fact, competition for college scholarships, particularly those that offer substantial financial relief, has become so fierce that many students start training or excelling in a sport or academic field as early as age 10, often to the detriment of their mental and emotional well-being. In the U.S., high school students are regularly told that their future depends on getting into a prestigious college. For many, scholarships are the only way to afford the eye-watering tuition fees. As such, it’s not enough to be a good student; to even be considered for many scholarships, students must be the best, outperforming their peers not just academically but in sports, community service, and leadership. This intense competition often forces students to engage in a relentless pursuit of excellence in multiple areas, all while maintaining high grades and preparing for standardized tests like the SAT or ACT.
The pressure to be perfect is overwhelming. Students frequently balance academic demands with the need to stand out in sports or extracurricular activities, often choosing a singular focus at the expense of other interests or even their well-being. For example, young athletes in particular are expected to start competing in sports at a young age, often beginning travel leagues or intensive training by age 10. This early specialization is seen as a prerequisite for earning athletic scholarships, especially in highly competitive fields like soccer, basketball, or swimming. Yet this intense focus can lead to physical and mental burnout, and for many, the dream of a scholarship may not materialize, leaving them with the emotional toll of years spent in a high-pressure system without a clear path forward.
The stakes are high, and the pressure is real. According to a report by the National Center for Education Statistics (2022), nearly one-third of high school students report experiencing "a lot of stress" related to college admissions, particularly surrounding test preparation, grades, and extracurriculars. Many of these students enter college already mentally exhausted, with their sense of self-worth tied to their ability to secure financial aid or a scholarship. The system is built on the premise that only a select few will succeed, and those who don’t may face a lifetime of debt and regret.
An Unsustainable Financial Burden
The price of a college degree has escalated to such an extent that the typical student loan borrower in the U.S. now graduates with an average of $37,338 in debt (TICAS, 2022). This figure doesn't capture the full financial strain, as it doesn’t include high-interest loans or the hidden costs of textbooks, housing, and transportation. According to the National Center for Education Statistics (2023), the average tuition and fees at a private, nonprofit institution were $38,800 per year in 2023, with public universities charging in-state students an average of $10,440, and out-of-state students a whopping $27,560. For many students, this cost represents an insurmountable financial barrier. Yet, these exorbitant fees are not translating into better futures.
Recent graduates, who often land in entry-level positions, have an average starting salary of $55,000 per year (NACE, 2023). Even before taxes and student loan repayments, this salary barely covers the cost of living in many metropolitan areas, let alone the staggering debts many students incur.The reality of this system is a stark contrast to what universities promise. Higher education has long been presented as the key to success, the ticket to better opportunities. However, it’s becoming increasingly clear that for many students, particularly those attending lower-tier or for-profit institutions, a degree doesn't offer the financial return that was once promised. Rather than ensuring upward mobility, universities are effectively setting students up for years, if not decades, of financial struggle (Washburn, 2005).
Underemployment and the Struggle for Relevance
Even after students graduate with a degree, many find themselves ill-prepared for the job market. A 2022 report from Georgetown University’s Center on Education and the Workforce found that 43% of recent graduates are underemployed, working in positions that don’t require a degree (Carnevale et al., 2022). While some argue that the job market is evolving, and graduates need to be more adaptable, the reality is that many universities fail to equip students with the specific skills required by the modern job market. Fields like business, technology, and engineering still promise strong job prospects, but humanities and social sciences majors often face a much tougher battle.
Moreover, the promise of a "job-ready" graduate is increasingly being questioned. Richard Arum and Josipa Roksa’s study in Academically Adrift (2011) sheds light on how many students report feeling that they’ve learned very little in the classroom, despite the high costs of tuition. In fact, Arum and Roksa’s research revealed that students in a significant number of U.S. colleges make little to no improvement in critical thinking and writing skills after their first two years of college. This raises serious questions about whether students are receiving value for their financial investment.Josh Mitchell’s The Debt Trap (2021) emphasizes how colleges have been able to market their product,the degree,without truly delivering the quality education that justifies the skyrocketing tuition fees. Universities, particularly those in the for-profit sector, often paint a rosy picture of the future, promising high-paying careers and prestigious opportunities that never materialize for the majority of graduates.
The Case for College as a Valuable Investment
There are those who argue that, despite the steep price tag, a college education is still a worthwhile investment. According to studies by the Georgetown University Center on Education and the Workforce, college graduates, on average, earn $900,000 more over their lifetime compared to those with only a high school diploma (Carnevale et al., 2014). It’s true that certain degrees, particularly in high-demand fields like STEM (Science, Technology, Engineering, Mathematics), can lead to significantly higher salaries and job security.Proponents of higher education argue that college is not just about earning a paycheck,it’s about personal development, critical thinking, and intellectual growth. For many, college is a place to find purpose and make lifelong connections, which are invaluable in an increasingly globalized world. Moreover, the ability to access higher-paying jobs is not just about income,it’s also about social mobility, networking opportunities, and the lifelong skills developed during university years.
However, this perspective overlooks the stark reality for many students. When we account for the crushing weight of student debt, underemployment, and rising tuition costs, the return on investment for many graduates is far from certain. This argument also fails to address the significant personal and emotional toll that comes with being saddled with debt for decades. As Arum and Roksa (2011) note, the value of education cannot be measured in monetary terms alone, but for students paying off loans, the question remains: how much is the pursuit of intellectual growth worth when financial survival is at stake?When we look at higher education systems in Europe, the contrast is striking. In countries like Germany and Denmark, public universities charge no tuition fees for undergraduate programs. In Denmark, students even receive financial support in the form of a monthly stipend to help cover living expenses (OECD, 2022).
As a result, students graduate without the crushing burden of debt that plagues their American counterparts.The average student debt in Sweden is $20,000, which is far lower than the typical American student loan balance. The key difference lies in how European nations view education, as a public good rather than a private investment. According to the European Commission (2022), only 8% of students in the EU report having high levels of debt, compared to over 65% in the U.S. These countries prioritize access to education for all, aiming to reduce inequality and increase social mobility. This system ensures that students are not financially crippled after graduation, and they are more likely to enter the job market without being weighed down by debt.
The current U.S. higher education system has evolved into an enterprise that profits from student tuition while leaving graduates with the burden of debt and an uncertain job market. Universities have become businesses, prioritizing financial gain over the well-being of students, and in the process, creating a cycle of debt that can last for decades. As more students are left underemployed and financially strained, it’s clear that a fundamental shift is needed.The European model offers an alternative, a system that views education as a public service, accessible to all, with minimal student debt. This model of higher education is more focused on the individual’s development, ensuring that all citizens have access to education without the financial strain. By treating education as a public service, these countries enable students to pursue their degrees without the constant fear of financial ruin. In contrast, the U.S. education system leaves many graduates struggling not only with debt but with the inability to secure well-paying jobs that would allow them to repay it. If the U.S. is to avoid a future where student debt remains a lifetime sentence, it must reconsider how it approaches higher education. A balance must be struck between maintaining the quality of education and ensuring it remains financially accessible, so that students can graduate without the crushing burden of debt, and with real opportunities to build the future they were promised.
Bibliography
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Carnevale, A. P., Cheah, B., & Hanson, A. R. (2014). The Economic Value of College Majors. Georgetown University Center on Education and the Workforce.
Carnevale, A. P., Fasules, M. L., Quinn, M. C., & Campbell, K. P. (2022). The College Payoff: More Education Doesn't Always Mean More Earnings. Georgetown University Center on Education and the Workforce.
European Commission. (2022). European Student Finance Survey Report. https://ec.europa.eu/education/policies/eu-policy-in-the-field-of-education/higher-education_en
Federal Reserve. (2023). Quarterly Report on Household Debt and Credit. https://www.federalreserve.gov/releases/z1/current/default.htm
Mitchell, J. (2021). The Debt Trap: How Student Loans Became a National Catastrophe. Simon & Schuster.
National Center for Education Statistics (NCES). (2023). Fast Facts: Tuition Costs. https://nces.ed.gov/fastfacts/display.asp?id=76
National Association of Colleges and Employers (NACE). (2023). First Destinations for the College Class of 2022. https://www.naceweb.org/job-market/graduate-outcomes/first-destinations/
Organisation for Economic Co-operation and Development (OECD). (2022). Education at a Glance: OECD Indicators. https://www.oecd.org/education/education-at-a-glance/
The Institute for College Access and Success (TICAS). (2022). Student Debt and the Class of 2022. https://ticas.org/wp-content/uploads/2022/09/classof2022.pdf
Washburn, J. (2005). University, Inc.: The Corporate Corruption of Higher Education. Basic Books.
