For us college students, money is scarce and our future careers are unknown. Spending it intelligently is very important. Specifically, spending money on college tuition is a smart investment in ourselves, but there is always a limit on how much we can spend. As future voters, we should always pay close attention to what our leaders are saying about this issue.
Sen. Sanders, from Vermont, is creating a lot of interest from and support among college students. He proposes if elected to the presidency, he will fight to ensure everyone can attend college without going deeply into debt.
Many people cannot afford to attend college and those who do often leave with massive debt to pay off. This is why Sanders’ proposal, College for All Act, is popular with college students.
The proposal eliminates tuition at four-year public colleges and universities. According to Bernie Sanders’ campaign website he has created a six-step plan on how to “make college debt-free.”
Step 1: ”Make Tuition free at public colleges and universities.”
Step 2: “Stop the Federal Government from making a profit on student loans.”
Step 3: “Substantially cut student loan interest rates.”
Step 4: “Allow Americans to refinance student loans at today’s interest rates.”
Step 5: “Allow students to use need-based financial aid and work-study programs to make college debt free.”
Step 6: “Fully paid for by imposing a tax on Wall Street Speculators.”
“We live in a highly-competitive global economy and if our economy is to be strong we need the best-educated workforce in the world,” Sen. Sanders stated. “That will not happen if, every year hundreds of thousands of bright young people cannot afford to go to college, and if millions more leave school deeply in debt.”
He realizes a more educated workforce leads to a higher income, which leads to a higher GDP (monetary value of finished goods/services produced). Moreover, families who are cutting back on spending to save for college could instead spend their money more freely on creating a positive impact on the economy through consumer spending.
In past generations, it was not very difficult for students to work their way through college to pay off their tuition and student loans. However, over the years, tuition and interest rates have skyrocketed, making it nearly impossible to save the money. In fact, studies show students would have to work full-time for a year to pay their tuition in full.
Student debt is increasing. In 2012, the cumulative student debt was $27,850 and in 2013, the student debt was $28,400. The class of 2015 has to pay back “a little more than $35,000." Imagine what it will be in 2019 or beyond!
From a Millennial generation perspective, you may not agree completely with Sanders’ proposal, but don’t you think the topic is worth a serious discussion? A more educated society is a more productive society. Consequently, don’t you think everyone should be able to continue his or her education after high school without going deeply in debt?
When voting this November, consider which candidate best represents you and your money.
