Is “Free College” the Answer to Preventing A Further Escalation of the Student Debt Problem in the United States?
Across the world, 24 countries have omitted the financial burden that receiving a degree from a higher education institution can entail. These 24 nations have made college free — well not exactly. Would adopting a “free college” system in the United States solve the student debt crisis or will it only force greater civic and economic turmoil?
One particularly interesting example of a country with “free college” is Norway, one of the few nations that offers free education to citizens and internationals. In Norway, most universities are publicly funded by the government. At these public universities, there are no formal tuition charges, and the government even offers programs where students can receive loans to cover the additional expenses and use them as stipends. With all these generous benefits, there must surely be some substantial costs, right?
Taxes. The top marginal federal income tax rate in the United States is 43.7% for individuals who make over $500,000 a year, for Norway it is 38.2% for any person who makes over $85,000 a year. That’s right, the top tax rate is applied to a much larger percentage of the population and the tuition deficit is paid by more than just the rich and ruling elite. Countries such as Norway who have adopted a socialized higher education system surely do not have a student debt problem, but they do have a social gap problem, leaving most “equally” poor.
How would this system stand in the United States? Yes, it is true that the college enrollment rate is steadily increasing, but should individuals who don’t pursue a college degree pay extra taxes for programs they reap zero benefits from? The tax rate hike bombards the middle class and, in some cases, can take just about half of what individuals make. The upside is of course more opportunities for young adults to go to college who were previously deterred by cost; however, with this new demand, would universities even be able to keep up with increased enrollment with potentially decreased funding?
Although most people hate tuition costs, myself included, they help preserve personal choice. Going to college is a personal investment, a personal decision, and a personal commitment, so why should the public fund an individual’s college experience? The student debt problem might be stunted when tuition costs are absent, but how would consumer budgets change when they are paying more taxes?
Nothing is ever free, the costs of college are still there, just disguised better and distributed to a greater amount of people. Sacrificing personal liberties should never be the answer for solving financial deficits, making college free would undermine the very principles that separate the United States from other nations and would create new adversities for a greater amount of people.