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As those on both sides of the argument worry about the future of student loan debt, high school seniors are gearing up for decision time. It seems pursuing a college education is growing less appealing by the year.
According to research by CodeWizardsHQ, approximately 59% of young adults questioned in Ohio consider a college degree to be a burden, rather than a benefit. Soaring tuition fees, and the myriad other costs of a college education mean most students have to seek at least some financial assistance.
As the study points out, payments of loans taken out by students can be postponed, but ultimately need to be repaid. Statistically speaking, millions of students will never be able to settle their loans. In many parts of the country, even community colleges encourage students to take out loans, despite the higher percentage of students there who come from low income backgrounds.
Within three years of entering repayment, 9.7% of student loan borrowers default, according to the U.S. Department of Education.
While we cannot count on colleges and universities to cut the fat and keep their costs low enough to avoid routine tuition increases, we should certainly be able to ask them to provide relevant educations that will prepare students to enter the workforce in good-paying jobs.
And we can expect lawmakers and public officials to pursue economic development that brings those good-paying jobs to Ohio communities. If colleges, universities, financial institutions and officials don't change their approach, they are in danger of finding out supply is going to dwarf demand. That helps no one.