For many students the foundation of a university education or career begins at the community college. And that is where many students assume their first loans, leading to some serious high-interest future repayments.
At California community colleges the BOG fee waiver covers much of the tuition for many eligible students, while grants or scholarships absorb the cost of textbooks and assist with living costs. But many students must take out student loans to pay rent and compensate for income loss when a school schedule replaces or reduces a work schedule.
After the two-year degree, the cost of a bachelor’s or graduate degree discriminates against students from working class families. Without student loans, only students from financially secure families or the athletic and academic elite are able to benefit from the opportunities higher education affords.
Currently, the Student Loan Borrowers Bill of Rights is before the House of Representatives. Sponsored by Rep. Fredrica Wilson, D-Florida, the bill would offer the same consumer protections other loans receive, limiting interest and allowing student borrowers to declare bankruptcy. The spirit of the bill is laudable, but it fails to address the fundamental problems that drive student debt: high university tuition and textbook costs.
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The real consequence of the bill is that the high school graduate with limited or no credit history and the student with scarred credit who returns to college hoping to change careers might find it difficult to finance his or her education.
Real student debt reform needs to begin with transparency and counseling. Students need to be accountable for the money they borrow, and institutions that accept federal and state funding should be held accountable for how those dollars are spent.
The ultimate goal of educators and administrators is to guide students into becoming productive, tax-paying contributors to the national economy. Reduction in student loan debt requires guidance from the college or university. Financial aid counseling is as important as helping a student to map out his or her educational goals.
