While a free college plan may seem to be the ideal solution to the college debt crisis in the U.S., it is still good to check the disadvantages that may arise if ever it gets implemented. How will it affect the nation's economy?
The Democratic party has been vocal about their plans for free college. Hillary Clinton reportedly wants to offer free in-state tuition at public colleges and universities. This would be available for families making under $125,000 per year. The presidential candidate aims to provide lower interest rates for student borrowers and support for students who are also parents as well.
According to PayScale, Clinton's proposal may lead to unexpected problems. The Chronicle of Higher Education noted that the free college plan could do "significant harm and questionable good."
1. Tuition rates may instead soar to scary heights. There are concerns that the recent increase in tuition fees may have been caused by increased student aid in the recent years. A report by the Federal Reserve Bank of New York last year revealed the relationship between increased federal aid and the rise in tuition sticker prices.
2. A free college plan may lead to the death of smaller private schools. Not all private colleges have a huge endowment. Smaller schools may not be able to keep up with public schools or their richer counterparts.
3. There are more things than tuition that's weighing down college students. Free tuition would only be solving one aspect of a college student's expense. It won't provide for other living expenses as well as books and fees.
TIME reported that even Hillary Clinton's running mate, her vice-presidential pick, Tim Kaine has also expressed his doubts about free college tuition. "Richer Americans, or even Americans like myself who have a plan to help their children with the cost of college, perhaps shouldn't have free access to college or get the same degree of help when there are so many young people who have worked hard but simply can't afford the cost of higher education and their parents do not have the financial means to help," he said.
