Many young people are growing up knowing that a college education is practically a necessity to eventually get a full-time job, but they are blaming the high cost of that higher education on the colleges and universities.
According to the Huffington Post, a Harvard University Institute of Politics poll showed the majority of young adults identified student loan debt as a "major problem," but said the colleges are to blame. The surveyed were 18- to 24-year-olds and even those not enrolled in college saw rising debt levels as a major problem.
The survey found 58 percent of the respondents to believe rising student loan debt to be a major problem, 22 percent said it is at least minor and only three percent thought there was no issue. 39 percent placed blame on the colleges for the rising debt and just ten percent blamed the students.
This creates a conflict in many high school seniors thinking about college; a degree is needed to get a job later in life, but the student loans will be a major financial setback. Due to the poor economy, jobs are hard to come by, especially for young people leaving college, creating more debt and, for those with a job, slower repayment.
"Young people who are coming of age today understand that getting a postsecondary education is important [but] they have a lot of fear about the rising cost of higher education," said Rory O'Sullivan, Policy and Research Director at Young Invincibles.
Prospective students may be considering schools they cannot afford in the first place, creating the need for financial aid, but some experts state the schools are taking advantage of this.
Matthew Segal, co-founder and head of millennial advocacy nonprofit OurTime.org, said too many private and public schools are using their money to enhance campus rather than make the education more affordable. Amenities like hot tubs at Iowa State, or swimming pools in UC-Davis dorm buildings and more are seemingly more important than ensuring students with an affordable education.
"People are finally realizing that the college arms race must stop if we are ever going to rein in costs," Segal said. "Too many colleges are acting in the interest of building prestige over providing an affordable pathway to higher learning for their students."
