By Nia Saunders
The global rise of education standards has transformed recent generations into the most educated population in world history. In the United States, going to college and graduating with a bachelor’s degree isn’t considered going above and beyond anymore. Instead, going to college has become the norm and is the bare minimum requirement for an entry level position in a promising career. According to Debra W. Stewart, the president of the Council of Graduate Schools, the same percentage of people 25 years and older who have a master’s degree or higher, is the same percentage of people who had attained a bachelor’s degree or higher in 1960. The devaluing of college education may be a direct result from a couple different factors including more complex occupations in science, technology, engineering and math. Or, it could be a result of outsourcing, which forces students to compete with their peers not only in their state and country but all around the world. The worldwide education push has led to an increase in national student loan debt, and in the United States has grown to an overwhelming total of $1.2 trillion.
As the minimum education requirement for entry level positions keep rising, students are falling deeper into a nearly irreversible hole of student debt. One would think that as jobs continue to require more education, the average salary would increase along with it. However, according to an article from The New York Times, jobs whose requirements have intensified have not augmented their wages accordingly. This leaves graduates with large amounts of student debt trapped in an economy that makes it nearly impossible for them to pay it off. Ben Miller, a contributor for The New York Times, says upwards of 30 percent of people who owe student debt are not able to make their payments on time or have stopped making payments completely.
In an opinion piece from the Huffington Post, John T. Delaney says the vicious cycle of student loan debt starts with the absence of preparation from colleges. Many universities lack resources for their graduates with job placement and life after graduation. This leaves many graduates qualified for jobs, but without enough opportunities to be hired. By putting a stronger emphasis on implementing more programs that allow students to network with employers and land a job quickly after college, they will be more likely to pay off their debt. An article from Time magazine claims that 48% of newly graduated students are overqualified for their jobs. This means that degree holders are not maximizing their wage potential, thus leaving them not able to pay their student debt.
The student debt epidemic is on the rise and so is the need for a solution to this problem. The ever-growing requirement for higher education leads everyone to the same question; will a Ph.D. become the new minimum requirement for education? Will wages continue to remain stagnant while job requirements continue to rise? The answers to these questions will affect student debt in the United States. One thing is for sure, graduates now must work harder than ever before to land a job that can support a lifestyle in which they can live comfortably with the ability to pay off their student loan debt. As the youngest generation grow older, their debt could hinder them from building a stronger job market and economy. If we want any hope in the future, this overwhelming problem must find a solution.
Sources:
http://time.com/money/4658059/college-grads-workers-overqualified-jobs/
https://www.businessinsider.com/why-arent-wages-rising-2017-5
https://www.nytimes.com/2011/07/24/education/edlife/edl-24masters-t.html
https://www.huffingtonpost.com/john-t-delaney/the-hidden-student-loan-debt-problem_b_6343800.html
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