Repairing Higher Education

Speech

          Opportunities to further pursue an education in the name of social and economic advancement should not be out of reach for anyone. But, at this time in America, it's a sad reality we have to face. Student debt due to college is more than one-and-a-half trillion dollars (Nerdwallet), and this number continues to climb. One of the key reasons for this exponential climb in college debt is because of families not knowing that when their children are young is the time to start saving. Therefore, it is time to start financial education programs for families while their children are just starting elementary school, so they aren't in over their heads when the college admissions process begins during their senior year of high school.
          The average college student today graduates with $26,600 in loans (collegescholarships.org), but that number could be lower by teaching parents that college savings should begin in preschool/kindergarten rather than in high school when it's too late to make any meaningful savings. Classes could be created for parents to take at their local school, but if they cant attend then, they can have the option to do the classes online. An incentive to do these classes could be a certificate that could be given to colleges for a potential $1,000 scholarship. These programs would educate families on managing their finances, saving for the future, and paying off debts they already have. Not only would these financial education programs help millions go to college, they would help every American by building a better foundation for our economy. Americans in 2017 had over $12.96 trillion in debt due to credit cards, mortgages, auto loans, and student loans (Nerdwallet). That's about 131,000 dollars per household, and to be honest that can't be sustainable for very much longer. If more of our fellow Americans knew how to save properly and pay back loans, then almost every facet of our daily lives would improve. More people could own their own homes, save for retirement, and support their family's future and not just their present. This would lead to less stress on our Welfare programs because less people would have to use them. The U.S. government would have a better tax base so the enormous federal debt could start to be paid off. All these improvements would stimulate economic growth which would help lower unemployment, and wages would increase. When wages increase people can not only save more, but they can also spend more on things like vacations. This increase in spending just makes the economy develop even faster. A key factor that usually helps cause economic depressions is that the everyday people don't know basic fiscal and economic principles, and we could change that by just educating parents now so they don't have these problems later. Then these parents can teach their kids money management as well, leading to a well fiscally educated nation. Also, according to Financial Regulatory News, "The average American lost approximately $1,171 in 2017 due to his or her lack of financial knowledge, according to a new survey by the National Financial Educators Council (NFEC)." Can you imagine how much money is wasted in total by Americans every year? Because I sure can't.
          Critics could cite multiple reasons such as some families don't need the help, could be limited in its use, and what if kids want to go to trade school or don't want to go to college. But all these counterclaims can be refuted easily. All families, no matter their background or social class, could benefit in some way from "money" management programs. Also, the lessons learned from such a class/program would help in any stage of your life, and these classes could and should go nationwide because it would only be helping our fellow Americans, which  in turn means we are helping ourselves. If your child doesn't want to go to college, that's fine, but the college savings already generated could be used to help them buy a home, afford a nice wedding, and support their own children. But, these classes could also help the parent save for retirement and pay any outstanding debts.
          Barbara Ann Mikulski, former U.S. Senator for Maryland, once said, "College is part of the American dream. It shouldn't be part of a financial nightmare for families," and she couldn't be more right. Since the beginning of the 21st century a postsecondary education has become more of a requirement than an option. What's mind boggling though is that college costs have grown exponentially over the last couple of decades. Making a college education only a dream for many. A great solution to this is prepare families for this from the get-go, with financial education programs. These courses would not only shrink the burden of a college education, but also lower debts overall and create a steady foundation of fiscal responsibility for generations to come.