7 Reasons Why College Should Be Free

With college costs soaring in the U.S., the debate over making higher education free has become more relevant than ever. Right now, it costs an average of $38,270 per year for a student to attend college. And this number has more than doubled since the early 2000s, thanks to a tuition hike that’s been steadily climbing at about 4.1% each year.

For most Americans, taking out loans has become a necessity rather than an option. Unfortunately, this often leaves graduates with debt they’ll be chipping away at for years—sometimes even decades.

With financial strain at an all-time high, many believe free college could be the solution we need. By eliminating tuition at public schools, students from any background could pursue degrees without the dread of mounting debt. Advocates argue that free college would not only expand access to education but also help build a more skilled workforce and reduce the economic divide.

In this blog, we’ll dig into why college should be free and look at how it could benefit students, society, and the economy.

• The Real Cost of College in the U.S.
• Why Should College Be Free? 7 Key Arguments
• Frequently Asked Questions
• Takeaways

The Real Cost of College in the U.S.

Before we talk dig into why college should be free, let’s take a hard look at the current costs—and the student debt crisis that comes with them.

How much does it cost to go to college?

Today, it costs an average of $38,270 per year to attend college in the U.S., and that figure covers a lot more than just tuition. Between room, board, textbooks, and other essentials, the financial load can feel crushing. Costs vary based on the type of school and whether you’re paying in-state or out-of-state tuition.

Here’s a breakdown of average tuition costs across different types of U.S. institutions:

These numbers reveal just how different costs can be, depending on where and what you choose to study. Sure, going to an in-state public school may save you thousands, but even those tuition rates keep inching up year after year due to things like inflation and reduced state funding.

Now, let’s not forget the hidden costs that creep up outside of tuition. There’s room and board, for instance. For public four-year colleges, this can average $12,770 a year, while at private schools, expect to pay around $14,650 annually for food and a place to live.

Then there’s transportation, which adds another $1,290 to $1,930 each year, depending on your school and commute. And don’t overlook textbooks and supplies, which tack on roughly $1,250 every year.

All these additional expenses mean the total cost of attendance often reaches about $28,840 for in-state students at public four-year colleges and a whopping $60,420 at private ones. So, understanding what’s really involved financially helps set the stage for why college should be free.

How many Americans have student loan debt?

As college costs keep climbing, so does the student debt—fueled by the pressure to earn degrees in today’s competitive job market. As of June 2023, 43.6 million Americans collectively owe over $1.64 trillion in student loans.

For the typical borrower, student loan debt hovers around $38,000. For those with postgraduate degrees, that figure often rises to somewhere between $40,000 and $50,000. While young adults aged 18-39 make up about 25% of borrowers, it’s not just a young person’s problem. Many borrowers aged 50 and over are still paying off loans, making up about 9% of borrowers.

The debt burden hits young adults especially hard. According to the Pew Research Center, many graduates in their late 20s and early 30s report they’re “just getting by.” In fact, only a third of them feel the cost of their degree is paying off financially. For others, student loans create a massive roadblock to saving for retirement, buying homes, or making major life choices.

Graduates from technical or vocational programs, where tuition is usually lower, often carry less debt than those from traditional four-year programs. But those who couldn’t complete their degrees find themselves in an even tougher spot—facing loan repayments without the benefit of a diploma, often with fewer job opportunities and a higher risk of default.

It’s no wonder there are growing calls for relief programs, including debt forgiveness options, as more people struggle under the weight of these loans.

The sheer reach and impact of student debt make it clear why so many are advocating for policies like free college. Free college could take some of this weight off, easing financial stress for graduates and opening up economic opportunities for future students. It’s an idea that could help shift the whole landscape of higher education in the U.S., where affordability remains one of the biggest hurdles.

Why Should College Be Free? 7 Key Arguments

With the cost of college climbing each year, free college programs are becoming more popular as solutions to tackle both economic and social issues. Beyond just lightening the load on individual wallets, free college could bring big wins for society, like a stronger economy and lower inequality across the board.

1. Free college is beneficial to the economy.

Making college free could give the U.S. economy a serious boost by sending more graduates into the workforce with higher earning power.

Research shows that people with college degrees earn quite a bit more than those with only a high school diploma—up to $1.2 million more over their lifetime. That extra income means more cash circulating in local economies, supporting businesses, and generating tax revenue that can be reinvested into public resources.

Take Tennessee’s Promise Scholarship, which covers community college tuition for state residents. Programs like this one show that when you remove tuition costs, more students enroll and complete their degrees, which increases the supply of skilled labor.

A workforce filled with educated and adaptable professionals directly fuels economic productivity. In this way, free college is a long-term investment in local and national economic growth.

2. Free college creates equal opportunities.

Free college could make higher education more accessible to students from low-income and underrepresented backgrounds. Right now, students from wealthier families are much more likely to attend and finish college, mostly because they don’t face the same financial barriers. But a tuition-free model could open doors for all students, regardless of income, helping close the economic gap over time.

A more inclusive college system brings diverse perspectives into the workforce, which can drive innovation and broaden representation across fields. New York’s Excelsior Scholarship, for instance, covers tuition and fees for eligible students, leading to higher graduation rates and more diversity in professional spaces.

This inclusivity boosts economic outcomes and also tackles social inequalities by breaking cycles of poverty and creating a fairer society. So, when we talk about why college should be free, it’s really about building a more prosperous, inclusive society for everyone.

3. Free college addresses skill shortages in key fields.

One big reason why college should be free is its potential to draw more students into fields where we really need skilled workers—think healthcare, education, and tech.

Programs like Virginia’s “Get Skilled, Get a Job, Give Back” (G3) have seen close to half of their enrollees choose healthcare, which is critical right now. In Colorado, similar initiatives aim to fill gaps in education, nursing, and firefighting by covering tuition, with state funding expected to help over 20,000 students in the next couple of years.

So, debt-free college programs designed to meet workforce needs could be a win-win for graduates and communities alike.

4. Free college lowers dropout rates.

The weight of tuition bills is a major reason students drop out, with financial stress driving 59% of dropouts. Free college could reduce this burden, allowing more students to stick around until graduation.

Take Tennessee, for example: its Tennessee Promise program boosted retention rates in community colleges—significantly better than rates for students without this support. Fewer dropouts mean a more educated workforce and less financial waste on incomplete degrees.

5. Free college boosts innovation and entrepreneurship.

Free college could fuel a new wave of innovation and entrepreneurship, too. When graduates aren’t tethered to loan repayments, they have more freedom to take entrepreneurial risks.

About a third of small business owners who’ve carried student debt report that it held back their ability to grow. With fewer financial strings attached, free college could help channel funds into business startups, creating more jobs and boosting the economy in the process.

6. Free college improves public health and well-being.

Research shows that student debt is linked to higher risks of depression and other mental health struggles. Around 64% of borrowers report some mental health challenges due to their debt.

Free college could be a game-changer here, reducing stress and improving overall mental well-being. And a healthier, less stressed population also means a more resilient, engaged workforce that can give back to society.

7. Free college reduces the need for college debt forgiveness programs.

With student debt in the U.S. towering over $1.6 trillion, college debt forgiveness programs have become a lifeline for many. These programs help lighten the load for borrowers struggling to repay loans, but they’re more of a short-term fix than a permanent solution to skyrocketing college costs. This is where the case for why college should be free gets stronger.

So far, debt forgiveness under the Biden administration has cleared about $169 billion in student loans for roughly 4.76 million borrowers. But these programs come with strict eligibility criteria, and they only cover federal loans, leaving out anyone with private student loans.

Debt forgiveness is a great relief, but it doesn’t stop the cycle of student debt. Free college, on the other hand, could cut down on the need for loans altogether.

In countries like Germany, Denmark, Norway, and Sweden, tuition-free education has led to lower student debt and high college completion rates. If the U.S. followed suit, it could ease future students’ financial burdens and make it easier for graduates to find stability sooner—no loans hanging over their heads.

If students could avoid loans altogether, they might be able to focus more on their goals post-graduation—choosing careers based on passion, not just paycheck size. That, in turn, could bring more diversity into fields like public service, where financial worries often push people away.

So, when weighing debt forgiveness against free college, it’s worth considering a solution that prevents debt in the first place. Free college tackles the problem at its core by eliminating tuition costs, rather than trying to clean up the mess of debt afterward.

Frequently Asked Questions

1. What is the average cost of college?

College in the U.S. isn’t cheap. Attending a four-year school runs around $38,270 per year on average, and that’s including tuition, fees, and living expenses. This cost varies based on whether you go to a public or private school and if you’re in-state or out-of-state for public universities.

2. What is the average student loan debt?

Right now, the average student loan debt in the U.S. is about $38,000 per borrower. Over 42 million Americans are carrying student loans, which together add up to more than $1.6 trillion.

3. How many years does it take graduates to pay back student loan debt?

Most borrowers are looking at 10 to 20 years to pay off their student loans. The terms depend on how much they owe and which repayment plan they’re on. If you’re on an income-driven repayment plan, though, this timeline can stretch up to 25 years. On the other hand, some go for shorter-term options to knock it out faster.

4. Why should college be free for everyone?

Making college free could be a game-changer for reducing economic inequality and opening doors for low-income students. It would boost the economy by creating a more skilled workforce without piling on the student debt stress. Plus, free college could lessen the need for complex loan forgiveness programs and encourage more grads to go into public service roles.

5. Is college a good financial decision despite the cost?

Even with the high price tag, college can be a smart financial move. College grads in the U.S. have a median salary around $78,000 annually, compared to $45,000 for high school grads. Over a lifetime, that’s often over $1 million more.

6. What are ways to get rid of student loan debt?

If you’re looking to tackle student debt, options include income-driven repayment plans, which cap monthly payments based on income and can forgive the balance after 20-25 years. There’s also Public Service Loan Forgiveness (PSLF), which forgives loans after 10 years for people in public service jobs. Some programs target specific professions, like teaching or healthcare, with targeted forgiveness.

Takeaways

Why should college be free? Here are a few things to keep in mind:

• With the average cost of college hitting about $38,270 per year (including tuition, fees, and living expenses), getting a degree has become a massive financial lift for most families.
• Right now, more than 42 million Americans are carrying student loan debt, with an average of $38,000 each. For many, paying back these loans feels like a lifetime commitment.
• Free college could flip the script on this affordability crisis by eliminating tuition and cutting down the need for student loans, making it much easier for students to attend—and actually finish—college without drowning in debt.
• On top of personal perks, free college could also boost society overall by building a more skilled workforce, ramping up productivity, and making income equality less of a dream and more of a reality.
• If college is on your mind, it’s worth reaching out to an admissions expert. They can help you explore financial aid, scholarships, and strategies to keep college costs down.