Increasing college expenses and overwhelming student debt not only limit access to valuable higher education, but stop adolescents people from backing to a much needed thriving middle class. We as BMCC students experience in our daily college lives the inflation of our generation, which makes the cost of living really expensive and we work hard to get a college degree but financially we can't keep up and end up dropping out or having a ridiculous amount of debt that we need to pay off, even when we are retired. The administration only has so much control when it comes to offering services, but I think the State of New York should take control. As an American we all have the right to a higher education and in doing so propose that the main service be offered to students is a tuition-free college education at any community college, like here at BMCC, as it would erase student debts and empower the economy. .
First of all, you have to look at how student debt impacts our economy. In the film Inequality for All, Robert Reich, the main ambassador in the film, explains how there is a gap in the wealth distribution in America and how do to numerous factors has an impact on student debts:.
Student debt has exploded to an estimated $1.1 trillion -- more than credit card or automobile debt. In 2005, the average student loan debt was just over $17,000; by 2012, it was above $27,250, an increase of more than 50 percent in seven years. More than a third of young people under 30 are now seriously delinquent on their payments, owing a total of $113 billion -- more than the total sums state governments spent on higher education last year. And unlike other debts, these debts can't be cancelled in bankruptcy. We're creating a new generation of semi-permanent debtors. (Inequality for all).
Due to the revelation given by Reich, you can start to formulate how the domino effects begin as young graduates that are reluctant at investing in homes, which impacts the already struggling housing market.