Right now, we are faced with an opportunity to make higher education more accessible to all young Americans — and to ease the financial burden on those currently in (or just out of) school. As New Dems, we’re looking for ways to ensure America keeps its competitive edge in education and in the workforce. Helping students succeed today puts America on the right track for years to come.
That’s why we released a set of policy priorities for higher education that lay out what we need to do to make our higher education system work better. A Bachelor’s degree is worth about $2.8 million on average and college graduates earn about 84% more than a high school graduate over the course of their lifetimes, yet today some students are being deprived of this earnings opportunity. More debt and stress is being piled on some of today’s students, limiting them from taking advantage of what life have to offer — and achieving the American dream.
To change the education landscape, Congress needs to act — and act now. Together, we need to address the barriers for Americans as they set out to seize their own American dreams:
College needs to be more accessible and affordable.
Student loans burden many scholars in this generation: for undergraduates who attended two- and four-year colleges, more than half of loans were less than $20,000, 42 percent were less than $10,000 and only 10 percent exceeded $40,000. Still, students across the nation are facing more than $1.3 trillion student loan debt, according to the most recent consumer credit reports from the Federal Reserve.
All Americans should have the opportunity to pursue the American Dream and should not be burdened by loans or the inaccessibility of affordable rates. We must not only open the doors of universities to first-generation college students so they feel welcome and prepared for the next level of their studies, but also ensure attending college does not become a financial burden in the future. Right now, one third of college students who earn a four-year degree graduate with no debt at all. Zero.
We must fully prepare our students for higher education and the workforce.
America has long led the world in innovation and achievement, but to maintain this competitive edge, we must invest in education at all levels. When we introduce students to the Science, Technology, Engineering, Math (STEM) and other high-growth fields at a young age, we ensure future generations of forward-thinkers grow up right here at home.
More openings in the workforce than ever before require post-secondary education. To help more students grow into these positions, we must develop plans to increase technical training and apprenticeship programs across the country.
It is time to open doors, not shut out Americans, by providing necessary training programs for our students to succeed. This investment will pay off; it ensures industries across America have the talent they need to prosper without going overseas.
Higher education needs to be more effective, accountable, and inclusive.
Higher education is one of the best investments a person can make, but we must continue evaluating the system so that it serves all students. We need to hold institutions accountable and enact policies that expand opportunities and both promote and protect diversity and safety on campuses across the country.
It is time for our higher education system to work for the students. Preparing the next generation of innovators and global leaders is no small task — but we know America is up for the challenge.