Counterpoint's Meg McGee has "the last word" after every new edition of Counterpoint. After reading her latest recap, hear audio of the discussion she's referencing embedded below the post:
On Friday’s show, we covered a slue of topics, the smoking ban on campus, the Miami-Dade county’s decision to take funding out of libraries, Detroit’s bankruptcy, and the passing of a student loan deal in Congress.
Our entire panel agreed that the cost of college/university is skyrocketing and something should be done to change it. However, our topic grew into a larger discussion over if college is valuable in order to succeed. Matt De La Fe, our conservative contributor, argued that college degrees aren’t necessary for success and that there are plenty of jobs one can go into without a degree. While I think this argument is valid (to an extent), it is far from the reality we live in these days. Yes, there are celebrities, athletes, musicians, artists, and other innovative people in our society that make millions of dollars without having finished college. But the chances of that happening to an average Joe are not that high and if nothing else, a Bachelor’s degree is a safety net in case your multi-million dollar idea goes awry.
Everyone knows the economy and job market is bad, especially for young Americans and post-grads. So naturally, having a college degree gives you a slight advantage over someone who only has a high school diploma. The days of skipping out on college are over, there is no Woodstock, there are no protest movements, millennials have to get to work. We have to go to college and college is not cheap. So while there is no one putting a gun to our heads forcing us to take out enormous loans for college, our society leaves us with few other choices. For me, I have to go to school for what I want to do and not just undergrad but grad school and PhD. program. I think a lot of young Americans are taking huge risks by having $100k in loans but it certainly beats the alternative to working at McDonald’s with no degree. A college degree is the new high school diploma.
Until our country is able to get the costs of education down across the board, we will see more students not being able to go to a 4-year institution and instead having a high-unemployment rate for young adults. Though Congress passed this deal, there are still provisions in it to keep interest rates rising on student loans. I think student loan debt is a problem that Wall Street is cashing in on and once the “bubble” explodes, we could see another financial crisis affecting the next generation of Americans.
Below is audio of the discussion on student loans and the value of a college degree. Counterpoint airs live Fridays at 1p.m. EST