Talk Show Host (TSH): Hey everyone, we are here
today to talk about the topic, “is college a basic need that should be
affordable to everyone?” With me here today are David Leonhardt, writer of the
article The College Dropout Boom, and
Jeffrey Dorfman, writer of the article There’s
No College Tuition ‘Bubble’: College Education is Underpriced. David, we’ll
start with you. What are the main arguments of your article?
David: Thanks for having me here tonight – it’s a
pleasure. Well, in my article, The
College Dropout Boom, I discuss the growing number of young adults in the
United States who are dropping out of college. Left and right across the
country, students are becoming a part of the trending “college dropout”
population.
TSH: Just how big of a population are we referring
to?
David: Essentially one in three Americans in their
mid-20’s are making plants to return to college later in their lives but
dropping out for the time being. This is a staggering difference from the one
in five Americans dropping out of college from the 1960’s, or at least when the
Census Bureau began keeping such data.
TSH: And is this statistic found in every social
class of Americans?
David: No actually, they mostly come from poor and working-class
families. Studies have found that only 41 percent of low-income students
entering a four-year college manage to graduate within five years, versus the
66 percent of high-income students. Education is a powerful tool, but is also
unattainable or undesired by an increasing number of students across the
country. Essentially my main argument is that the “norm” of going to college
straight out of high school is becoming less and less popular.
TSH: How did this so-called “norm” of going straight
to college after high school impact America?
David: Because a college education matters much more
now than it once did, and a majority of Americans have such an education, a
bachelor’s degree now tends to determine a person’s place in society. Without
one, it can be very difficult or nearly impossible for an individual to find a
successful career. But shockingly, prices for a college education are now
higher than ever! The reason why so many students have been dropping out have
been for this exact reason – increasingly higher prices for something that is
in great demand. College is now considered a “basic need” by Americans, and
should be treated as such. Prices for college are just way too high.
TSH: Very interesting! And definitely many
convincing statistics there. Now we are
going to move onto you, Jeffrey. What is your standing on this topic in your
article, There’s No College Tuition
‘Bubble’: College Education is Underpriced?
Jeffrey: Thanks for having me here today! This is
definitely a topic that I feel very strongly about, but I’m on the other side
of the argument. I agree that the price for a college education has increased
over the years. Any statistic you could find would show you this. However, by
the standards of the American economic marketplace, it is my belief that most
colleges are still underpriced.
TSH: Underpriced?! I have definitely never heard
that standpoint before. What statistics do you have to support this argument?
Jeffrey: Well, it’s quite simple. Take Harvard, for
example. Their admissions staff only accepted 5.8 percent of over 35,000
applicants this year. In most businesses, when you have such a high demand for
a product, the price will be raised and would therefore increase production.
Many colleges don’t want to increase their size.
David: But that raises the question, “Why would they
not want to increase prices when they have so many students who want to attend
their school”?
Jeffrey: Good question, David. I believe that
financial aid plays a big part in that. Most students are now receiving
financial aid in some form from the government, including money towards
tuition, room, board, books, and other living expenses. Going back to the
Harvard example, the average price paid by students and their families who have
financial aid is only $15,550. Full price is $59,800.
TSH: That hardly qualifies as this “college cost
crisis” that everyone always refers to in the news.
Jeffrey: Exactly. People don’t understand the
difference between the full list price and the average net price for a college
education. Colleges are simply doing the exact same thing as the government
does… charging rich people more than those with less ability to pay. Taking
financial aid into account, it is my belief that receiving a college education
is actually underpriced for most.
TSH: So what is your opinion on the necessity of
having a college education?
Jeffrey: I believe that it is very important.
However, not everyone can afford the most expensive colleges. Take a Mercedes,
for example. Although having a car to travel in is a necessity, does it have to
be so expensive? Having such a nice car is a luxury. Not everyone can afford a
Mercedes. Much in the same way, students should be looking at and choosing
colleges that they both love and especially can afford. That way, all of this
commotion about “inflated college prices” would come to an end.
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