One of the most significant challenges facing young people in America today is the rising cost of higher education.
According to The Columbus Dispatch, the cost of tuition and room and board at private universities has risen a whopping 403 percent since 1978, after adjusting for inflation.
The price jump at public universities has been even more dramatic — an increase of 428 percent.
Many students attempt to grapple with the high cost of education by working their way through college.
However, the weak economic climate and job market has created challenges for students to find jobs that pay enough to meet their financial obligations.
As a result, more and more students rely on loans from the federal government to help pay for college.
Rather than tackling the growing problem of rising education costs, Congress has generally been content with inaction.
In fact, it has somehow even made the problem worse.
In July, Congress failed to pass legislation to prevent interest rates on federal student loans, which millions of students use to pay for their college tuition, from rising to almost 7 percent.
Although Congress eventually acted to lower rates to about 4 percent, the bill that was passed included provisions that could cause rates on new loans to increase significantly if economic growth improves.
Fortunately, in a speech on Aug. 22 at the University at Buffalo, President Barack Obama laid out proposals that addressed the challenge of college affordability.
The president’s proposals included the creation of a rating system that would measure the academic performance of each college and university against the cost of attendance.
According to David J. Hill of the UB Reporter, the new system “would allow students and their families to select schools that provide the ‘best value.’”
The president also proposed an expansion of the availability of online courses to provide students with more options and encourage competition among universities.
The most important of Obama’s proposals, and one that would require action by Congress, would allow all students receiving loans to cap their loan payments at 10 percent of their monthly income.
If enacted, this proposal would significantly reduce the financial burden on many college students by allowing them to gradually pay down their loan debt over a longer period of time.
Although none of the president’s proposals offered a permanent or comprehensive solution to the problem of rising education costs, they are excellent starting points.
President Obama’s willingness to grapple with this difficult issue also marks a welcome change from the federal government’s inaction on education policy reform in recent years.
The issue of college affordability affects all Americans, even those fortunate enough to be able to afford college without loans or other means of financial assistance.
In order to compete and remain relevant in the 21st century and beyond, the United States will need a well-educated population capable of innovative and critical thinking.
Expanding access and increasing affordability of higher education is an essential part of maintaining a strong and prosperous America.
Elliot Levy is a public relations and political science junior. His column appears on Wednesdays. A version of this column ran on page 6 on 8/28/2013 under the headline "President’s education speech a step forward"
