For an increasing number of education and political leaders, bringing debt-free higher education back to California is long overdue. In 2015 alone, over half of UC and CSU seniors graduated with a staggering $1.3 billion debt load. Since 2004, California’s public university students have collectively racked up student debt in excess of $12 billion. That liability has been a catastrophe, according to UC San Francisco medical professor Stanton Glantz, president of the Council of University of California Faculty Associations.
“Even if you take a fairly conservative approach, it’s had huge negative effects on the California economy,” he explains in a phone interview, “because people who graduate with this ridiculous amount of debt have to delay starting families, starting businesses, and it just becomes a weight on the whole economy. … The same people, if you look at the state as a whole, are going to end up paying for higher ed. It’s just, [with free tuition] you give it to everybody, and then the society recoups the costs over the long run by creating more wealth, [rather than] what we’re doing now, which is where you take the people who are actually getting educated and saddle them with [the cost].”...
The argument that a university degree benefits both the graduate and society has been made repeatedly over the years. For the college graduate, it means significantly increased lifetime earnings; for the state, increased tax revenue and reduced costs for social welfare programs and incarceration. A 2012 study by UC Berkeley’s Institute for the Study of Societal Issues estimated that ongoing returns to the state from UC and CSU graduates averaged $12 billion annually, “well above the general fund expenditures for the UC, CSU and CCC systems combined.”...Education is institutionalized as a public good in the US and matriculation is required until completing secondary education or attaining majority.
Why not higher education, especially in a competitive world where the US is now trying desperately to stay on top while the emerging world (read China) is breathing down its neck. But soon enough it will also be India, and then....
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