The Price of Learning
The Albert Einstein College of Medicine in New York has begun instructing its students free of charge and in perpetuity following a generous donation of $1 billion by a former professor on Feb. 26 (The New York Times). Dr. Ruth Gottesman, a 55-year member of the institution, felt compelled to make this contribution after the death of her husband, David Gottesman, a wealthy stock market investor. It was reported that almost 50% of the student body had over $200,000 in student loans at the time of graduation, which is not an uncommonly high level of debt for medical students (The New York Times). This contribution was a short-term solution to the long-term problem of student debt, which has been on the rise for the past 40 years and has gone largely unaddressed by the federal government (Forbes). To an extent, her donation is a call back to 2016 Democratic primary candidate Bernie Sanders’ campaign promise to make college completely free (National Public Radio). However, would a free college system really work?
The notion that college should be free rests on the assumption that the state or federal government would foot the bill of tuition costs, which would then be footed by taxpayer dollars. While there are many varying proposals for the extent to which college should be free, the latest of these is One of the latest proposals regarding free college is President Biden’s American Family Plan, which was proposed in 2021 and includes provisions for free two-year community college attendance and lower college costs for universities that serve a large proportion of minorities (The White House). Current cost estimates place the plan at $290 billion, excluding non-education related measures (Education Data Initiative). The already high cost of Biden’s plan to simply lower college costs may indicate that a plan for a completely free college education may be out of reach. To fund the plan, the White House proposed to give more funding to the Internal Revenue Service (IRS) to scrutinize the rich and increase their tax rate (The White House). However, it is difficult to say whether the IRS will also increase its audits of lower-income families too. In addition, much of the over $52 billion in philanthropy for colleges and universities comes from foundations and alumni (Forbes). More taxes may discourage the giving of large donations like Gottesman’s.
“[There is a] difference between one’s choice to donate versus [having] to pay one’s [own] taxes to pay for other people,” sophomore David Fang said. “[It] is typical of human nature to [feel] if it is of one’s own free will, [one will] feel empowered [to give more]. But [if someone is] forced to [give], [then they are more inclined] to do the bare minimum.”
It is also important to note that the goal of making college free is to not only minimize the burden of student debt, but to also encourage economic growth. The economic gains from a free college tuition rely on future jobholders to put their education to use to make and recirculate more money into the economy. A study done by the Federal Reserve Bank of New York found that while many lower income students may capitalize on the opportunity for free education, it is likely that a larger proportion of less motivated students, now unrestrained financially, would not feel incentivized to make the most of their college experience, and would put in less effort toward getting good grades. In regards to Gottesman’s donation, it will still make a substantial impact, as it is unlikely that undetermined students would pursue a field so notorious for a heavy workload as medicine. However, the ubiquity of college degrees and students’ decreased motivation could also impact the intrinsic value of a degree.
“Especially now, a college degree [is] very crucial in a lot of professions, so I think [free tuition] would help [expand access to one],” senior Audrey Yu said. “But at the same time, if college is more affordable [and] if everyone has a degree, it might become less meaningful.”
Current plans to keep the cost of college low and the economy in good shape entail haplessly throwing billions or worse yet, trillions, of dollars at a wall, which results in misspending and then a source here instead. The Associated Press estimates that during the COVID-19 pandemic, about $402 billion in government aid was either stolen or misappropriated, which is 10% of the total $5.2 trillion in support measures. Relatively smaller and more precise expenditures, like Gottesman’s, for lowering but not removing the cost of college, would better serve Americans and their need for education. While college has also long been promoted as a cure-all for financial insecurity and the key to a successful future, in 2023, the unemployment rate for recent college graduates was double the national rate (The Washington Post). The better advertising and destigmatizing of trade school and other alternatives to college by the government through smaller subsidies and grants could also prove beneficial.
“[Trade school] is not seen as a valuable option [but] I think it should be,” World History and Advanced Placement European History teacher Donald Frazier said. “[We] have to have people skilled at [certain] jobs. Artificial intelligence cannot fix plumbing and electrical work. [Though people may assume so], just because [electricians and plumbers] are blue collar does not mean they are stupid.”
Not only would attending trade schools avoid hefty student loans from college, but it would also help meet the high demand of skilled laborers and grant them access to stable jobs (Business Insider). It would also work to boost the income in the manufacturing industry overall (Consumer News and Business Channel).Gottesman’s generous donation will most definitely help many medical school students financially after graduation, but any sweeping and unwieldy measures by the government to make college free nationally will be futile. Instead of combating debt through unconventional high cost spending measures without clearly defined goals, government officials should opt for a multifaceted approach that encourages accountability from colleges and alternate forms of schooling.
