For students who choose to pursue post-secondary education, a college degree is invaluable. While two or four years (or in Northeastern’s case, five) spent at an institution does not guarantee future professional success, it does increase your chances for a better career with a higher salary.
But as tuitions continue to rise, many students know a college education doesn’t come cheap. “The most trustworthy indicator that an American college education is something worthwhile is that parents nationwide – and even worldwide – are eager to pay up to $180,000 to get one for their children,” wrote Christopher Caldwell in the New York Times column in February 2007.
When Congress passed the Higher Education Opportunity Act July 31, this was the first step in loosening the proverbial financial noose. Though it should be noted that the president still needs to sign the bill into law. While the provisions aren’t necessarily groundbreaking, the legislation signals a movement toward making a college education less of a luxury and more of a rite.
Under the bill, the top five percent of colleges who increase their tuition will be required to provide a legitimate reason to the Department of Education. In addition, the colleges must specify how they’re limiting the increases. With greater cost transparency comes greater fiscal responsibility and accountability.
In another important portion of the bill, colleges and their respective professors will be obligated to “unbundle” textbooks, which means students will have the option to choose whether they need a book and its supplemental materials like a CD. Furthermore, college professors will have to announce textbook requirements earlier so students are aware of the costs. This will give students the ability to price-hunt through online resources like Amazon.com before buying the books directly from university bookstores. With textbook prices increasing as fast as tuitions, this is a welcome change.
The Free Application for Federal Student Aide (FAFSA) is often criticized as being too complicated and bureaucratic. Every year, many students and their parents dread filing the FAFSA forms, even though it’s a resource that helps chip away at staggering college costs.
However, with the new legislation, there’s the creation of the EZ- FAFSA, which is a simpler form for low-income families. In the near future, the general FAFSA application itself will be shortened from seven to two pages.
Yet the most sweeping legislative reform in the bill is the focus on increasing the ethical policy of lenders and financial aid officers. It will require a code of conduct to be applied to student loans in an effort to undermine some questionable practices like colleges accepting gifts from a lender in exchange for a positive recommendation to students.
After years of Congressional squabbling, the Legislature has finally enacted a suitable college education reform. It’s been a long time coming, but it’s been worth the wait.
Let’s hope for an even brighter future for college degree-holders, and one not racked with debt.
