Graduation Speech : College Is Not A Opportunity

Decent Essays

Without a doubt, today’s purpose of college is to foster student development. However, it’s become unclear with the rising costs of tuition as well as the growing importance of preparation for a job upon graduation. In fact, universities are no longer seen as simply a place of higher education. They are rather professional junctions from which students can become secure jobs and steady income afterward. This is partially due to the fact that graduating high school is no longer seen as an accomplishment and in effect, about 65% of all jobs require at least a bachelor’s degree to be competitive for (Georgetown University Center on Education and the Workforce, 2009). However, costs of attending have almost counterintuitively skyrocketed in …show more content…

With the increased spending, it remains that there should be an increase in tax revenue as well. Moreover, according to a Federal Reserve Bank of Philadelphia study, there was a significant negative correlation between the startup volume for businesses with fewer than four employees and student debt. In other words, student debt has stifled innovation in the form of startups. The release of student debt should result in a multidimensional effect including the increase in the number of startups, the increase in consumer spending of more than one generation, and the increase in tax revenue. Another byproduct the presence of debt has created is the development of a student culture in which students tend to pursue concrete majors such as STEM fields or business fields. Theoretically, value creation is maximized in the society in that every student is pursuing what they deem themselves to be best at rather than pursuing what workforce demands. The student loan bailout would completely enforce the original purpose of higher education which is to foster student development. Beyond the intrinsic gains, the current job markets corresponding to STEM and business fields would become less saturated, leading to a more well-distributed job market. According to a Job Opening and Labor Turnover Survey by the BLS in 2013, the current job seekers to job openings is present at 2.9 to 1. However, the employment situation is exacerbated by the fact that certain industries such

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