Student debt, ladders of opportunity, and the next generation

My work at the Assets and Education Initiative has given me an outlet for a passion of mine–restoring the American Dream for disadvantaged young people–and also brought into sharp relief the intersection (sometimes collision) of my personal and professional lives.

Because my students won’t face high student loan debt on their paths to higher education.

They won’t have to wonder if college is really a part of their futures.

And, so, they won’t face the tragic Catch-22 that is commonplace in so many communities, and around so many kitchen tables, in the United States today:

Being unable to grasp the bottom rung of the ladder that would pull you up.

Education doesn’t work the way it’s supposed to, anymore.

One of the most stunning statistics, which I have taken to telling just about everyone, is this:

While 69% of the highest-achieving children from low-income families attend college, this is only slightly greater than the enrollment rate for the the lowest-achieving children from high-income families (65%).

To me, this says that the path to higher education and, then, economic security (because that is still largely true, even with rising economic uncertainty for U.S. college graduates) more closely resembles one of inertia than the ‘Horatio Alger’ stories we like to tell ourselves.

Working really hard and being really talented only gets you a 4% advantage over those who largely fail but have wealthy parents.

Changing this story so that college is the opportunity I believe we want it to be for today’s young people will require reforming financial aid, focusing our efforts on those in greatest economic need, recognizing the importance of higher education as a ladder to mobility, and breaking across policy sectors to reform education, particularly in terms of ensuring quality instruction and supporting students toward their completion of valuable degrees.

It will require dismantling the ‘cradle to nowhere pipeline’ that currently traps so many of our youth and recognizing the economic imperative of putting the U.S. back on par with nations around the world that have differently prioritized education (and are seeing differential outcomes as a result).

It will require, then, telling ourselves a different story.

Because all’s not well that ends well, and our over-reliance on student is reducing equity within higher education.

Because college is a distant dream, not an imminent reality, for too many disadvantaged children.

Because my kids will never have to compete, not really, with children in poverty.

And that’s not fair.

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2 responses to “Student debt, ladders of opportunity, and the next generation

  1. Hearing you talk about student debt makes me feel silly complaining about mine. I will have a total of $25k when I am done with my MSW, which I am told isn’t bad.

    • But the whole point is that we aren’t really sure how even relatively low levels of debt will affect students’ financial well-being, nor can we know if educational outcomes wouldn’t have been better, had we facilitated students paying for college without debt. We have to make sure that, when it comes to assessing debt and its effects, we’re asking the right questions and building the right mix of opportunities!

      On Tue, Mar 4, 2014 at 3:40 AM, Classroom to Capitol wrote:

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