I think by now everyone realizes college is pretty expensive. Vandy’s crossing the $50,000 threshold, and they’re not alone. Of course, there are all sorts of scholarships and grants available, but they rarely cover everything. The U.S. Department of Education reported federal student loans for the most recent academic year increased by 25 percent to $75.1 billion.

The Wall Street Journal mentioned on Sept. 3 that in the course of little more than a decade, the average student debt increased from $13,172 to $23,186. That’s a fair chunk of change for anyone to pay off, let alone a recent graduate.

Considering that the average starting salary of liberal arts majors runs about $36,000, after factoring in taxes, rent and sustenance, it would take years of payments to make any headway. That’s somewhat ridiculous.

Furthermore, there is some discussion as to whether the access to credit for education might inflate the rate of tuition and fees. If students are continually able to pay because of federal loans, colleges are not entirely aware of the costs they’re incurring on their student body.

That’s naive of course; college administrators are perfectly capable of comparing the cost of education to the national income average. What’s actually important is students are willing to pay beyond their means. For example, if the number of applications to Vanderbilt decreases due to cost considerations, tuition will magically decrease, or the amount of debt-free subsidies of students will increase. It’s economical, kind of.

I’d say students should refuse to pay — a sort of civil disobedience — but to be honest there’s more to the problem than the price. Sure, it’s ridiculous to have to pay that much, but it’s technically priced to sell. The problem is that people overvalue their education.
For the average Arts and Science student at the average private institution, the marginal increase of future potential salary is, well, marginal. It’s not that there’s no increase, but plenty of people have racked up over $50,000 in debt and because of a short of a remarkable initial income, will have trouble paying it off. The fact is most people in most situations should actually opt for affordable options.

There’s no denying that doctors make bank, but four years of undergraduate school and several years of medical school gives you plenty of time to accumulate debt. Not to mention, medical school tends to be followed by residency, which isn’t known for paying entirely well. Considering the initial principal and the many years of compiled interest, even modest sums loaned can grow to being entirely way too much to pay back.

I guess there isn’t a clear-cut moral to the story. Sure, private colleges and universities should charge less. Sure, enrollment in public schools should increase along with state funding. Yes, people should include economics and financial status when picking schools, but none of this will happen — at least not anytime soon. As long as potential students have access to easy credit, the amount of college applications increases, and everyone remains silent, nothing’s going to change. Maybe that’s the way it’s supposed to be.

—Thomas Shattuck is a junior in the School of Engineering. He can be contacted at thomas.w.shattuck@vanderbilt.edu.