Student Loan Debt

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The primary mission of colleges and universities should be preparing students for the workforce. One of the most fundamental factors that contributed to human civilization and progress was the foundation of educational institutions like colleges and universities. Since centuries they have trained scientists, philosophers, artists, lawyers and businessmen alike by harnessing their talents and helping them shape the course of human history. However, the nature of the work and the way things are done in the workplace have drastically changed and are constantly changing. Today, we too often see university graduates with commendable academic knowledge but not the practical skills needed to survive in the increasingly competitive job market leading …show more content…

This shows the reliance of student loans in England alone and the rate at which it is increasing. This is similar for the countries in the region and other nations in the American continent, less so in countries promoting free education like Germany and other Asian countries where student loans are not as often borrowed. Most good universities have high fees owing to the well-educated faculty and because of the scale at which they operate. Hence, assessing the returns of investments for these students, a large proportion of the money they earn is paid for debt financing while the amount they earn is not satisfactory due to their incompetence in the labor market; this leaves them not a lot of money to spare for other expenses. Thinking long term, if this goes on and if the main objective of universities is not set to career preparation, would that discourage people from joining universities? As Kevin J. Manning writes “The modern employment experience should push us to consider new ways of preparing and empowering students for careers. Otherwise, we will leave a new generation, already carrying loads of debt, adrift in an employment marketplace that is hypercompetitive and constantly changing.( “Career preparation to chance”).William Bennett, former U.S. Secretary of …show more content…

A century ago, it would be much more viable to choose a completely academic job with not much focus on what the firms will demand because of a very mechanized nature of jobs and not much of an application of division of labor and other innovative work techniques. Today, this is not possible. Due to the change in the labor force structure, we need more technical and professional workers. The services/tertiary sector is now the largest sector in the western world (tertiarisation) (Soubbotina, 51). The skills required in the service sector are often very different from what the universities teach. This involves good communication, coordination and the usage of advanced IT systems. Thus, colleges should implement these reforms university-wide: in courses, extra-curricular activities and engrain them in their culture. This is not to say that ‘academic thinkers’ like scientists and philosophers should not be catered for but that there should be a more practical approach in training non-academic workers. There have also been a lot of new job titles in the last few decades such as social media engineers, logistics engineers, petty cash custodians, gesture writers etc. These require more specialized skillsets and often, particularly in the cases of technical works like engineers, the firms that employ them have to give them extensive on-the-job training. When universities take these

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