School is back in session on campuses across America, but the once carefree college experience marked by self-exploration and independence is coming with an increasingly burdensome price tag. Whether you are a senior facing grim job prospects and mounting student loan debt, or a freshman bracing for four more years of increasing tuition and textbook costs, higher education has placed a particular strain on the Millennial generation.
Since 1978, tuition at U.S. colleges has increased over 900 percent, which is 650 points higher than inflation. To put that number in perspective, the housing market (an asset bubble whose collapse played a significant role in the recent recession) only increased by 50 percent in the same time period. And it’s not as if things are getting better. The College Board reported that the average overall cost to attend an in-state public college for the 2012-2013 academic year rose 3.8 percent to a record $22,261.
As costs for higher education have spiraled out of control, our generation has been forced to rely on student loans to meet rising tuition and living expenses. In fact, total student loan debt has grown by more than 56 percent in the last five years. In 2005, the average debt was $17,233, but by 2012 it increased to $27,253. It’s a sad indictment of the economy under President Obama that about four in 10 borrowers with federal loans are actively in repayment, while more than a fifth of borrowers are in default or forbearance. This isn’t an eating-Ramen-noodles-for-the-
While difficulties certainly lie ahead for Millennials, we also have that same uniquely American capacity to hope and take risks as the generations that have come before us. In the College Republican National Committee’s recent research report about the youth vote, “Grand Old Party for a Brand New Generation,” we found that our peers respond best to a positive dialogue in which candidates and leaders present themselves as ‘problem-solvers,’ eager and willing to take on broken institutions. With skyrocketing costs fueled by an unconscionable reliance on student loan financing, higher education may be safely counted among those in need of repair.
Republicans who embrace innovative solutions can fill this void. Governor Rick Perry (R-TX), for example, has proposed that public colleges and universities in Texas should adopt plans for a $10,000 bachelor’s degree. Governors Bobby Jindal (R-LA) and Scott Walker (R-WI) have also led the way in proposing that funding for public education be based on other performance standards like graduation and employment rates, rather than simply by enrollment. Most recently, House Republicans took the lead in passing the “Bipartisan Student Loan Certainty Act of 2013,” which prevented interest rates on student loan borrowers from doubling and also extricated politics from the process by tying future interest rates to the market.
While the substance of many of these plans is still being debated and discussed, the dialogue alone is a tactical winner for Republicans. The conversation allows Republican leaders to positively discuss new and different ideas before an audience eager for real reform. It also showcases GOP leaders in the states, as opposed to outdated federal approaches like President Obama’s monopolization of the student loan market. Most importantly, it gives Republicans the opportunity to speak directly to young people, many of whom felt alienated by the party in past elections, about a relevant and important issue.
Any rebranding efforts within our Party must necessarily start with younger voters, who decided the past election in favor of President Obama and now make up a fifth of the electorate. Fortunately, young people are innately hopeful and are actively seeking an alternative to the failed policies of the past. Higher education is an opportunity for Republican leaders to show Millennials that they are not only fearless in taking on the complex problems of our day, but also willing to engage them in a dialogue about a brighter tomorrow.
