The growing gap between the rich and poor in the US is restricting social mobility and killing the American Dream. Since one of the major solutions to this problem is making college more affordable, why are America’s wealthiest colleges saddling low-income students with so much debt?
Based on data compiled by the Obama administration posted on College Scorecard, ProPublica found that more and a fourth of the 60 richest universities, those with billion-dollar endowments, leave its poorest students burdened with heavy debt, "an average of more than $20,000 in federal loans.”
For example, Boston Univeristy, with a $1.5 billion endowment, leaves graduates owing an average of over $27,000! This puts Boston Univ. among the highest top ten in debt to Pell grantees. Furthermore, adds ProPublica, federal loans, usually capped at $27,000, rarely cover all colleges expenses. So “Many students also take on private bank loans or work jobs outside school.”
The impact of heavy loan debts is far-reaching, says ProPublica, putting young graduates “at a disadvantage for years,‘ limiting their ability to save or buy a home.
Sign this petition to ask Boston University to make college affordable for low-income students.
We, the undersigned, believe America’s wealthiest colleges have an obligation to make higher education affordable for all low-income students.
The irony of lower-income students being burdened by such heavy debt after graduation is that the debt defeats a primary purpose of earning the degree in the first place, to move upward, economically, in society.
ProPublica’s explanation of how Vassar made a turnaround in its policies on helping poorer students should serve as an example to other wealthy colleges. In 2006 Vassar hired Catherine Bond Hill as its new president, and during her first years she instituted policies that accepted “students regardless of their financial background,” and replaced “loans with grants to poorer students.” Then she aggressively recruited applicants from poorer neighborhoods. “After 10 years, adds ProPublica, Vassar became “one of the most affordable colleges in the country for low-income students.”
Even though Vasser’s per-student endowment is higher than many colleges, other colleges with less per-student wealth than Boston University, such as University of Florida, have shown that poorer students don’t have to be buried in debt to get an education that will help them move up in society. As Hill told ProPropublica “Schools that have the resources should be giving out more in need-based grant aid.”
We agree and ask President Robert Brown to consider initiating policy changes to make Boston University affordable for low income students.
