The average debt for Maine college students has jumped 25 percent since 2008 to nearly $30,000 ”“ ranking Maine seventh in the nation for having the highest debt per student in the nation. Worse, according to the Federal Reserve Bank of New York and Liberty Street Economics report, student loan debt has surpassed credit card debt levels and the number of student loan delinquencies has risen. As a parent, grandmother, and lawmaker, this is deeply concerning to me. Mainers can’t be forfeited from the opportunities that having a college degree bring with it.
This week, the Commission to Study College Affordability and College Completion released its collaborative 10-point plan to reduce higher education costs and increase degree attainment; the plan is one that requires buy-in from students and their families, higher ed institutions, and state government alike.
The Commission found through its six months of meetings that college affordability is an issue that impacts more than just young people. It’s a concern for all of us who want an economically prosperous state, including employers who currently lack a skilled workforce.
More and more jobs require a college degree. Yet, more and more Mainers are unable to go into the careers they would like because of the growing cost of college. This quandary is creating a chain reaction that could, for the first time, leave the next generation worse off than those of us who came before them.
In fact, as it stands, according to a report by Georgetown University and the Center on Education and the Workforce, young adults are reaching the middle class at a far slower rate than before. During the 1980s, young adults reached the middle of the wage distribution at an average age of 26; currently they don’t reach this point until age 30.
Here are four of the 10 or so recommendations by the Commission:
Ӣ Increasing the Maine State Grant Program to $2,500. Currently, grants of around $1,000 are awarded to eligible students. This is roughly the same amount offered since 1992! Additionally, the grant would be structured on a tiered system that provides an additional $250 for each year a student is enrolled, up to five years. This is to help incentivize and ensure timely degree completion.
”¢ Fully fund public higher education institutions. Over the past several years, funding of the state’s public universities and community colleges has been anemic. If we expect our colleges and universities to keep tuition in check, then we have to do our part by investing in them.
Ӣ Increase transparency of college costs. By having a published list of average class fees by majors for all Maine colleges and universities, students can know and plan for anticipated costs.
Ӣ Encourage partnerships among higher ed institutions to develop open education resources, such as textbook co-ops, and free or reduced cost digital textbook options in order to help combat the rising prices of textbooks.
Additional recommendations include an acceptance of the vital role, K-12 education plays in the preparedness and success of students going on to attain higher education degrees.
We all understand that degree attainment is the clearest path to the middle class. And with costs rising, families are expected to contribute more while wages haven’t kept up. The result is that college has become out of reach for many.
With everybody understanding that higher education is a top priority to build a skilled workforce, to grow our economy toward prosperity, and strengthen our future, we need a robust commitment from all stakeholders ”“ from businesses and citizens alike ”“ to prioritize our investment so that Maine families don’t take on this burden alone.
— Sen. Linda Valentino of Saco, represents Senate District 31.
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