The American student loan system vs The Nigerian system, should we be grateful? (The American history).

 Paying attention to all the 2020 US presidential candidate, one infamous campaign promise among them is centered around the student loans. 

what is the fuss about student loans anyway? 

Why is it the most common campaign promise?

why is it so important to American people ?

Should we be grateful for our own system even with her numerous flaws?

I know at this point as a typical Nigerian, you may want to quickly ask me if I am high on some cheap drugs to even dare to compare. First off, I am completely fine so you can calm down and keep reading and hopefully at the end of this article you will understand the reason I 'dared to compare'.

Now let me bore you with a little history of the American higher education and the student loan thing, shall we?...

The actual formative period of the US higher education was more or less 1890 to 1940. In 1958, the cold war brought fears because the US was technically falling behind. This prompted Congress to pass the 'National Defense Education Act', which offered students scholarships and loans to go to college to help the country bounce back even better.

Lyndon B. Johnson war on poverty led to the higher education act of 1965. Grants Were given to students based on their income. Education cost was low and highly subsidised and as expected college enrollment grew.

The Tax Revolt and Regan Era Of the 1980's passed tax and expenditure limitations, restrictions that limited the amount states can tax or spend.

This affected the states budget since most of the money used to sponsor the budgets are from taxes. To maintain the state budgets either college tuition was raised in some states or the government reduced spending and subsidizing of college fees. This Caused college cost to boom.

Then it cost the modern equivalent of $17,410 (N6.7 million) to attend a private college and $7,900 (N3.1million) to attend a public college. With a minimum wage of $4 per hour, this was still not bad enough since a dedicated student with a part-time or summer job could still meet up with payments.

By 1990, it increased significantly to the modern equivalent of $26,050 (N10.1 million) for private college and $9,800 (N 3.8 million) for public college. Now you understand the reason in most American movies based on their high school, you see them engaging in either a sport or extra curricular activities generally to get scholarships for college, take summer jobs or work part-time and you often hear the phrase "college is expensive".

In December 2007 (the great recession) caused an even greater cut down on college subsidizing and funding by the government. Due to recession people sort better jobs with better pay, this in turn required higher degree and professionalism. So even with a higher college cost enrollment still spiked. Just like the narrative sold to us here... "If u want to be rich or important in the future you have to go to the university". Is that narrative still true?...

College cost and debt increased significantly between 2008 and 2018 and as the years went by the funding for higher education kept reducing regardless.

By 2019-2020 the average cost of college became a whopping $21,950! (N 8.4 million)for in state students  and $38,330! (N 14.7 million) for state students (similar to our indigene and non-indigene) for public school and $49,870 (N 19.2 million) for private university. I know you will be quick to say naira is highly devalued currently but even with the dollars it is still expensive.

Today an average American college graduate with loans, leaves school with $29,00 (N 11.2 million) in debt. Now let me make you understand, imagine starting life after school with no money, job or experience and you are already indebted, yes they are also suffering the uneployment crisis too and they also request years of experience for you to get a good job that will pay enough to get you out of debt in 5-10 years minimum after graduation.

An estimated 46 million Americans have student loans! Contributing to the staggering overall national student debt of $1.6 trillion!!! Now you see why it's a big deal and every presidential candidates golden hen. 

Wow! That was really a ride down history lane, I hope you read to the end and I didn't bore the heck out of you. We will continue next week on same topic but a less boring angle but first...

I hope we can now see that quality education is expensive?

now we can understand that the amount we are currently paying or are willingly to pay for a university education is ridiculous for the quality of higher education we so wish to have.

 I hope we can now understand the plight of ASSU regardless of the corruption in the system? 

And can now excuse the high cost of tuition in our private universities including the church owned?. 

Well, it's your turn Tel me what you think! your views are important. The comment section is open as always and please be reminded to keep your comment civil.