PREVENTING COLLEGE

DEBT
A DELIBERATION REPORT

STATE COLLEGE, PENNSYLVANIA

MARCH 2021

PREPARED BY
Amisha Chander Grace Farash
Catherine Cianfrani Jennifer Janacek
Olivia DiPrinzio Jonathan Kelso
Tileya Norris Donald Sanyukta Talukdar
Adam Evans Kami Xiang
 A&B COMPANY PAGE 02

HOLDING A 57%
DELIBERATION stock maturity

38%
Here are the basics for
the conversation ahead.
finance growth

STRUCTURE

Introduction Connection Proposed Reflection

Solutions
Review proper Discuss all of the Listen to each of Briefly review
deliberation participants’ the approaches proposals
etiquette personal stake in Discuss areas of Review areas of
Become acquainted consensus and contention and
the issue
with the topic of areas of tension consensus
Briefly discuss
Consider how to Take part in a
deliberation prior experience
improve the final
with the issue questionnaire
proposed solution

ETIQUETTE
Ensure that your input wil l
keep the conversation on
track, in terms of the is s u e
being discussed
Listen to al l points, from
the approach team, as wel l
as other del iberators, with
an open mind

Engaging in the conver s a tion Be pol ite and respectfu l of

requires equal amounts of al l participants and their
l istening and tal king opinions
DELIBERATION REPORT
American Higher Level Education:
THE ISSUE
AT HAND
For the past decade, college
students in America have been faced
with a steadily increasing debt crisis
associated with the payment of their
education. According to the
Consumer Financial Protection
Bureau, “the total volume of
outstanding student loans has more
than doubled, rising from less than
$600 billion in 2006 to more than
$1.2 trillion today” (“CFPB Concerned
About Widespread Servicing Failures
Reported by Student Loan
Borrowers”). With almost 19.8 million
Americans enrolled in college in 2020
(Duffin), the magnitude of the issue is
apparent as it is approximated that
the average student will have $36,900
in debt by the time of graduation
(“Average Student Loan Debt by
Year”). This average debt rate has led
to one in four students with loans
defaulting or struggling to pay their
loans, even up to eighteen years after
they graduate (DeMatteo). In the
future, the hope is that the college
debt crisis will be minimized and
prevented from ever affecting
students again. Currently, the issue
is how to do so.
As job markets are gradually
shifting towards requiring at
minimum a bachelor’s degree, a
college education is becoming a
necessity for Americans and thus
college attendance rates are
PAGE 03
increasing. However, these students
are facing financial consequences
due to their pursuit of education.
There are several conditions partially
responsible for the current student
debt crisis. Some of the identified
responsible conditions include fast-
paced increases in overall tuition and
associated costs, increasing interest
rates on student loans, auxiliary
commodity spending by universities,
and an increasing wage gap. Below,
there are statistics on each of these
conditions as well as other statistics
about the gravity of the student
crisis, as a whole.
According to College Board,
“between 1990-91 and 2020-21,
average published tuition and fees
increased… from $3,800 to $10,560
at public four-year and from
$18,560 to $37,650 at private
nonprofit four-year institutions”
(Matea Pender and Libassi)
Between the fall of 1989 and the
spring of 2016, the cost of a four-
year degree, adjusting for
inflation, has more than doubled.
(Maldonado)
A study by the New
Models/Winston Group found that
out of the pool of participants,
63% felt that college tuition
prices were unfair (“Student
Loans: The Problem”).
 DELIBERATION REPORT
The average student loan borrower on a
standard 10-year repayment plan will pay
$6,405 in total or about $641 annually on
interest alone. Borrowers who take out
private loans could end up paying even
more than that (Johnson).
While, in a Pew poll from 2012, “75% did
not think most people were able to afford to
pay for a college education”, the issue of the
student debt crisis continues to be
unresolved as there are conflicts of interest
regarding proposed solutions among
Americans (“Student Loans: The Problem”). A
primary point of contention is whether the
limiting or complete removal of future
student debt is fair to those who have already
paid back or are currently paying back their
student loans. In the case of limiting debt,
there are also concerns regarding the equal
distribution of debt limits- whether all
students have the same limit or if it will vary
based on household income.
In terms of the economy, some argue
that limiting or removal of student debt will
have detrimental effects on the economy.
This covers the impacts of lowering interest
rates on loans, increasing federal aid, and
significantly decreasing the price of tuition
on the economy. Many worry about how this
PAGE 04
The average college graduate
with a bachelor’ s degree takes
just over 21.1 years to pay off
his or her loans (OneWisconsin
Institute).
will affect state and federal taxes as well as
the national economic climate, especially
during periods of recession.
Over the course of this deliberation, three
possible courses of action to permanently
diminish the student debt crisis will be
presented as viable solutions. Along with each
approach, statistical information, impacts of
current policies, and other information will
be introduced in order to create a firm basis
for each participant. Each of these
approaches is unique in how they approach
the problem, and there is room for
improvement in each as well. As a group, the
task at hand is to determine what these
improvements could be by identifying
common ground as well as differences in
opinion on the proposed solution. The point
of this guide is to provide an introductory
examination of the proposed solutions and
background information in support of said
solutions.
 DELIBERATION REPORT PAGE 05

Approach 1

ELIMINATE
AND FORGIVE
STUDENT
DEBT
The student debt crisis has gripped the nation’ s population for years. The
total amount of student debt climbs substantially every year, with the current
total reaching $1.71 trillion (CNBC). As college education prices rise
exponentially, millions take out loans to try and afford an education that will
lead them on the path to a better lifestyle. While taking loans is sufficient for
some, many continue to struggle to rid themselves of the financial burden. "In
2016, about 34 percent of Americans under 35 owned a house; when Boomers
and Gen Xers were under 35, about half of them did” as has been found by
research mentioned in The Atlantic (Thompson).
The idea of providing student debt relief has come to light before, but as of
recently, the idea has gained more attention. Many politicians have introduced
new policies, one of the more promising resolutions comes from the President
of the United States, Joe Biden. Though not the first to introduce the concept
of student debt relief, Biden has taken a stand to cancel $10,000 of student
debt (Wall Street Journal). With average student loan debt reaching up to
approximately $36,406, many are contemplating the pros and cons of student
loan debt forgiveness and elimination (Educationdata.org).
 DELIBERATION REPORT PAGE 06

Pros
Gives way to a potential boost
in the economy since many
could re-allocate funds to
fulfill lifelong goals such as
buying a house or getting
married.
Partial elimination of student
debt could provide a bridging
factor in the racial wealth gap.
Cons
If partial or total student debt
relief is enacted, then student
loan debt responsibility is
transferred solely to the
government.
With the government being
responsible for college tuition,
expenses and rates could soar
higher than the present day.

Relief, in any magnitude, could With student loan relief, the

aid in alleviating mental health
issues and pressures
associated with student debt.
Citizens in lower-income
households will have the
opportunity to make smaller
payments and have an equal
chance of attaining the same
education.
question of fairness comes to
light. This looks into factors
such as: how much, who, and
since when? What about
others who paid their loans
off?
As a result of fairness issues,
this has the potential to cause
divisiveness in the nation.

Biden's Plan
As a hopeful presidential candidate, Joe Biden offered many plans to aid Americans past
their high school years. One such plan was to make college education through public
universities and colleges free for students with families who have an income under $125,000
(Joebiden.com). Following this initial promise, which introduced varying opinions, the search
for an answer has come to fruition. With democratic politicians such as Elizabeth Warren and
Chuck Schumer pushing for upwards of $50,000 of federal education debt being eliminated, Joe
Biden has stated that he would rather sign a debt relief bill- one that only eradicates $10,000
of federal debt, and instead allow Congress to pass it, rather than himself. Biden has made it
fairly clear that this is the option he feels he will confidently choose. After an interview with
CNN town hall about his plans, he stated, “I will not make that happen” when asked about
eliminating the originally planned $50,000. He then gave his stance on community college
finances, which he had brought up in his initial plan as well - “any family making under
$125,000 whose kids go to a state university they get into, that should be free, as well.”
DELIBERATION REPORT PAGE 07

Approach 2

ALTERING
STUDENT
LOANS
Due to an increase in college costs,
stagnation in the growth of minimum wage,
and an increase in loan needs, many students
face a large amount of college debt. This
debt can take years to pay off. In a job
market that strongly relies on obtaining
higher education, this poses a large problem
that can cause entire families to be stuck
below the poverty line. One way to fix this is
by lowering or completely eliminating
interest rates on student loans. Between 1987
and 2016, the average cost of college
increased by 161% (Market Watch).
Meanwhile, minimum wage and starting
salaries have remained relatively in line with
inflation. It is no longer possible for a
student working a minimum wage job to pay
for all or even most of their college
education without taking out loans, receiving
financial aid, receiving scholarships, or
getting help from their family.

Pros
Lower loans will allow more
students to obtain the higher
education they need for today’s job
market.
Refinancing loans would allow
people to repay their loans at a
quicker rate.
Lower loan rates would make up for
the lower minimum wage compared
to previous decades.
Cons
If there are no loans, the government
would have to take full responsibility for
all money that goes towards aid. This
would lead to a large increase in taxes
and could potentially diminish the quality
of public colleges since they can not
spend as much on their programs.
According to "Is American Student Debt
to Big to Fail", students who owe less
than $10,000 tend to take longer to pay
off their loans due to an increased
likelihood of skipped payment.
 CNBC reveals opinions
made in their "College Voices" Increasing
series. Many agreed that
raising minimum wage will
positively aid college students Minimum Wage
in balancing school and work.
For example, a 20 year old
Florida college student named
Sade Andrews shared her
struggle about cost of college.
Andrews works in the fast
food industry as a McDonald's
employee to help her family
with financial issues.
Unfortunately, her job has
caused her to deviate her
primary focus from her
studies at community college.
She hopes that lawmakers will
take action to raise wages so
students like her won't have
to sacrifice their education.
Months back, she even voted
in favor of Florida raising the
minimum wage price to $15 an
hour. Andrews explained that
“We all need a fair chance,
whether it’s fast food or you
work at an airport, anywhere."

Pros
Earning higher pay means less work
which would allow college students
to focus on their work more. This
could also correlate to less stress
over paying education expenses.
Raising the minimum wage to $15
could help cover tuition costs,
textbook expenses, as well as other
materials for an entire year.
Making more money means you
would borrow less money through
federal or private loans.
Cons
Increasing the minimum wage could affect the
amount of financial aid given, as financial aid
is based on household income and savings.
If everyone is making an increased wage,
colleges may want to increase the costs of
certain things.
Increased wages could also negatively impact
the job market for graduating college students.
If the above point occurs, students currently
in college may also be negatively impacted as
they need to compete with graduates for these
jobs.
 DELIBERATION REPORT
Approach 3
REDUCING
COLLEGE
COSTS
It is universally acknowledged
that tuition for higher education
is relatively high in America. The
average annual tuition for a
public university is about
$35,000, and the tuition for a
private university is nearly
$60,000. That makes higher
education to be considered a
luxury, and therefore, a crisis. In
order to solve this problem, it is
important that universities
rethink their priorities and
economic distributions.
In order to solve this issue,
universities ought to consider
changing the economic
distribution of international
student debt, reducing housing
fees, and athletics funds. How
will these solutions work? What
are the benefits and potential
negative effects of these
solutions?
PAGE 09
Pros
Reduction in expense for
athletics fund will reduce
the cost of universities, and
eventually reduce student's
tuition.
A reduction in the cost of
renovating luxurious
dormitories will eventually
lead to a reduction in
tuition.
Cons
Reduction in attention for
athletics will lead to the decrease
in training for the sports teams
and renovating of gyms, which
may make the university become
less attractive.
Reduction in the budget for
renovating luxurious dormitories
will make the university become
less attractive since everyone
tends to have a better resting
environment.
DELIBERATION REPORT
Approach 3
REDUCTION IN
ATHLETICS
FUND
In 2010, only 19 of the 119 NCAA
Division I Football Bowl Championship
(FBS) schools reported positive net
revenues, and the median profit for
those 19 was only $4.3 million (NCAA
2010). Furthermore, not a single
athletics program outside of Division I
FBS profits from athletics. All these
programs—the remaining Division I as
well as all Divisions II and III programs
—are forced to rely upon wider
university resources to balance their
budgets. Athletics typically cost the
schools additional funds, which could
be allocated elsewhere such as for
reduced tuition (Fulks).
PAGE 10
Admittedly, a football team is one
of the most important sources of
funding at some universities. A fully
functional gym is also one of the ways
to attract potential students. However,
when an athletics program cannot
cover its expenses through generated
revenue, it is forced to rely on
allocated funds from the wider
institutional budget. Just as the top
figure demonstrated rising athletic
budget shortfalls, the bottom figure
illustrates an increased dependence on
allocated revenue from the school
between 2008 and 2010.
 DELIBERATION REPORT PAGE 11

Approach 3

REDUCTION IN THE BUDGET

FOR RENOVATING
LUXURIOUS DORMITORIES

Recently, Universities have

funded the construction of more
luxurious dorms. Data from The
Atlantic shows that Gettysburg
College spent $27 million on a
55,000-square-foot recreational
center with a bouldering area.
Drexel University devoted $45
million to its own 84,000-square-
foot recreation center, complete
with a walking and jogging track.
The University of Memphis paid
$50 million for a 169,000-square-
foot campus center that houses a
theater, food court, and a 24-
hour computer lab. Texas Tech
University boasts “the largest
leisure pool on a college campus
in the United States, with a 645-
foot-long lazy river as the
centerpiece of the design”
(Jeffery 2017.) These funds can
potentially be invested in the
university’ s core curriculum,
research, and providing even
more financial aid.
Student housing at Texas A&M Cr.to: GENSLER/ASPIRE COLLEGE STATIONS

According to Eric Luskin, senior vice president of the firm that manages student
housing assets, the competition for students has grown fiercer in recent years, and
housing plays a role in which schools attract the most desirable applicants. “Based on
what we have observed, whenever a student is on the fence among two or more
institutions, the campus lifestyle — particularly the quality of housing options — becomes
extremely influential and is sometimes the deciding factor” (Gold).
 DELIBERATION REPORT PAGE 12

Reflection &

CONCLUSION

Reflection
As the cost of acquiring a college
education increases, more and more
Americans are left with mounting
student loan debt. However, as you have
heard, there are a number of solutions
to this issue. Approach 1 addressed the
cancellation of student loan debt and its
economic benefits. It also addressed
how the cancellation of student loan
debt would lessen the inequity around
who is able to obtain higher education.
Approach 2 confronted how the
stagnant minimum wage rates in the
United States affect the affordability of
college and university. The proposed
solution- to lower loan rates- would
make loans more manageable for those
who need them to afford their
education.
Finally, approach 3 addressed
sports spending at large universities
like Penn State. It was shown that
sports spending often relies on
finances outside of just generated
revenue, which pulls funds from other
areas around the school. The
proposed solution is to reduce sports
spending so that money can be saved
for other areas, namely reducing
tuition costs. Overall, despite the
expense of American colleges and
universities, there are feasible
solutions that would make higher
education both more affordable and
more equitable.

Summaries

Approach 1: Eliminate Student Debt Pros Cons

College graduates allocate massive Allows increased Responsibility falls
amounts of their income to help repay their participation in the on the government.
economy. Prices could soar
student loans, delaying and reducing their Could help reduce higher for college.
potential to participate in the economy. racial wealth gap. Would it be fair to
Could help relieve everyone?
Many look towards politicians and
mental pressures and Could lead to
representatives to provide relief and aid as aid mental health. divisiveness in the
the issue gains more attention with every Equal opportunity or country.
smaller payments for
passing day. education.
 DELIBERATION REPORT PAGE 13

Reflection &

CONCLUSION
Summaries Cont.

Approach 2: Alternate Student Loans Pros Cons

Lower loans allow for Lower loan rates
Unlike in previous decades, college costs can
more students to could potentially
not be paid by working at a minimum wage job receive higher result in loans being
while attending school. Due to this and increases education. paid back slower.
Lower loans will make Large increase in
in interest rates, students take a significantly
up for the cost of taxes as the
longer amount of time to pay off student debt. This raising the minimum government will take
problem can be reduced by lowering or even wage. responsibility for the
Allows individuals to decrease in loans.
eliminating interest rates on student loans.
pay back loans faster.

Approach 3: Reducing College Costs Pros Cons

With college enticing incoming students Reduced expenses Reduced attention
Approach 3: for the University. for athletics.
w i t h v a s t a t h l e t i c p r o g r a m s a n d lu x u r i o u s Reduced tuition Decrease in
dorms, the cost of a college education has cost as a result of attractiveness for
cutting the university.
become a luxury. Re-prioritization is
renovations. Athletes receive less
i m p e r a t i v e t o c o m b a t t h e c l i m b i n g c o lle g e benefits.
prices that affect students.

Reflection Questions
How did you originally feel about the college debt crisis?
What values do you think helped form your original
opinion on the college debt crisis?
Did you feel fully comfortable sharing your thoughts and
opinions?
 DELIBERATION REPORT PAGE 14

Post Deliberation

QUESTIONNAIRE
R e f l e c t u p o n wh a t y o u h a v e d i s c u s s e d a n d
a n s we r s o me h e l p f u l q u e s t i o n s

If you are comfortable with sharing, what is your gender?

Have your opinions changed post-deliberation, and if so how?

finance growth
What themes or areas of consensus did we find?

Were there any places the forum didn’t agree?

Was there anything you wish you had more information on?

Did you feel as if information was presented in ways that were

unbiased?

Did you feel that there were any options that were not considered in
the deliberation?

What are some ways college debt negatively affects students? Can
you relate?

Were there any options presented that you had not considered or
heard about?
 DELIBERATION REPORT PAGE 15

Post Deliberation

QUESTIONNAIRE
R e f l e c t u p o n wh a t y o u d i s c u s s e d a n d a n s we r
s o me h e l p f u l q u e s t i o n s

Do you think cancelling student loan debt is fair? Explain.

Do you believe that the pros of cancelling student debt (Economic

Freedom, Mental Health... ) outweigh the cons (Raised taxes,
finance growth
Potential Increase in College Costs…)?

Do you have to work to afford your college education?

Did you have to take out loans to afford your education? Do you
plan on taking out loans in the future?

Do you think the revenue generated by sports, such as football, is

worth the cost?

What type of typical university experiences do you believe could be

re-evaluated to cut college tuition?
DELIBERATION REPORT PAGE 16

CITATIONS

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DELIBERATION REPORT PAGE 17

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DELIBERATION REPORT PAGE 18

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