
The Crippling Effects of College-Debt
Despite the state of Massachusetts having the 11th largest GDP in the United States (which has the largest GDP in the entire world), the welfare of the average MA resident falls short of many other developed countries. This is due to the rampant income inequality people in Massachusetts face. Many of its residents want to get ahead and make a better living for themselves, but the financial burden of completing a degree forces these intelligent, capable, hard-working people to work in jobs well below their potential. For the ones that make it through university, the average $28,565 of debt prompts them to save less for retirement and contribute less to the state’s economy. While this is just one of many factors that contribute to Massachusetts’s above-average income inequality, debt-free college would largely improve the standard of living not just for those who take advantage of it, but for everyone within the state.
This correlation between college-debt and income inequality can be seen through the lens of other developed countries. Germany, France, and Sweden all offer free-university education to their students and sport lower rates of poverty than the state of Massachusetts. At just 7%, Sweden has one of the lowest poverty rates in the entire world, almost 50% lower than Massachusetts’ poverty rate of 12% (according to the Boston Globe). This statistic is just one of many that shows the power of affordable college education. On the Massachusetts Policy and Budget Center website, it states that students that successfully graduate college (2 year or 4 year) earn on average 67% more than those who merely completed high school. Not only can this lift people out of poverty, but it also allows for them to have more disposable income, increasing the welfare of our state for all of its residents.
While debt-free higher education may seem like a ship in the distance, there are many things that we, as Massachusetts residents, can do to decrease the financial burden of our college graduates and narrow the gap between the rich and the poor.
You can sign up to join our mission to fight for debt-free college (along with other programs to reduce income inequality) here. Also, feel free to contact your state legislator, educate your friends on the issue, or share your own story on social media. If we all work together, we can assure that every Massachusetts resident receives a Fair Shot to improve their lives.
