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Free Higher Education
Introduction
Higher education has transformed to become one of the most important systems in this modern era. The education system has shaped the market into highly competitive global economy by producing practitioners and professionals in various disciplines. Just like any other commodity, higher education has a price tag. However, the price of education has increased significantly thereby closing out potential economists, doctors, engineers, lawyers and many others. The benefits that accrue to the economy because of the contribution of higher education provide enough evidence that the commodity should be made free.Free higher education would have more positive impacts.
Higher Education is usually the next level after secondary education and includes both under-graduate and post-graduate levels. It is difficult to describe whether vocational and technical training fall in this category since the policies and laws that regulate education system vary in different countries. Word Bank (2011) provides a category of institutions that fall under the higher education system.
Free Higher Education
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This includes; universities, colleges, nursing schools, research laboratories, centres of excellence, community colleges, technical training institutions and distance learning centres. Free education refers to a situation where learners do not incur the price of education. Mostly, free education can be funded through taxes or grants from charitable organisations. Primary and secondary education is free in most countries; however, higher education is free only in some specific regions, mostly European Countries.
For example, Norway offers free education in state institutions to both foreign and native students. Sweden currently has no tuition-free universities since the process was halted in 2010 where a bill was passed requiring non-European Union student to pay for tuition and application fee. However, most universities in Sweden offer scholarships and grants to fund higher education especially for foreign students.
Other examples include Denmark, Greece, Argentina, Germany, Northern Europe Estonia and Finland. Article 13 of the International Covenant on Economic, Social and Cultural Rights states that free primary education is a right and progressively, free secondary and higher education will be introduced as a right too. The main participants and beneficiary in the free higher education will be the government, taxpayers, institutions, learners and the parents or guardians. It is quite evident that everybody within the system or society will be affected or influenced by its introduction, either in the positive or negative.
Free Higher Education
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A lot of debates and arguments have been going about whether to make higher education free or to charge the commodity. The benefits of free primary Education will obviously outweigh its negative implications. Free primary education will contribute significantly to the growth of the economy by ensuring that all access higher education training thus increasing the human capital which is very vital in an economy. Most countries continue to invest huge amounts of funds on grants and financial aid that usually don’t benefit the targeted individuals.
This therefore translates to huge loses both in terms of human and financial resources. It has been established that that it would cost less to offer free higher education rather than offer financial aid to specific individuals. A recent analysis, undertaken by the U.S. Department of Education estimated that the cost of making higher education free is $62.6 billion which is $ 7 billion less than the expenditure on grants and financial aid to needy students.
Furthermore, college and university fees have become very expensive and most of the graduates either take too long in the system or finish with huge loans and debts. A review by Forbes indicated that U.S.A State student loan balances exceeded $1.2 trillion (Denhart 2013). It is very expensive for the economy to loose bright minds just because they are not able to afford to join a higher education facility. If free higher education is provided then a lot of challenges faced by many countries will be solved immediately.
Free Higher Education
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Making higher education free has numerous benefits and advantages. First, free higher education will create an opportunity for all citizens or individuals interested in furthering their education to access institutions offering these services. This will beneficial to the economy as the right amount and quality of labourers will be produced and released into the market. There has been countless debate whether higher education benefits an individual or the society at large.
The answer is both since it increases returns to the individual to an estimated amount of $1,000,000 and increases chances of being employed to about 80%-90%. On the other hand, the country or society will benefit from skilled and educated human capital. Germany introduced free higher education because they established that the high college prices were preventing many from joining universities and other higher education institutions.
Secondly, making higher education free will reduce the student loan debt balances which has been plummeting in many countries. Since most are unable to fund the program they opt to take loans which have very high interest rates. For example in U.S, students who applied for loans in 2012 to fund their under-graduate program have approximately a loan debt balance of $29,400 and 70% graduate with debts.
Free Higher Education
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Making higher education will pose to be a smart and wise investment for most governments apart from reducing the loan debt levels. It will also be cheaper than the current financial aid and grant system that is used by most governments and federal states. A report undertaken by the U.S Education Department revealed that it $7 billion less to offer free higher education than providing grants to low-income students. It is worth mentioning that the U.S grants to needy students amounting to $69 billion did not include federal loan subsidies.
Thirdly, free higher education program can be used as a tool to reduce low unemployment within an economy. Education is usually referred to as an empowerment tool that equips individuals with skills to create jobs, perform certain duties that will in turn increase their financial status. Education should not however be directly interpreted to mean employment. It is an instrument that when combined with other factors increase the chances of employment. This argument is however only true in certain economies where the level of unemployment is high. When unemployment rate reduces, the economy is expected to grow holding other factors constant up to a certain level.
On the contrary, critics against free higher education argue that the systems will reduce the quality of education, send the wrong message to students and that it will be a burden to taxpayers. They argue that it is very expensive and difficult to offer free education and therefore the public must be charged for it through taxes. When taxes are increased individuals and professional will look for better options where they can enjoy their earnings without so many reductions.
Free Higher Education
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This will therefore result to contra-effect in the system since as more enter the market others are opting to leave (Vedders 2014). Sanders (2014) recommends, based on the Morill Act of 1862, that countries can fund higher education by taxing financial transactions which will provide two-thirds of the budget and the rest can be contributed by the government. Additionally the government can decide to use the federal loan subsidies and financial aids to support the program.
Some argue that education will open up doors and opportunities for many students to join higher education programs thus diluting the value and status that comes with it. The objective of any education systems is not to block out others but to impart knowledge. Therefore, this argument does not apply at all.
Finally, others argue that free higher education will force other private institutions to cut on their tuition fees in order to remain relevant in the market. In the recent past, most institutions have transformed into profit making ventures. The private institutions will therefore have to venture and invest in other areas in order to remain relevant in the market. However, a cost- benefit analysis must be undertaken to determine this position. Obviously, the economic benefits that result from free higher education would exceed the loses in the collapse and closure of the private institutions.
In conclusion, the benefit of free higher education exceeds the benefits and opportunity cost of failing to adopt the program. Free higher education will play a big role in economic growth and result to other social benefits. Adopting free higher education is an investment in to the future and every state should consider it.
Free Higher Education
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References
Huffington, P, (2013), Why going to college is a valuable investment (In 1 Chart). Available on http://www.123helpme.com/search.asp?text=college+tuition.
Vedder, R, (2004), Going broke by degree: Why college costs too much, AEI Press, 2004. Washington D.C.
Denhart, C, 2014, There is no such thing as a free college education, Forbes. Available on http://www.forbes.com/sites/ccap/2014/10/03/there-is-not-such-thing-as-a-free-college-education/
Sanders, B, 2014. It is time to make college tuition fee free. Wall Street Journal.
Free Higher Education
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