Should College Come With A Money-Back Guarantee?

from Brookings

This fall, colleges across the country will enroll roughly 3 million new students. For many of these students and their families, college will represent a tremendous expense—among the largest of their lifetimes. By the time they graduate, they can expect to have spent more money on their degree than many households in the United States earn in an entire year. And many will have accumulated tens of thousands of dollars in debt.

Why do so many students keep showing up year after year to pay this high price? Because they believe it will be worth it. They believe that the institution they’ve chosen will fulfill all of the promises made to them in the glossy recruiting pamphlets and during campus tours led by a charming upperclassman. But what if it doesn’t?

What if their degree takes longer than expected because the classes they need to take are oversubscribed? What if they can’t find a job in their chosen field after they graduate? And what if the job they do find doesn’t pay enough to make their student loan payments affordable? The answer: too bad. The student will still be on the financial hook. There is no money-back guarantee.

More here.

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19 Comments

  1. This article reveals a very serious issue within the American education system. This is the increased risk associated with earning a four year degree in a university, such as spending more than four years on a bachelor’s degree or not being able to find a job with a high enough salary to pay off student loan debts in a reasonable amount of time. An increasing number of college graduates are facing one or more of these prospects. However, I do not think that money back guaranties or other such guaranties are the correct solution as suggested in the article. There are several reasons for this, one of the main ones is that university education is a service, not a product. Most purchases that are backed by these kind of guaranties, by contrast, are products. If colleges gave students the ability to be refunded, that would cause the colleges to remain uncompensated for four years of educational resources. There would also be no way to return the education the student has received to the institution. Since this would be a major drain on the funds the universities require to maintain the current status quo spending patterns of modern universities, so I don’t see a majority of universities implementing this policy. Another problem with this solution is that there are still many students and perspective students who are willing to fall into massive debt in order to be able to get a university education, so the heads of educational institutions still have a large pool of people to choose from. Thus will not feel like there will be a large enough benefit to change the status quo. In actuality, the solution to this problem is more cultural in nature than fiscal.
    The amount of students enrolled in higher education has been steadily increasing in the past fifty years. According to statista.com“From 1965 to 2016, total college enrollment increased by roughly 240 percent,” This increase in enrollment has coincided with an increased emphasis on the importance of getting a college education. Originally, higher education was restricted to a much smaller group of people. Those who were to enter professions such as the medical field, the legal field, engineering, scientific fields, and scholars needed more specific education than public school could provide them. Thus they when to a university to receive the special education that their future profession required. Those who were not planning on entering these kinds of fields had no use for a university education. Some would be fine with just a high school diploma, while others would go to trade schools or take apprenticeships. However, in recent years there has been a shift in mentality among students’ parents and high school educators, “…that college is a requirement. Every high school graduate should go to college,” This, in turn, becomes a self-fulfilling prophecy. The increased amount of people who have a college degree lowers a degree’s value in the job market. Thus, those without a college degree have an even harder time finding a job. This makes a college degree a minimum requirement. “At many large companies, a college degree used to equal an entry level salaried position after graduation,” This makes high school graduates feel like there is no other option other than going to college.
    Universities have certainly taken advantage of this development, at the expense of students. “Students at public four-year institutions paid an average of $3,190 in tuition for the 1987-1988 school year, [adjusted for inflation]… that average has risen to $9,970 for the 2017-2018 school year. That’s a 213 percent increase,” This massive increase in price has required many more students to take on large loans than previous generations. “In 2012, 71 percent of graduates from four-year colleges carried debt,” This is an unsustainable system that will collapse without major reforms. The first step in these reforms would be educate students on the alternatives to a college education while they are still in public schools. Encourage students who aren’t planning to enter fields such as law or medicine to go to trade schools or to enter the workforce straight out of high school. The public education curriculum should also be modified to include more skills that are necessary in the modern job market. If it is necessary employers should be legally forced to lower their education standards to what they were twenty years ago. It would be a difficult transition, but I believe it is necessary if we want to avoid future economic and social strife.

  2. Without a doubt, I myself, amongst many others, have constantly heard of a friend, relative, or peer who has graduated from college unemployed. The emphasis being placed on these new innovative tuition reimbursement plans is promising especially given the amount of student loan debt people graduate with on average. It is important to note that not every college out there is heading towards this direction as our country’s student loan debt keeps climbing in the trillions of dollars. As someone who has already secured full-time time employment before I began my senior year in my intended field of studies, I am one of the fortunate (not lucky) ones. I only state this because it is very possible to graduate with full-time employment but I believe it is a very strategic process that quite frankly many don’t like to consider or plan for. To begin with, my intention here is not to look down on any other majors. There comes a point where you have to be realistic with yourself though. For example, if you have a passion for studying philosophy, you must do your research on the types of job opportunities out there in the job market with a degree in philosophy. You will come to find out that not only is there minimal career opportunities in the workforce with such degree but the return on investment you will be receiving with that degree simply is disproportionate with the amount of student loans you may or may not have (which is a may for most). As a result, how do plan on making a living when the early career median wage for philosophy students is only $35,000 according to http://www.CreditSesame.com and when the average student loan debt in 2017 was (and may be higher now) about $40,000 according to http://www.StudentLoanHero.com? This is just one of many examples of majors that provide with a low ROI on your education.

    You must be realistic with yourself. After you’ve done that, then your ambition, motivation, drive, discipline etc. will carry you forward to success. But, it is a very long process. I am simply the product of a hard working family. I come from the dirt. My parents were not wealthy, I come from a poor homewtown with a decent education system, I had a former first name of an infamous political murderer, and never had anything handed to me. The only way I could attend college was by taking out student loans. If you truly want something in life (a full-time job for example) you simply have to ask yourself these questions: Have I due diligently worked towards achieving this goal and have I given my absolute, one hundred percent effort in that process of trying to do so? Nobody is going to force you to do or achieve anything. I believe that if you can’t answer this question with truthfulness, then you will living a lie. It all begins with a mindset and a vision that sometimes only you can see and understand. Colleges can provide you with amazing career opportunities if you truly take advantage of them. It’s all on you.

    https://www.forbes.com/sites/tomlindsay/2018/05/24/new-report-the-u-s-student-loan-debt-crisis-is-even-worse-than-we-thought/#3854950e438a

    https://www.creditsesame.com/blog/education/college-majors-with-highest-unemployment/

    https://studentloanhero.com/student-loan-debt-statistics/

  3. College does not guarantee a job and its not the universities responsibility to provide students with jobs. In the article, Akers and Butler express, “Yet colleges have, until recently, managed to avoid being held to account by guarantees for the quality of their product and the promises of their advertising.” All students are given similar education and it is up to the individual student to do something with the knowledge that was given to them. College having a money back guarantee sounds like a valuable plan. College is a product or service being provided to the students. The cost of tuition is so high, that colleges decided to make promotional deals to increase their graduation rates. We are doing all of these things but not thinking of the obvious question, Why does college even have a cost?
    The guarantee is a good idea, with some downsides. Even if colleges have a money back guarantee it give students a care-free attitude. When they don’t get a job or simply want to drop out they get a refund. Even if its free children will be discouraged to attend and finish college. Either way, the college financial situation is a catch 22.
    Jobs requirements are increasing from associates to bachelors and even some vocational school. The cost of college has to be custom for each student with specific weights. For instance, if the student is a full-timer, commuter, doesn’t use the library, does not use the meal plan their tuition should be less compared to a student using all resources. Also, enforcing internships for high school seniors can provide them with tuition reimbursement if they remain at a job in their field, work full-time, and worked at the job for more than 6 months. These two points I made can seriously decrease the cost of college and increase the graduation rates.

  4. The idea that college could come with a “money-back guarantee” or at least some variation of one is something out of a dream. Everyone wishes that they would be able to attend college free and be offered full time employment immediately after graduation. Some schools have even been able to find realistic ways to make getting a college education easier for their students. For example, the article discussed SUNY Buffalo that created a program called “Finish in 4” where if students in that program fail to graduate on time after participating in advising programs, declaring a major by their second year of study, and taking a full course load each semester, then their tuition is free until they complete their degree. Adrian College in Michigan also created a program titled AdrianPlus that guarantees that students will earn an annual income of at least $37,000 after graduation. If they don’t earn that much, the college will reimburse all or part of their student loan payments. While this is not a complete “money-back guarantee” it is an incentive for students to continue their degree and trust that the University has confidence in it to get the students high paying jobs or they will be partially repaid.
    It is also important to acknowledge that the University that begin programs such as Adrian Plus or Finish in 4 must have a way to track that students are holding up their end of the bargain and doing everything in their power to achieve work after graduation and not just expecting it to be handed to them because they graduated. These programs discussed that they will repay students of they meet certain criteria including “taking a full course load, meeting with advisors regularly, declaring a major by their junior year, etc.” This means that not everyone “money-back guarantee” is assured and students must put in their own time and effort into graduation and keeping good grades and GPA.
    All of the qualifications of meeting the requirements for these two programs are things that students should be doing anyway. Especially in the AdrianPlus program, students must meet requirements and only get money back if they don’t make a certain amount post graduation. This seems more like an incentive to me to wait a year before getting a job that makes $37,000 even if one is offered just to ensure that my loans would be paid off, and then I would get a better job after they are paid. I wonder what kind of rules the universities have set in place for students that are offered employment or offered a certain salary post graduation but choose not to take it. It is common for some students to take time off after graduation or choose to travel or do community service for some time instead of directly entering the workforce. This choice would lead to a lot of loans and educations being paid off by universities who have such incentives.
    https://www.brookings.edu/opinions/should-college-come-with-a-money-back-guarantee/

  5. College is a great expense for many students that follows them for years after graduation. Most see it as an investment in themselves and their future, which is why they choose to take on the high costs and accept them for what they are, because of the potential benefits. What isn’t commonly thought about is what happens when that college degree you spent thousands of dollars on doesn’t give you the opportunities you originally hoped? The similar question raised in this article, “ should college come with a money-back guarantee?” is viable and not often thought about. Personally, I do not think that it should have a money-back guarantee because wherever you are, however you are learning, what you get out of the experience is what you put into it. A student can’t request to get their money back for a class they failed because they didn’t participate and put effort into learning, it just doesn’t work like that. Students should be motivated by the cost of college to try their best and get the most out of their classes. They should also take advantage of any career resources offered by the college to help further their skills and knowledge even more, and prepare them for the working world. The goal of college is to prepare students for their long-term careers, and if they don’t perform as expected, they might not be successful in those careers further down the road. The responsibility is on the student to use college as a tool to get ahead, not an easy way into a career path. Performing well in college means getting a good job afterwards and making a decent salary to eventually pay off school, which is a significant incentive for students and it should be taken very seriously.

  6. This article talks about if college should come with a money back guarantee? To me, I believe not. The reason I say this is because a lot of people do not work as hard as they should in college. If someone works hard and gives all they got in college, they will succeed. That means even if you do not get a 4.0, but you worked as hard as possible for the grade that you finished the course, you did your best. Overall, hard work gets you everywhere in life. If you do not work hard in school you will not end up with a career after. That is why college should not come with a money back guarantee. Colleges and Universities are businesses, why would they give money back for not something that is not the schools fault.

    The money back guarantee is a job. Yes, college is terribly expensive. But, if you work hard throughout college and graduate, you are putting yourself into a great position to be guaranteed a job. College teaches you many great skills that include time management and independence. It gets you prepared for the real world. Even though you do not get your “money back” you a guaranteed the knowledge and skill to guide you for the rest of your life.

  7. College tuition costs are a difficulty for many students. I believe that the money invested is worth the outcome. However, errors that make the education cycle unnecessary longer should be avoided. I’ve heard of a couple stories where students received wrong advices for their future classes, and therefore had to add one or two more semesters.

    In addition, I believe that the transition from high-school to college happens to all to promptly. How can a 17- or 18-year-old high school graduate know what they want to do with their future? The answer is very simple, they cannot know for sure. That’s why there should be a middle component between these two. One idea would be to obtain a yearlong internship. Firstly, this provides work experiences for yourself and looks good on your resume. Yet, more important, it gives you the opportunity to experience a certain field of your preference, and allows you to decide if that’s really what you like to do for the rest of your life.

    Another option is to obtain a Work & Travel or Au pair year. Both of these provide you with opportunities to see the world and find yourself. I can say from experiences, that facing challenges and dealing with them on your own helps you gain knowledge when facing future decisions. That year could also give you the opportunity to find out what interests you, and that in return will help you in deciding your education path.

    Instead of starting college right after high school, I believe that there are better options to pursue. However, I don’t think that a money-back guarantee is necessary. Instead, just take advantage of the internationalization, don’t rush, have fun, work, and find out what interests you.

  8. I, unlike many people, didn’t have to take out student loans so I may not be the best person to judge this. The idea of colleges reimbursing you because you couldn’t find a job or finish your degree in 4 years sounds really great. College is ridiculously expensive and it takes most people at least 10 years to pay off their loans. There does seem to be something inherently wrong about charging people over $50,000 a year but they don’t get much out of it. Is it really fair to pay $50,000 a year so you can work at a job that only pays you twenty thousand? To a degree I think this is a good idea. If a college tells me that they can give me all the tools that I need to succeed and a year after graduation I still can’t find a job it almost feels like a scam. I do believe that colleges need to take some responsibility for this and help in the job searching process. However, there are a lot of factors that play into getting a job.

    If you didn’t work hard to get good grades and are unprepared for the real world, that’s on you. There’s only so much the college can help you with. It can also depend on what kind of degree you have. It’s much easier to find a job in nursing then it is in theater. Should colleges have to pay you back because you can’t get cast in a Broadway show? All the factors that go into this are very subjective. I like the idea of tuition being free if you are a full-time student and couldn’t complete your degree in 4 years. That’s something I tend to worry about since a lot of the classes I needed are no longer available. All in all I think that getting a degree and finding a good job is really your responsibility. You need to put in the work if you really want to succeed. However I’m glad that colleges are taking some responsibility with not repairing you well enough.

  9. Colleges are the number one reason why many students stay in debt for majority of their lives. After reading this article, I think it is great how some colleges tried to promise a money-back guarantee in some way by refunding tuition if future incomes are not fulfilled. However, only some schools have tried to approach this method. Not every university has promised this, which still doesn’t help students. Everyone wants to go to college, however, the main issue is that not everyone can afford to go college. Therefore, many students must take out loans in order to pursue their education. It is unfortunate that colleges can’t grant this opportunity to student’s who can’t afford education. Personally, I believe all colleges should have a money back guarantee regardless of student’s family’s incomes because education should not have a price but should offer a value of opportunities instead.

    Depending on what school you go to, each university has its own amount of tuition. For many, the prices range from $5,000 to $40,000 per semester. Often times, students work hard to achieve scholarships in order to pay this all off. However, not everyone can maintain a hard work ethic in school to be qualified for scholarships. Personally, I think scholarships are the only method for students to be able to go into universities without paying them back. Although scholarships are difficult to achieve, they are also very difficult to maintain. This is why many students end up losing their scholarships and are either forced to take out loans or drop out of school.

    Personally, I have a great scholarship in this school. It is very hard to maintain! I think colleges should offer a money back guarantee to everyone that attends the school. If they can guarantee us about getting jobs within the year we graduate, they should allow us to receive our money or any money that was put into the school under our own names. No one should be stripped of the opportunity’s universities have to offer to benefit our futures. It’s actually ironic how we depend on colleges for our future, yet in the future they depend on us for tuition money back.

  10. I have always why colleges do not have some kind of money back guarantee because the amount of money that is spent on higher education is very surprising. I was surprised to find out that families spend more on college per year then they actually make. Considering all the money that families spend on colleges getting some of that money back would help. Since students have to pay for tuition that is becoming more expensive year after year students should have an option to get some money back. Also graduates will not always come out off college and get a job that will allow them to repay that debt. I think that this will definitely help with student loans of course, i do not think that people should have to be paying off their student loans 20 years after they graduate. I personally know people who are in their late 30’s who are still paying off their loans. This idea of money I think can be a good thing if done right but until it happens we will just have hope that when it happens it will benefit a lot of people.

  11. Having college come with a money back guarutee just sounds like a problem for the legal team. The promises would have to be very broad because anything specific is hard to do and its not like a university can necessarily give you a job right out of college and what are the repercussions of that on the mental of the student who just knows they’ll get a job on the way out or their money back.
    I find their to be a lot of potential problems with this system if every university adopted the policy. I understand that this is a way to ease the student loan debt in the nation because if they give your money back when you don’t get a job or whatever they promised then you wont then be crushed by debt and under the boot of that debt for the rest of your life. It also would help more students get into university.
    There is a mentality already in the nation with college students that they can just do their 4 years and then get out and get a job without really trying and you’ll hear a lot of that from the older working force in society. Giving students “a job” for instance or their money back is not going to help that mentality at all. Its just going to say hey we’ll get you this so your not in debt and if we don’t get it to you then here is your money back and you keep the degree you earned. It almost feels like an everyone wins a trophy kind of situation.
    The student debt problem In America is serious and if this system intends to lessen it then the kinks would need to be worked out because currently it seems like a shell of a complete system. Other schools have used different methods like Purdue and their debt relief system that seems a little more complete but either way the colleges of the nation are addressing the problem. Scholarships and grant money are a difficult form of getting college paid for and they should be difficult but for those that cant achieve those and need a little boost a system has to be implemented.
    This system wouldn’t necessarily benefit me as college student but that’s because my parents sent me to a school I could afford and taught me proper financials and I earned a very great scholarship so in a way a lot of student debt from my perspective has been the fault of the student and their family but there are those that genuinely need help.

  12. College tuition can be very expensive over time. Student loans over 4 years can accumulate quite a burdensome debt. Depending on where you go and how you do there are ways to lessen the debt on you. Now of days there are an immense amount of scholarships and grants waiting to be used. The only problem is the average student does not search nor apply for these scholarships and grants. Most students are detracted from the requirements of writing an essay or doing a project even though they can get help for their tuition through these options. On the thought of a money back guarantee I do not believe colleges should offer this. At the end of the day college is a business and every institution needs money to stay in business, by putting an extra strain on colleges such as the promise of money back this takes money or resources away from other aspects of the school like classes, books, facilities, etc. College provides you with the tools to succeed, inability to find a job after or enough money to a certain degree is on you. I believe in the idea of working hard and success will come.

  13. Education after high school is more Important now than it has ever been. When a student graduates from high school it is almost expected that they go to college get a degree, however many students and families do not take into account the risk of pursuing a degree from a 4-year university. Everyone just thinks that if you go to college you end up getting a good job and being better off than the people who don’t go. While it is true that a college degree greatly increases average income, It is one of the most expensive things that most people will pay for in their lifetime and there is no guarantee that it will help them in the ways they think. I agree with the idea that universities should offer some sort of guarantee that ensures a graduate’s degree will not leave them in crippling debt.

    There is one main problem with the idea of a guarantee of a job after achieving a college degree. The main flaw is that it can easily be taken advantage of by students. A guarantee of a job would basically mean that college students are literally paying to get a job rather than working to get a job. A guarantee would have to only apply to student who do everything right and still are unable to find a job. Even then it can be taken advantage of, a guarantee would mean that students only have to meet the minimum requirements in order for the guarantee to be effective. It would greatly decrease the amount of incentive there is too work hard in college to make yourself stand out. The reality of college not being a guarantee makes students have to work harder to get the best out of their money. While I agree with the idea of a guarantee being attached to a college degree it is an idea that would not fare well in practice.

  14. Each year colleges across the nation increase the amount of money students are required to pay in tuition. In today’s day in age students are not finishing college with a bachelor’s degree in the standard four years it normally takes so because of the increase in tuition, it has taken a harder financial burden on many. One factor why so many students are not finishing their degree on time is due to the classes they are required to take becoming filled up before they have the chance to enroll. If that’s the last class they need before graduating and it is all full, they have to wait another semester, delaying them from graduating. Due to this, I agree with the article that colleges should offer a money-back guarantee for certain circumstances.
    I feel that it is important to offer some type of incentive to students in this case scenario because it is not their fault they cannot finish their degree on time, it simply is the university’s issue for offering too little of one class or having too many students. More colleges should follow in the footsteps of SUNY Buffalo and their “Finish in 4” program. Students would be guaranteed a bachelor’s degree within the standard four years of college, if they take a full load of courses and declare a major early on in their studies. If they meet all of those requirements but still fail to obtain a degree, any other classes they need to take after the four years would be entirely free, besides the cost of textbooks and other required class material.
    I also have to disagree with the money-back guarantee when it comes to programs such as AdrianPlus and Udacity. AdrianPlus offers full or partial reimbursement of student loans if a student’s income is less than $37,000 a year. Udacity is a program that also offers full reimbursement of student loans if students do not find a guaranteed job after six months of graduation. These programs may seem enticing to some students, but I believe it will hurt them rather than help them. If many more universities decide to offer these types of programs it will lower the student’s drive to succeed. The student’s will see that they are getting most or all of their money refunded and would lose their desire to work hard and focus on their highest goals. AdrianPlus is designed to where students feel the need that they should take a job that pays less than $37,000 annually, just to receive their loans back from the university. Udacity is set up where a student can go on to deny jobs for an entire six months, gain all of their money from loans back, and go on to find a well-paid job.
    There are many other ways universities can help their students lower the cost of their loans other than simply reimbursing them through these programs. They should want their students to succeed as much as they can and while keeping that hard work mentality.

  15. I love this article because it touches on valid points of why higher education should guarantee money back. Some colleges actually have reimbursement programs that guarantee money back, which I believe should be a option within every college. For example, if tuition is over a certain number, $20,000 for example, then the school should come up with a money-back guarantee program that would give the student’s money back for different situations. I do understand why colleges do not do this; there are negligent students that would take advantage of these programs, but I also believe that if you don’t want to continue with higher education, you should be able to drop out and not have to suffer consequences like debt.
    Say there were guarantee programs that did not have hard requirements, students would take advantage of the program to receive money they didn’t earn. For example, a college that did not have a requirement to stay in school for money-back guarantee. When that student becomes a first semester senior and drops out that semester, they could retain the money that they paid, maybe even receive the interest that was accruing on a loan that they got too. The government and bank would lose all of the money that they thought would go towards the school. Another example would be the from the article about Adrian College in Michigan. Adrian College has a program that guarantees that students will earn an annual income of at least $37,000 after graduation. If they don’t earn that much when they get a job, the college will reimburse all or part of their student loan payments. Now if that student at Adrian College does not meet that income requirement when getting a job after graduation, the school is stuck with the debt and the school does not want that.
    Most colleges have a program that will let you finish a certain degree, such as masters, within four or five years, but a lot of students cannot afford it due to the extra cost. SUNY Buffalo has a program that states if students in the “Finish in 4” program fail to graduate on time after participating in advising programs, declaring a major by their second year of study, and taking a full course load each semester, then their tuition is free until they complete their degree. Another example provided in the article about Udacity, should be the program that every college uses. Udacity offers nanodegrees and it guarantees students to have a job within six months of graduating. If the graduate does not find work, that graduate will get a full refund of their tuition. The program requires that students keep up with the written requirements which states “in order to maintain eligibility for the refund, graduates have to work with a placement counselor and prove that they are aggressively seeking jobs.” I believe that all colleges should do this program. Many colleges have to meet with their advisor once or twice for mandatory meetings during the semester anyway so this program would be beneficial. If the program that Udacity and SUNY Buffalo offers is suggested and used by colleges, more and more people would be willing to stay in school and finish their degree.

  16. College is a great investment for many students post-graduation. Even before graduating, just having the experience of what college is all about is an investment. Most people that go to college look to better their future and is on the path to achieve a goal. Students take on this investment and the high cost in order to better themselves. I strongly agree that students go to college and get a degree. I feel that education is one of the most important tools you can have in the work force. The only real problem I have with college is sometimes the price is way too expensive. Every college cannot give every single student a full-ride. You might be a student who think you deserve it more than someone else but it doesn’t work like that. One of my biggest wishes was that college could just be a little cheaper. We spend thousands and thousands of dollars on schooling. You have to sometimes ask yourself if the money we are spending is even worth it ? What isn’t commonly then what happens when that college degree you spent thousands of dollars on doesn’t give you the opportunities you wanted? These are questions that I think about almost every day. To be honest, it is something I think about but I still feel that college is worth it. Sometimes you might have second thought but it is important to stay with it. In this article is says “what if your degree takes longer than expected?” My response to that question is why it matters. A degree is a degree! It does not matter if it is in 3 years or if it is ten years. You got it done and took the risk of investing your time in doing so.

    Doing well in college is something I want to do for myself. Many people I know that I went to high school with do not go to college. Almost everyone in my family do not have a college degree. This is not to talk down or negative about them. Some of them ended up still successful. I just feel that some people use “colleges are too expensive” as an excuse. There are many ways to get around the price of schooling. You have to just trust that if you invest in your time, it well be all worth it. That’s the attitude I had before reading this article and I will continue to have it.

  17. I have never thought colleges can have a money back guarantee, referring to how college tuition can be today. Since college tuition is very expensive and will only increase as the years go by. It seems that receiving money back from colleges can help families. But I really think it can really be a good idea. According to the article, SUNY Buffalo created a program called “Finish in 4” which states If students in that program fail to graduate on time after participating in advising programs, declaring a major by their second year of study, and taking a full course load each semester, then their tuition is free until they complete their degree. It seems to me that a college education can become a much easier experience in a way. We all know the college work can be very cumbersome and tedious. Having to finish homework, exams and maybe having a job on the side is very hard. Providing this type of program can give some sort of space to an individual. Gives them the time to truly finish their degree. Since college education should be taken very seriously and requires time. What SUNY Buffalo have done is give students the time to really complete their degree. And other schools have provided some sort of reimbursement to students who tackle student debt. Adrian College pays for those who do not earn at least 37K after graduation. This gives the student some sort of backed source if get into financial struggles after graduation. I think today we fear college to be a debt machine and (it may be) but I think this type of experience can give students a sense of hope. A hope where they can feel they are going to the right path.

  18. Everyone posting on this discussion is a college student. I feel fairly confident speaking for most of us when I say that college tuition is steep. It has climbed steadily in the past few decades, while minimum wage has been much more stagnant, resulting in it being nearly impossible for modern students to “pay for college by working over the summer just like your old man.” Instead, it takes substantial grants, loans, scholarships, and out-of-pocket expense to pay for a student’s tuition. Having options available is definitely not a bad thing, but I am inherently sceptic. I doubt that many universities will choose to give this type of guarantee, and those that do, similar to Davenport University, as mentioned in the article, have fine print attached to their promises. From what I know, debt from loans borrowed to pay for higher education tuition is the only debt that isn’t erased when one files bankruptcy. It’s that type of situational screwing over of younger generations that I think will befall this latest attempt at making university more enticing. If tuition was simply lowered, rather then set conditional offers to students for post-graduation, then the problem of high tuition would rectify itself observably more quickly. However, trying to – in my opinion – trick students into thinking that they have any type of guarantee for money back after college is a more roundabout way of doing nothing at all. Colleges would set up conditions insisting on the students having had reached a certain GPA requirement, and sustaining it throughout their 4 years, or having had earned a certain degree, or any other fringe case where they have to dole out the least amount of cash when all is said in done. Of course, this could all end up being much more benign than what I believe it to be, but that would disingenuous with how our society is run. At the end of the day, an institution needs a profit to continuing running, to entice professors, programs, and other influential factors to remain, and to line their pockets with at the end of the year. Assuming anything else is being overly optimistic and foolish.

  19. If college came with a money back guarantee, then more students would be enrolled in colleges. One of the biggest reasons for one not going to school is the cost of attendance and the debt to come after graduation. It isn’t guaranteed that one will get a well paying job out of college or even a paying job related to their major and field of work they are interested in. If students had a money back guarantee policy, they would take advantage of it, because who wouldn’t if it had its benefits? A school from the article mentions that if students do not find work after they graduate, they will receive a full refund of their college tuition, while aggressively seeking jobs. Depending on the amount of time they have until they find a job, I would take advantage to get my money back and then go and work and not have to worry about paying off debt.
    Another school mentions that if the students don’t graduate in 4 years, they will pay the rest of the tuition until they get their degree. While that may be helpful for some if they had a major change, others wouldn’t benefit from this and some will take advantage to gain more knowledge and help with getting jobs after graduation. I personally don’t think there should be a money back guarantee with college because over the years, many people have had financial burdens from college. To apply it at this time would be unfair to the students with debt from their prior education. Having a degree is very important to go into the workforce and a better way to increase the number of students would simply be to decrease the overall tuition from colleges and increase the amount of financial aid given. There are many students who pay for their own college education and take out loans to do so, but most think parents will be helping out with the finances of college. This isn’t always the case and should be a factor when receiving financial aid. Overall, everyone knows college is expensive, but a degree is needed by many companies and to start a well paying career, but with lowering the cost of attendance, this may increase the amount of students enrolled in universities.

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