There was a time when you could get a decent-paying job with only a high school diploma. But not in today’s economy. According to the Department of Labor, the unemployed rate in July for young people ages 20 to 24 was 35%—more than triple the overall unemployment rate. That’s why I believe that, along with the economy, one of the most important issues for youth in this election is how to pay for college.

I did some research and discovered that the candidates have very different ideas about paying for college. Obama proposes giving more federal money to colleges that keep tuition costs down, and less money to colleges that keep raising tuition, according to an article in The Nation magazine. He wants to reward colleges that have kept tuition affordable and supported students well, and provide less federal funding for colleges that haven’t.

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Republicans point out that college tuition rates have risen by 25% during the Obama administration. But during his presidency, Obama has nearly doubled funding for Pell grants (federal money given directly to low-income college students) and expanded tuition tax credits, according to the Pittsburgh Post-Gazette. He also pressured Congress to prevent federally subsidized student loan interest rates from doubling, and Congress did so in July.

Mitt Romney’s campaign website talks about the need for college to be affordable, but offers few specifics. According to The Nation, Romney supports cuts to social spending which, among other things, would cause big reductions in Pell grant funding. He recommends that students window shop until they find a college that is “right” for them—meaning if they don’t have the money to pay for a good 4-year college, they should settle for something they can afford like community college and not expect the government to help them out if they have to take on a lot of student loans.

image by YC-Art Dept

I understand the importance of living within your means. But what Romney seems to be saying is that high school graduates who may be just as smart and capable as wealthier students (maybe more so) but don’t have the money to attend a top university should settle for less, even when they have worked hard and proven that they can excel.

This concerns me, because I see it leading to an even greater lack of diversity at prestigious colleges. If only rich people’s kids are able to attend exclusive, high-priced colleges, they will be the only ones benefiting. They will be more likely to get the best jobs after graduating from college.

Some academically excellent students might not even be able to afford a middle-class state college and would have to settle for community college. Community college is fine, but if you have the potential for a more competitive college and are held back because your family can’t afford it, that’s a problem. That’s why I think we need the government’s support with low-interest student loans and putting pressure on colleges to keep tuition rates down.

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