Education promotes opportunity and growth. However, unless education is accessible to all, the opportunities and development will remain a reserve for the few majorities. Non-for-profit organizations working for education in the US play a significant role in making higher education accessible to all regardless of gender, race, or nationality. The role of NGOs is mostly to fight for the democratization of higher education.
Today, the US takes the lead when it comes to the cost of higher education. The cost of higher education in the US is growing faster than the national inflation. If the current trends in higher education costs continue, the US education system will soon be a reserve for the few. Therefore, there is a need for NGOs to continue championing the democratization of higher education.
This post puts into perspective reasons why the NGOs should continue fostering the democratization of higher education.
1. Cost of attending a Top US MBA Has Increased Faster than the Rate of Inflation.
The ever-rising cost of acquiring an MBA at the top US universities is one reason NGOs must rise to protect education’s democratization. The cost of higher education in the US has outgrown the rate of inflation. This is mostly for students attending private business schools.
Surprisingly, the rising cost of an MBA has not dented demand for the seemingly prestigious award. Applications are rising, at least for those who can afford it. For the minorities, all they can do is either borrow or wait until they can find a scholarship.
Thus, it is clear that more NGOs need to unite in demand for the democratization of higher education. In particular, the NGOs need to advocate for affordable tuition fees to create equal opportunities for all.
2. The Student Debt Crisis
Given economic uncertainties and high unemployment rates, students are considering acquiring an MBA from the leading universities. These students are hoping that an MBA comes with potential career flexibility, enhancement, and advancement opportunities. With the high cost of acquiring the prestigious award, the only option is applying for a student loan. Consequently, about 43 million adult Americans are caught in the student debt crisis, carrying a debt of approximately $1.6 trillion.
The student loan can take a toll financially, particularly if the borrower cannot secure employment upon graduating. Delinquency affects one’s credit score, locking the victim from pursuing other financial goals. Eventually, the student walks out of the university with the MBA, but faced with years of debt repayment,
The democratization of education is the only way out of the student debt crisis. With NGOs pushing for affordable education for all will eliminate the urge to apply for student loans. Meanwhile, the government should look for ways to avert the student debt crisis, or else it will continue having a massive impact on the economy.
Socio-economic Impact of Student Loans
While an MBA generally leads to a higher income, growing student loans will have an enormous socio-economic impact. This is considering that the student will be left struggling to repay the loan for years to come. Therefore, the student debt crisis will leave a substantial socio-economic impact. The need to repay student loans forces some professionals to take up odd jobs, creating stress and eventually depression. Besides, the students cannot afford to raise capital, which can set up businesses and create employment. This alone makes a severe problem for the economy.
Conclusion
Therefore, NGOs have a significant role to play in the fight for the democratization of education. To make higher education accessible for all, the government should work towards ensuring affordability.
- Allana Akhtar,(2019), 7 countries where higher education is free.Business insider page 1
- Connor Hays, (2018), The Student Debt Crisis. Bloom, Page 3
- Jason D. Delisle, (2019), The surprising role of high-income families in student debt trends. American Enterprise Institute. Page 7