Introduction
The American Dream is a utopia aspirated into the nation’s consciousness that hard work partnered with determination yields success and affluence. However, a deadly threat to this most precious of ideals has reared its head through modern times – the hardly understated cost of education. This essay assumes that the rising cost of tuition, which leads to overwhelming student loan debt in the United States, actively undermines the accessibility of the American Dream. Indeed, the increasing costs of higher education, the impact of student loan debt on graduates, and the socioeconomic consequences, coupled with an unsatisfactory policy response, depict a crisis that requires immediate action.
The Escalation of Tuition Fees
Over the past few decades, the cost of college education has witnessed an unwavering and staggering surge (see Fig.1). Researchers argue that average tuition and fees in both public and private higher education institutions have outpaced inflation because of which higher education has become less affordable for young students (Mitchell et al. 12). The financial barrier presents a great hindrance to accessing the American Dream since one is condemned to surrender educational pursuits that are essential in finding fulfillment from the modern workforce.
Debt from Student Loan
The student loan debt crisis in the country is at an all-time high, leaving fresh graduates joining the job market with huge financial burdens. According to Carlson, this high level of debt curtailed the ability of such graduates to make sound financial decisions and come up with something specific for the economy (140). Failure to establish enterprises to save for the future or invest in real estate becomes a compounded consequence of debt, which really proves impossible and locks one out of achieving the American Dream.
Socioeconomic Mobility
The increasing cost of education tends to erode the very ethos of the American Dream when its impact is felt disproportionately among persons from a lower-income background. Schweyer et al. stress the vicious cycle of limited socioeconomic mobility due to financial aspects that inhibit education, a marked contrast to the fundamental ideology that efforts and work should place one transcending their class (31). The cost of education is skyrocketing, and virtually drawing very close to them makes it impossible for the economically challenged to keep pace with them, therefore rendering the dream of upward mobility virtually elusive.
Lack of Policy Response
The lack of a proper response from the government enhances the problem since policymakers have failed to provide a proper response to the out-of-control cost of education. Researchers assert that the underfinancing of education only exacerbates the problem and generates a necessity for reshaping the areas of priority for expenses, as well as for adopting comprehensive regulation tools to control growth in college tuition budgets and relieve students from excessive loans (Mitchell et al. 10). This cycle is sustained by lack of strong policy measures making the financial barriers for education a hindrance towards fulfilling the American Dream.
Conclusion
From the above discussion, it can be concluded that the rise in the cost of education in America directly works against the accessibility of the American Dream. Escalating tuition costs and the burden of student loan debt are enormous obstacles that keep people from attaining the education and skills they need to succeed in today’s workforce. Insufficient policy responses leave the government grappling with what urgent action is required to safeguard the foundational ideals that survive in the nation’s American Dream. Only through comprehensive reforms, increased funding, and targeted interventions will the nation be able to restore the promise of upward mobility and ensure that the American Dream remains within reach for all its citizens.
Works Cited
Carlson, Susan M. “The U.S. Student Loan Debt Crisis: State Crime or State-Produced Harm?” Journal of White Collar and Corporate Crime, vol. 1, no. 2, 2020, pp. 140–52. Web.
Mitchell, Michael, et al. “State Higher Education Funding Cuts Have Pushed Costs to Students, Worsened Inequality.” Center on Budget and Policy Priorities, vol. 24, 2019, pp. 9-15.
Schweyer, Allan, et al. “Time Versus Money and the American Dream.” Compensation & Benefits Review, vol. 52, no. 2, 2020, pp. 31–33. Web.