Page 160 - Crisis in Higher Education

Changing Attitudes and Expectations • 131

Useful transfer means that courses count toward the bachelor’s
degree in which a student is interested. For example, a course
in basic management taken at a two-year college has no place in
an electrical engineering degree. Business schools at universities
may have an accreditation rule that precludes accepting too many
business courses taken at a two-year college.
b. Curriculum match: Even though a course title at a two-year col-
lege is the same or similar to a course title at a university, the
contents may not match. The two institutions may even use the
same textbook. For example, two courses may be labeled inferen-
tial statistics, but the depth of coverage for the two-year college
course may be quite different, making it unsuitable for the bach-
elor’s degree. It transfers as a free elective, which, most likely, does
not count toward the bachelor’s degree.

6.2 CHANGING EXPECTATIONS

Too many students and their parents expect to borrow money to pay for
a university degree. Over time, the resistance to borrowing has declined
and the amounts borrowed have increased substantially, placing many
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students in a difficult financial position. It is important for students and
their supporters to set a goal/expectation to graduate and be debt-free.
To accomplish this, they should develop and implement plans to save
more and spend less. Although seeking freedom from debt, they should
demand a rigorous education so they receive the best value for their educa-
tional dollar. Better preparation leads to better jobs, higher pay, and more
satisfaction.

6.2.1 Becoming Debt-Free

The scope of student loan debt is enormous. In 2016, the outstanding stu-
dent load debt was $1.35 trillion with a default rate of nearly 12%. The aver-
age debt per borrower at four-year, public universities was nearly $27,000,
whereas the comparable amount at four-year private universities was nearly
$32,000. The average graduate student had a debt of $57,600. 16–18 The bor-
rowing at two-year, community and technical colleges tended to be much
less—about $2,000 per year. In 1993, fewer than half of the graduates with
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