Blog Post #10: Abstract and Works Cited

Abstract

     This research paper addresses the problem of student loan debt among Americans, especially low-income students. The increase in college tuition has led to a rise in the number of students and families, who take out loans to pay for education expenses. By the time students graduate college, whether with their bachelor's, master's or doctoral degree, they are swamped in debt. This paper examines the importance of obtaining a graduate degree and uses the theory of human capital to support the idea that through education, people are able to strengthen their knowledge and abilities, which enables them to serve the public and benefit others. Because human capital is a social concept, low-income students, especially those in healthcare professions, should be provided with sufficient financial assistance that allows them to graduate college debt free. Those in healthcare professions have the role of promoting health and delivering health care services to meet the needs of individuals in their communities, contributing to the overall well-being of society. Therefore, the government should create an educational assistance program that covers tuition and fees for students seeking to pursue a career in healthcare. 

Works Cited

“About GI Bill Benefits.” Veterans Affairs, www.va.gov/education/about-gi-bill-benefits/.

Armstrong, Elizabeth, and Laura Hamilton. Paying for the Party: How College Maintains Inequality. Harvard UP, 2013.

Bakalian, Serge and Aurora Meneghello, directors. Default: The Student Loan Documentary.

YouTube, 16 Feb. 2016, www.youtube.com/watch?v=wvQR93C6n2E.

Belasco, Andrew S., Michael J. Trivette, and Karen L. Webber. "Advanced degrees of debt:

Analyzing the patterns and determinants of graduate student borrowing." The Review of Higher Education 37.4 (2014): 469-497.

Carter, Matt. “U.S. Average Student Loan Debt Statistics [March 2020].” Credible, Credible, 18

Nov. 2019, www.credible.com/blog/statistics/average-student-loan-debt-statistics/.

Chakrabarti, Rajashri, et al. “Tuition, Debt, and Human Capital.” FRB of New York Staff Report

912 (2020).

Chiwaya, Nigel. “These Five Charts Show How Bad the Student Loan Debt Situation Is.”

NBCNews.com, NBCUniversal News Group, 24 Apr. 2019, www.nbcnews.com/news/us-news/student-loan-statistics-2019-n997836.

Cooper, Melinda. “In Loco Parentis: Human Capital, Student Debt, and the Logic of Family

Investment.” Family Values: Between Neoliberalism and the New Social Conservatism. Zone Books, 2017. 215-257.

Cord, Robert Daniel, and J. Daniel Hammond. Milton Friedman: Contributions to Economics

and Public Policy. Oxford University Press, 2016, https://www-oxfordscholarship-com.proxy.libraries.rutgers.edu/view/10.1093/acprof:oso/9780198704324.001.0001/acprof-9780198704324-chapter-24?print=pdf.

Draut, Tamara. Strapped: Why America's 20- and 30- Somethings Can't Get Ahead. Doubleday.

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Company, 4 Dec. 2017, www.wsj.com/articles/education-loans-should-teach-responsibility-1512421294.

Malcom, Lindsey E., and Alicia C. Dowd. "The impact of undergraduate debt on the graduate

school enrollment of STEM baccalaureates." The Review of Higher Education 35.2

(2012): 265-305.

Millett, Catherine M. "How undergraduate loan debt affects application and enrollment in

graduate or first professional school." The Journal of Higher Education 74.4 (2003): 386-

427.

Nova, Annie. “The Student Debt Crisis Has Hit Black Students Especially Hard. Here's How.”

CNBC, 27 July 2019, https://www.cnbc.com/2019/07/27/how-the-student-debt-crisis-has-hit-black-students-especially-hard.html

Ortiz, Erik. “These Medical Workers Are Tackling the Coronavirus. They're Also Saddled with

Student Debt.” NBCNews.com, NBCUniversal News Group, 15 Apr. 2020, www.nbcnews.com/news/us-news/these-medical-workers-are-tackling-coronavirus-they-re-also-saddled-n1182211.

Pyne, Jaymes, and Eric Grodsky. “Inequality and opportunity in a perfect storm of graduate

student debt.” Sociology of Education 93.1 (2020): 20-39.

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Choices.” Available at SSRN 3527863 (2020).

Schultz, Theodore W. “Investment in human capital.” The American economic review 51.1

(1961): 1-17.

Stampen, Jacob O., and Robert H. Fenske. "The impact of financial aid on ethnic minorities."

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Winters, John V. “Do Higher Levels of Education and Skills in an Area Benefit Wider Society?”

IZA World of Labor , https://wol.iza.org/Uploads/Articles/462/Pdfs/Do-Higher-Levels-of-Education-and-Skills-in-Area-Benefit-Wider-Society.pdf, Dec. 2018. 

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Blog Post #9: Argument and Counter-Argument

Argument: Education= Community Benefit= Societal Responsibility

• Because human capital is a social element, the government and citizens should support graduate students. By receiving a higher degree, these individuals are contributing to the wellbeing of society. Therefore, these students, especially those in the medical field, should be provided with sufficient financial assistance, which would be possible in the form of a GI bill.

Counter-Argument: Education = Individual Benefit= Personal Responsibility

• "As a current graduate student, I understand the heavy burden of paying back student loans. However, forgiving student loans fails to prepare students for realistic financial future. I am attending graduate school because I want to increase my future earning potential, and that comes with responsibility to pay for that education." 
• The individual benefits of higher education include higher earnings, better health and better job opportunities. These benefits allow people to live a comfortable lifestyle, leading to the idea that paying for one's education is a personal responsibility. 
• Unlike Schultz, Milton Friedman believed that education leads people to be at a professional advantage; therefore, it is a personal benefit.

Blog Post #8: Case

The following two cases will be used in my paper to explain why members of society should provide support for graduate students. 

Example 1: "How Undergraduate Loan Debt Affects Application and Enrollment in Graduate or First Professional School"

• Students with just $5,000-$10,000 of loan debt from their undergraduate years had between 9%-12% lower probabilities of submitting an application to graduate school than their counterparts, who did not have loan debt.
• Undergraduate indebtedness discourages students from applying to graduate school.
• An individual's socioeconomic status, as well as the financial aid available, plays a major role in their ability to apply and attend a higher education institution.

Example 2: Default: The Student Loan Documentary

• Matt, a borrower of student loans, "It's a weird feeling. Because I wanted to go to school and I wanted to get my master's degree, the rest of my life is dramatically altered. Can I get married? Real, real questions. Can I honestly have children? Because of the loan. And I don't feel like I can do it" (1).
• Matt's personal testimony demonstrates how student loan debt can negatively affect lives.
• Through the concept of human capital, his decision to get a master's degree was his way of boosting his human capital.

Blog Post #7: Frame

The theoretical frame that I will be using in my paper to support my argument is human capital.

Human capital is defined as the knowledge, habits, traits and skills that are unique to an individual, but that influence society's productivity. As the image below demonstrates, education influences the formation of one's human capital. Theodore Schultz, an American, academic economist, viewed education as an investment, in which people gain personal and societal benefits. This means that by receiving a higher education, individuals are able to develop skills and knowledge that lead them to become productive members of society and valuable employees.