The debate is coming back up because of new talks around student loan forgiveness in the US. I was on the fence about it until I did some extra research for a comment I posted last week.

I am including the comment I posted last week that was from a discussion about whether general education classes should be required for a college degree, but the part about the societal value of a college graduate to the US is relevant.

Higher education is an interesting thing to put a price on because while some classes can provide economic benefits to people who get a higher education, many classes provide more of a societal benefit.

A history class doesn't help an engineer make a jet turbine, but it can help them be an informed voter. College campuses mix people of different races, genders, origins, and socioeconomic classes with each other. The general education courses expose students to different concepts that can help them in their civic lives.

College graduates also have many economic benefits to society. On average, college graduates pay much more in taxes than they take in government benefits over their lifetimes. High school graduates also contribute, but only a modest gain where college graduates contribute 4-5x what they take. Governments invest $28,000 per college student on average but gain $335,000 in net monetary benefit over their lifetime.

I get that many people are opposed to courses that don't directly apply to a career because they have to pay a lot of money out of pocket when the course may only provide a benefit to society. Why can't the government provide loan forgiveness to anyone who graduates? It would take pressure off students and still provide a net benefit to society over having them not graduate.