Editorial | Indebted to our education

In theory, when one million student debtors sign on to the Occupy Student Debt Campaign, they will collectively refuse to pay their student loans.

The campaign — in its third week — has gained more than 3000, signatures among debtors, faculty members and non-debtors across the United States. Of the 19 professors in Pennsylvania who have signed on, several teach at Penn.

While these students and educators are right in drawing attention to the unnecessary burden that student loans can create, their radical protest fails to address the heart of the problem — the rising cost of higher education.

Since 1990, tuition at Penn has increased by more than $20,000 at nearly twice the rate of inflation. Undergraduate tuition for this academic year stands at $37,620, around a thousand dollars more than the median annual household income in Philadelphia in 2009.

But refusing to pay student loans, which are voluntarily assumed by individuals, will not solve this problem.

It is an irresponsible act that casts the Occupy movement in a bad light, making it easier for critics to construe protesters as individuals who wish to free ride on those around them.

The pledge is a disservice to those who borrowed money with full understanding of the agreements that they entered into and are working to pay off their loans. Why should the signatories have the right to refuse to pay back their debt when they, too, entered into similar agreements?

The pledge also fails to recognize the need for students to contribute what they can to places like Penn. The University currently maintains a no-loan policy for students, but that does not mean that Penn can maintain its level of academic excellence without monetary contributions from students — including the contributions of potential signatories.

Currently, Penn’s tuition only goes toward academic ventures. Tuition and fees cover around 70 percent of the University’s costs and the remainder is funded through gifts, sponsorships and outside investments.

Rather than refusing to contribute to their academic institutions, signatories should direct their energy toward lowering the cost of higher education by working through existing systems.

The “Pay As You Earn” proposal, which President Barack Obama unveiled in October to ease the burden of student loans, is one example. The program will reduce the cap on monthly loan payments for college students from 15 percent of their income to 10 percent. Student loans will be forgiven after 20 years, rather than 25 years of responsible payments.

The burden of student debt is not a fringe issue. Rather, it is at the forefront of political conversations. It is also clear that the cost of education has been rising at an unsustainable rate and limits access to those who lack the financial means to support themselves through college.

Whether one agrees with Obama’s plan to address this systemic flaw or not, it is imperative to engage existing political and economic systems to solve this problem.

Instead of gathering a million people to refuse to pay their student debt, let’s make a million calls to Congress on Capitol Hill.

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