By Judge Greg Mathis

Rising tuition rates and cuts in the federal Pell Grant and state aid programs have caused more students to rely on student loans to pay for their college education. As such, the average student’s debt increased by more than 50 percent over the last ten years. With an increase in student loan interest rates looming – rates are scheduled to go up July 1 – current and future student loan borrowers will see large percentages of their future income go towards repaying their education debt. With the increasing cost of higher education, one would expect that a college degree would guarantee a secure future. That is no longer the case. As more and more American jobs are taken overseas, we will see more of our young people invest in a college education that cannot guarantee them a job in a rapidly changing global economy.

We can blame Congressional budget cuts for the pending rise in student loan interest rates. The increase will result in payments that are 20 percent higher than those made on loans locked in under lower rates. A drop in direct aid – money that doesn’t have to be paid back – also contributes to the rise in student debt. Congress hasn't increased the Pell Grant, the most common direct aid for low-income students, since 2003. As a result, low-income students are carrying a disproportionate amount of student debt. Not surprisingly, people of color are carrying more than their fair share of student debt. According to the Project for Student Debt, one-fourth of low-income students, many of them African-American, have more than $27,000 in loans. The numbers will increase as rates go up.

A country’s economic growth is significantly impacted by the number of adults that have a college degree. By making it difficult for its citizens to pay for higher education, America is jeopardizing its chances for continued success in the global marketplace. Countries with large populations, like China and India, that educate a large numbers of students, are posing a serious threat to the way the U.S. does business. Already, nearly half a million Americans have been laid off because their jobs were outsourced to foreign countries, where the labor force is educated and much cheaper. Experts expect the number of outsourced U.S. jobs to grow to 3.3 million by 2015, causing about 250,000 layoffs a year. While discussing the outsourcing trend, President Bush recently remarked “…let’s make sure people are educated so they can find – fill the jobs of the 21st century.” There is no doubt that an education increases an individual’s ability to compete in the workforce. However, as it currently stands, America is asking its citizens to invest time and money in an education that doesn’t guarantee sustainable employment.

With the cost of education so high and no relief in sight, it’s no wonder that more young people are putting off college. If policymakers want to ensure America’s place in the marketplace, they must enact legislation that controls the cost of higher education while increasing aid to students. This country’s future as an economic powerhouse rests on its ability to ensure a college education is within financial reach of its citizens.

Editor’s note: Judge Greg Mathis is national vice president of Rainbow PUSH and a national board member of the Southern Christian Leadership Conference.