Targeting Dreams: Higher Education And Student Loans (Pt 1)

July 16, 2017

The fast-growing importance of higher education across the Commonwealth and the world at this juncture can hardly be denied. All countries - developed or developing - are using it for some purpose of utmost significance, whether it is as a support for democracy or as the driving force for the economy.

Despite the universal recognition of its importance, higher education (or the more comprehensive term, tertiary education) is plagued everywhere with some financial constraint or the other. Furthermore, as indicated in a study done by Dr Subhamoy Das, a professor at the University of Calcutta in India, the number of students seeking higher education, especially in the Caribbean and wider Commonwealth, is snowballing at a galloping pace with which the budgetary allocations of the governments cannot cope. The telltale signs of this are now being manifested glaringly in some countries in different forms such as crowded institutions of higher learning, retrograding faculty-student ratios, higher tuition, and other fees.

A handy solution to this financial constraint is cost sharing. The costs of higher education are generally borne by four parties: governments (or taxpayers), parents, students, and philanthropists. At least in Jamaica, the policy is such that at least a portion of the costs of higher education is shouldered by the students and their parents instead of governments and taxpayers bearing the entire amount.