Ohio State Seeks to Build a Debt-Free Degree
For many, attending college comes with a hefty price tag and years of student-loan repayment, but Kristina M. Johnson has another plan. Johnson, the president of Ohio State University, has come up with an idea to bring the undergraduate students' average loans from over $27,000 to zero. The ultimate goal of the program is to open the gates of opportunity for students to attend college, pursue graduate school if desired, and prompt students to "launch their lives after college, whether that means starting a business, buying a home or investing in the success of their communities," says Johnson. While there is much debate about forgiving current student loan costs, Ohio seeks to fight the root of the problem itself.
To reduce the Ohio student's student average loan to zero, the university plans to use grants, internships, and research opportunities for funding rather than the federal-direct loans included in financial-aid packages. Although the student federal-direct loans are aimed at zero, the university will require a large investment for the program to benefit students. Ohio State will have to raise a minimum of $800 million to reach all undergraduates within the next ten years.
Ohio's program, the Scarlet & Gray Advantage, will be piloted in the fall of 2022. It will serve 125 students ranging from low to middle-class income households. The program is expected to cover the full cost of student attendance. It is important to note that the program is not "free college." While students should not have to take out loans, they and their families, in most instances, will be expected to put funds towards the expenses associated with tuition and attending college. The amount that students and their families would be expected to contribute would be calculated by the FAFSA's "expected family contribution" formula. In addition, undergraduates would have to put their wages from internships and on-campus jobs towards their tuition and fees. Aside from the financial contributions to the undergraduate's education, those who participate in the program are expected to complete the FAFSA annually, pledge to finish their studies within four years, and take part in the required financial-literacy counseling provided by the Scarlet & Gray Advantage.
While Ohio State is not the only college with a program to allow students to have a debt-free degree, it is one of the most accessible. Students looking for a debt-free degree are often limited in their options. In most cases, they choose to apply to either private institutions that are extremely selective throughout the admissions process or to a few public institutions that only allow students from low-income households to participate in their debt-free programs.
The implementation of the Scarlet & Gray Advantage at Ohio State University could change higher education for the best and allow students who would not enroll in college to attain an undergraduate degree. By providing a debt-free degree Ohio State students could start their lives after graduation free of student loans and follow their professional aspirations. Hopefully, the debt-free degree program is one of the first of many to appear on public college campuses providing equal opportunities for students from all backgrounds.
By Erica Bottjer, APSCUF-KU Intern Fall 2021
https://www.chronicle.com/article/ohio-state-u-unveils-a-plan-for-all-students-to-graduate-debt-free?cid=gen_sign_in
https://www.businessinsider.com/student-loan-debt-eliminated-ohio-state-university-decade-initative-2021-11
https://news.osu.edu/ohio-state-to-create-debt-free-degree-with-scholarships-work-opportunities-grants-and-financial-literacy/
https://advantage.osu.edu
