A college degree has become a virtual prerequisite for a successful and secure career.  To a certain degree, whether consciously or not, it also represents how smart and persevering a student can be.  However, it is usually not seen as a function of a person’s childhood income.

The current recession will challenge this oversight.  For the first time in decades, many more capable young people will be unable to go to college for many reasons.  Their families may no longer have the credit to get a loan, the loan may have tougher standards or they may need to go to work to support their family, among other reasons.  It is realistic to assume that the worsening economy will prevent some from attending college.

The bottom line is that unless steps are taken, many potential college students will be left behind.  This has many implications for both the present and the future of the economy.

First, colleges and universities employ thousands of people around the country.  If fewer students are able to receive higher education, then colleges may be forced to slow down or stop hiring employees.  Some employees may even lose their jobs.

Also, if a student is not attending college, he or she may be taking a full time job away from other unemployed people.  If thousands more are trying to find jobs in an already tight job market, the result is not good.

Looking forward, if even one percent of students who would normally attend college are unable to as a result of the economy, that results in at least one percent fewer college graduates (at least in the short term).  This may not seem like it would have a significant impact, but down the road it will make real difference.  If that one percent of workers makes half of what their college-graduate peers make, then that group’s economic ability to spend will be reduced by half of one percent.

This number, when applied to a nation’s gross domestic product, makes a real difference.  Not only would the economy suffer now from lower college attendance and a flooding of the minimum wage job market, it would suffer in the future from the lack of an educated and high-earning workforce.

The government needs to take action in order to prevent the negative effects of fewer college graduates.  A program creating loan opportunities that could be paid back interest-free over a long period of time without the need for a co-signer may go a long way toward making college possible for many students.

For now and for tomorrow, we must make sure that the door to higher education is not slammed in the face of the recession generation.