Recent statistics on tuition costs and student loan debt are pretty alarming. According a June 2018 USA Today article, the average price of tuition and fees at four-year private colleges and universities has outpaced the rate of inflation by more than three percentage points, with the average annual cost of tuition and fees at a four-year institution jumping by more than $7,000 to $34,740 in the past 10 years. Just a few weeks ago, CNBC reported more than 30% of student loan borrowers are in default, late on payments or have stopped making payments after six years. This is significant, according to the article, because the Department of Education has historically only reported three-year default rates, which is about 10%. "By not looking at the longer-term figures, the Department of Education and Congress may be turning a blind eye to schools that are not adequately preparing students to pay off the loans they are taking on," CNBC said. It also noted around 65% of all U.S. jobs will require post-secondary education by 2020, and wages have not increased significantly in the past few years, adding to the student loan debt problem.

This ongoing crisis has, not surprisingly, changed the behaviors and choices of college-age young adults. Just based on anecdotes I've heard from friends and coworkers, many are taking a year or more off from college to work, or choosing a profession that doesn't require a four-year degree (like climbing the management ladder at a retail company). Those that do attend a four-year school are choosing majors with money, not passion fulfillment, on their minds: A Quartz article from last month stated that since the 2008 financial crisis, the number of students choosing a humanities-related major (such as history or philosophy) has fallen drastically, with more practical options such as nursing or computer science picking up speed.

Credit unions have played a role (albeit a small one) in helping students pay for college and reduce their student loan debt. I first learned about CUs' involvement in the student loan space as a CU Times freelancer in 2011, when I covered the student lending beat. I quickly gathered that CUs' primary role has been to help fill the gaps for students who still need funding by offering private loans after they've exhausted their options for federal student loans and other forms of financial aid. They've typically done so with assistance from a CUSO that specializes in student lending – the largest is CU Student Choice; another one, CU Campus Resources, was acquired by Thrivent Federal Credit Union in 2017. Our Jim DuPlessis now follows credit union student lending news (be sure to read his latest feature on the topic in this week's print issue).

But unlike their bread-and-butter loan programs like auto loans and mortgages, student loans make up a miniscule portion of CUs' business. In August of last year, we reported that student loans made up only 0.4% of all credit unions' loan portfolios, and for the 810 credit unions making student loans, that number was 1%.

We get that offering private student loans isn't the right choice for every credit union. It costs money and can be risky, both from a financial and reputational standpoint, given the history of predatory lenders that preyed on students in the mid- to late-2000s. But private student loan programs deserve to be considered by more credit unions. As the years go by, college-bound students and their parents are going to need more and more help, and credit unions striving to live up to their "people helping people" philosophy should take that into account. It's similar to, say, credit unions serving legal cannabis businesses in order to make their communities safer by keeping cash off the streets. In that case – and perhaps in the case of private student lending – the benefits to the community and members can outweigh the costs and potential risks to the credit union.

While the number of CUs participating in the private student lending market remains low, there's no shortage of credit unions supporting education in their communities in other ways. In one of our recent Community columns, Tahira Hayes highlighted several credit unions that hosted backpack and school supply drives for schoolchildren whose families couldn't afford to buy these items on their own. Clearly, these drives are a worthwhile effort, but I do have one question: What about the teachers?

In May 2018, The New York Times reported 94% of U.S. public school teachers pay for their own school supplies without reimbursement, spending an average of $479 per year, according to a Department of Education survey. This can take a major toll on their budgets, as most teachers aren't exactly rolling in the dough – on average, public school teachers make less than $60,000 a year, the Times said, citing the National Education Association. The next time your credit union collects donated school supplies, consider funneling some of them to local teachers, too.

As Pink Floyd's Roger Waters said, a cruel teacher can be "just another brick in the (emotional) wall" a child builds up in his or her mind. When it comes to supporting education in your community, make sure your CU is doing what it can to help break down the walls many students, parents and teachers face in a challenged education system.

Natasha Chilingerian

Natasha Chilingerian is managing editor for CU Times. She can be reached at [email protected].