Higher Education: Soaring Rhetoric, Skyrocketing Costs
Over the past several years, the mantra of “college for all” has become ubiquitous, with Americans told that a college education is no longer a luxury, but a necessity, for any individual who aspires to a middle-class life in the 21st century economy. And indeed, many studies tend to confirm that persons with a post-secondary education enjoy lower unemployment rates and higher wages over time
Simultaneously – sometimes in the same articles – we learn that soaring tuition rates have put college out of the reach of many, if not most, families. In fact, for the past few decades, college costs have been rising faster than health care costs. In the last year or so, the news is that students who tried to borrow their way around this seemingly intractable problem only dug themselves a deeper hole. Outstanding student college loans have reached – or soon will reach – the $1 trillion mark.
The average student graduates college with a debt burden of nearly $25,000; others, especially those with professional degrees, are buckling under a debt load in the six figures. Since bankruptcy forgiveness does not apply to student debt, even unemployed and underemployed graduates can expect to carry this debt with them for years, perhaps decades, to come. With a slow economy exacerbating the problem, it’s no surprise to find that the national student loan default rate for 2009 (the last year for which data are available) was 8.8 percent and
Simultaneously – sometimes in the same articles – we learn that soaring tuition rates have put college out of the reach of many, if not most, families. In fact, for the past few decades, college costs have been rising faster than health care costs. In the last year or so, the news is that students who tried to borrow their way around this seemingly intractable problem only dug themselves a deeper hole. Outstanding student college loans have reached – or soon will reach – the $1 trillion mark.
The average student graduates college with a debt burden of nearly $25,000; others, especially those with professional degrees, are buckling under a debt load in the six figures. Since bankruptcy forgiveness does not apply to student debt, even unemployed and underemployed graduates can expect to carry this debt with them for years, perhaps decades, to come. With a slow economy exacerbating the problem, it’s no surprise to find that the national student loan default rate for 2009 (the last year for which data are available) was 8.8 percent and
