To note, some employers are starting to drop the credential requirement [3] [4] [5]. If you can hire without it, why are you asking for it?
[1] https://www.pewresearch.org/social-trends/2024/05/23/is-coll...
[2] https://www.cnbc.com/2024/05/23/is-college-worth-the-cost.ht...
[3] https://www.npr.org/2024/08/26/nx-s1-5084214/why-states-are-...
[4] https://www.highereddive.com/news/nearly-half-of-companies-p...
[5] https://www.cnbc.com/2024/03/22/1-in-3-companies-are-ditchin...
Limit all new student debt to a maximum of 2-3% interest.
Cap tuition everywhere - you could ease into this by the federal government steadily decreasing caps and simultaneously reducing loan amounts.
Put everyone on an income-based payment plan with a guaranteed 10-year payoff timelimit if they make all their payments (reasonable forgiveness on timely payments but more than a month late or so and that gets added on to the end of the 10-year limit).
Not easy for any party, but pretty fair IMHO.
I will be sure to teach my kids to not repeat my mistakes.
Try it with other examples: “when I had cancer the only treatment was really harsh chemo, the new drugs today make it way easier and that’s unfair”
New chemo was not available back then. Having a job is not a new concept.
You are simply mad it doesn't benefit you directly, the problem with most people nowadays.
I also paid mine back, but I'm glad this is happening. I'm also angry we don't use the funds for ie veterans instead and I also would like reform with the bailout.
As you can hopefully see it's a very nuanced issue and you can't let the perfect be the enemy of the good.
My action is to teach my kids that in today's world, being responsible is idiotic, since uncle sam will just force those who are responsible to pay for your idiocy anyways!
So I know that, yes, at the school I went to, the ratio between an average wage and an average tuition has remained roughly constant.
"Average 2023-24 public four-year in-state tuition and fees range from $6,360 in Florida and $6,700 in Wyoming to $17,170 in New Hampshire and $17,180 in Vermont."
https://research.collegeboard.org/trends/college-pricing/hig...
Federal aid should not be subsidizing the high costs in states like Vermont. That's a case of the states abdicating their responsibility to educate their own students affordably, and federal relief would transfer those costs to people in other states.
And even in those expensive states, working through college is still possible. $20k per year is 20 hours per week at $20 per hour, which isn't unobtainable in a HCoL state, assuming the student lives with family.
* Courses
* Books
* Rent
* Utilities
In florida (generally - I don't know where students live when going to uni):
* Courses for an in state public school have increased by 30% (I've always been curious about in-state vs out-of-state - after you move to a state to go to school you're in state? maybe the first year "you're out of state" but after that you're in state, you've been paying taxes in state, voting, etc?)
* Rent seems to have doubled (400-600/mo in 2004 to 1000-1300/mo now) - on campus has increased by "only" 60% but I don't know how common it is
* Utilities seems to have doubled
* Books weirdly seems to have actually stayed stable??! :-O
In the same time student incomes seems to have increased by around 20% (which is about in line with 1.5-2% inflation).
Very roughly - and approximately - the ranges seem to be
2004: Courses: 2800 Rent+Utilities: 10000 Student Earnings: 10-15k (where 15k seemed to be for >30 hours a week)
2024: Courses: 3800 Rent+Utilities: 16000 Student Earnings: 12-18k (where the high end was again people doing >30 hours a week)
So in 2004 the net cash transfer was (-2.8k to 2.2k) vs 2024 where it's (-7.8k to -1.8k). Eg. the best case has gone from not needing a loan to need a loan.
This is of course only for students going to an in state public university - as far as I can make out it seems that's only half of them? (but it's really hard to be sure because it doesn't seem to be easily discoverable - basically I can find lists of what proportion of students at each particular school are in state vs out of state). For out of state you are adding 13-15k to the annual expenses.
I was running a contract software development business, so yes, i would.
Rent would have been difficult to afford, but it's hard to see any reason the government should fund student's rent in particular while other people have to pay.
The government disagrees, and has decreed that a student's rent (a.k.a. "room and board") is, along with tuition and books, one of the expenses that student loans can be used to pay for.