ESSAY: As the father of a high school senior, I know the salience of this issue will endure beyond the midterms, writes Rich Barlow. It’s clear that forgiving debt does not address the continuing, out-of-control cost of college.
My family is looking at my university employer’s exchange network, in which member schools give scholarships to children of other member schools’ staff. We watch every sneeze in the stock market, hoping ourdoesn’t catch a full-blown cold. My son is working part-time to save something for his studies. We’re also mindful about keeping any borrowing restrained.
Democrats have become the party of the college-educated. Will they dither on meaningfully helping their future base, beyond Biden’s $20,000 forgiveness Band-Aid? Along those lines, Biden’s plan caps future borrowers’ payments at 5% of monthly income and promises to wipe out loan balances up to $12,000 after 10 years of payments. But he didn’t hose the underlying flames heating up higher ed inflation, which is a more complicated problem to address. Still, without such relief, future taxpayers will be stuck holding the bag for canceled loans.
to elevating the mind and soul — college is overpriced. I once heard the Reagan-era chairman of Dartmouth College’s trustees say his institution’s quality of education had not soared by the same percentage as its price tag. The Biden-era cost of higher ed would have sent him into shock.at the average public university runs $37,640 for in-state students. As daunting as that is for poor families, it’s a bargain compared to the average $95,560 out-of-state families pay.
put those numbers in perspective: A family with two college kids and making that median $80,000 will fork over nearly one-quarter of their pre-tax income for in-state public tuition, “minus financial aid and/or federal loans”— andof pre-tax income if the kids attend a private college. Those calculations are before factoring in room and board. Even with institutions’ financial aid, too many Americans carry too much debt; that’s why we’re having this conversation.
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