For decades we’ve failed these students over and over. We’ve left them mostly on their own to pay for the betterment of themselves and society. (via The NYT)
called “A Problem of Fit: How the Complexity of Pricing Hurts Students — and Universities,” has calculated just how far short this can leave low-income students.
Take teenagers from households with about $37,000 in income, which is about the 25th percentile of income and assets. By his calculations, the public schools he examined will ask the students who live on campus to pay around $14,000 each year, after accounting for Pell Grants and other scholarships.
As we ask these teenagers to borrow tens of thousands of dollars that we’d never lend them for anything else, the government provides a menu of loan options. With some of this debt, interest starts ticking right away, years before you can even have a legal beer. There wouldn’t be so much of a debt problem if, as a nation, we made a priority of subsidizing public higher education. But we don’t. Among the 26 nations that the Organization for Economic Cooperation and DevelopmentThings don’t look much better when you examine American states. Appropriations per student in 2020 werein 1994, according to the State Higher Education Executive Officers Association.
If you think the borrowing is bad, we make it worse through the dystopian nightmare that is repayment. If only we could be Australia, which has a
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