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The government wants to continue making loans for teenagers that have no idea how money works. Until the system breaks or hiring expectations get lower I don’t see much changing in the near future. National student loan debt was $1.77T… what’s another trillion.
I’m sad to see these poll numbers, which I believe are the result of incessant media stories quoting ill-informed critics of higher education’s value. Genuine criticism is one thing—exposing actual flaws that limit the price/benefit value one can get from higher education, for example— but lobbing broad allegations that go unchallenged and are printed without fact-checking are contributing to the erosion of support for many of our institutions, including public K-12 education and higher education. I am not criticizing the IBJ nor necessarily this poll (though wording of questions is incredibly important), but rather a national proclivity for news reporting that merely publishes quotes without holding the speaker accountable for providing data that backs those assertions, or putting those criticisms in perspective. Students struggling to pay off excessive loans, for instance, is one of many valid problems to be investigated and addressed but not in itself evidence that higher education is no longer valuable.
You’ll never hear FOX News report that typical annual earnings for bachelor’s degree holders are $40,500 compared to $21,800 fir those whose highest degree is a high school diploma. College graduates on average make $1.2 million more over their lifetime (surely enough to pay-off their student loans).
If the debt needs to be canceled, then that’s prima facie proof that the federal government does not think that the education is worth the investment, either. Sounds like the people being polled understand the facts and circumstances just fine.