Government can, and should, fix that.Īs the administration pursues this bold and necessary action on student debt cancellation, it should keep the following key things in mind: Government can and must serve as a force for good in the lives of every individual in the United States, and that means that students who relied on federal loans-and the promise of affordable opportunity-should never have been left worse off than if they had not gone to college in the first place. 5Īnd while this action would certainly ease financial strain for millions of borrowers, it would also help restore trust in the institutions of government and their ability to deliver on implicit commitments. This would ensure that of the one-third of all Americans with student loan debt, many would see their balances reduced to zero, while others could see their balances drastically reduced. In response to these concerns-and to meet the urgency of the moment-this administration should follow through on its reported consideration of student debt cancellation by canceling at least $10,000 for student loan borrowers. 4 And the administration has committed to carrying out student debt cancellation for a broader population of borrowers-recognizing that there is still more it must do to help borrowers get out from under the weight of debts that too often interfere with buying a home, building a family, and pursuing career aspirations. The Biden administration has already taken important steps to make the current system work as promised and deliver relief, resulting in more than $25 billion in debt discharged for millions of borrowers so far. The end effect of the college affordability crisis has been to leave far too many Americans saddled with excessive student loan debt. Student debt is clearly another important part of that story. 3 While the reasons for this decline are complex and vary by institutional sector, we can be certain that soaring college costs and the perception of less return on the investment in a credential are crucial parts of the story everyday Americans are hearing. 2 More recently, a report from the National Student Clearinghouse Research Center revealed a year-over-year decline in college enrollment of 685,000 students, a 4.1 percent drop. Research from Opportunity Insights shows declining rates of low-income student enrollment at the colleges with the best track records of delivering intergenerational economic mobility. Today’s students can plainly see that a promise made to the previous generation is not being made in turn to them. Now, it only covers around 30 percent of those costs. Consider this: In the 1970s, the Pell Grant program-the United States’ most fundamental federal student assistance program-covered about 80 percent of the costs of attending a four-year public institution. 1 Young Americans in particular hold these concerns, and they are right to do so. In a moment when the national economy needs more credentialed workers, a recent Public Agenda/ USA Today survey found that only 49 percent of Americans currently think the gains realized from a college education are worth the costs, and 72 percent think the economy is rigged to advantage the powerful and the wealthy. Yet while millions have pursued these higher education paths to better themselves and their communities, systemic failures-including runaway college costs, state disinvestment in higher education, and insufficient federal support for students-have created an affordability crisis that is hollowing the system out from the inside. The public both expects and deserves a system in which all colleges and programs offer a path to economic security while making sure that students reach the finish line. At its best, the American higher education system is an unparalleled force offering people from all walks of life the opportunity to thrive and contribute to a better and more prosperous nation.
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