Robert Reich A nephew who’s soon off to a public university just got a college loan with a 7% interest rate. That was better than the variable-rate loan he was offered with a rate that could rise to 25%. America is the only advanced nation that imposes such draconian conditions on our students. And we didn’t used to. Forty years ago, most state universities were tuition free. Then, we saw university education as a public good and not just a private investment. But now we’re making it impossible for young people to become social workers, teachers, nurses, defense attorneys, artists, or anything else that doesn’t pay particularly well. If we can’t go back to free tuition, let’s at least replace college loans with a system where the amount to be repaid depends on subsequent income (say, 10 percent of full-time income for the first ten years). You agree?
Posted on: Thu, 21 Aug 2014 15:33:41 +0000
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