America has fallen to 9th in the proportion of young people with a college degree.And this is a good idea in a country where the majority of recent college graduates (and many post-graduate degree holders) are working in jobs that don't require college degrees because ______________? And how is a tuition tax credit honestly going to help students who finance their education by taking out $100k+ in student loan debt?
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Of course, the education race doesn’t end with a high school diploma. To compete, higher education must be within reach of every American. That’s why we’ve ended the unwarranted taxpayer subsidies that went to banks, and used the savings to make college affordable for millions of students. And this year, I ask Congress to go further, and make permanent our tuition tax credit – worth $10,000 for four years of college.
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If we take these steps...America will once again have the highest proportion of college graduates in the world.
Oh, that's right, we have to prop up the massive education bubble (after all, the Dean's Audi isn't going to make its own monthly payments!) and give politicians cute little rhetorical flourishes so they can boast of superficial accomplishment while student loan debt drowns an entire generation.
Brilliant.
I agree. More money to lenders and schools will just prop up the bubble. I think the next fight is pushing for relief for debtors.
ReplyDeleteThere have already been some big wins, in terms of awareness. In about a year, the establishment went from, "It's just a bunch of whiners," to basic acceptance of the fact that law school is overpriced, underserves students, and overproduces graduates.
We can make some concrete progress now if we can remove the bankruptcy rules passed in 2005 that made student loans non-dischargeable in bankruptcy (the other kind of debt with this designation is a criminal/court sanction!)
Al Franken has a bill to roll back the law to the good old days of 2004 and make student loans dischargeable in bankruptcy. Whatever your position on political parties or former comedians serving in the US Senate, I think the bill needs to pass. God knows it's the only one out there right now that can really help. I mean, it's not like bankruptcy is a dream, but the non-dischargeability clause means lenders have no incentive to work with low-income debtors to avoid bankruptcy.
Anyway, the bill is in the judiciary committee, where Ben Nelson and the other members of the bank lobbyists are trying to keep it.
Maybe those interested in pushing for a better profession could focus on any of the following: Supporting for the bill, embarrassing those who hold it back, suggesting better and more helpful bills. Indebted lawyers who can't pay their basic living expenses are just not good for the country or the profession.
Just a thought. Thanks for all your work.
I am in complete agreement that something needs to be done to stimulate education AND provide relief to those former students restricted from progress by the golden handcuffs of school loan debt. For many, the cost of higher education is not worth the price. However, I am of the mindset that the "Educated Stimulus" plan could provide relief while simultaneously stimulating the economy (without significantly adding to the debt). It is not nearly as exciting or desirable as full student loan forgiveness, but it is a reasonable plan that the Parties may actually agree on. Find the details and contribute to the discussion at http://www.educatedstimulus.com. The website is an attempt to promote simple ideas to preserve our future. I only hope those who daily sculpt our generation's future will daily seek our generation's input. Also, congratulations to you on turning your idea to stimulate education and the economy into such a strong moving force!
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