To end student debt, tie tuition to post-graduation salaries
EVERY YEAR, PEOPLE as young as 17 accrue tens of thousands of dollars in debt in order to get an education. Students assume massive risk, with no guarantee of success. At $1.6 trillion, student debt is the second-highest consumer debt category, behind only mortgage debt; the national total for student loan debt is higher than that of both credit cards and auto loans.
When I went to college, nobody talked about student debt. Nobody talked about trade-offs. Everybody lived by one credo: Go to the best school you can, study the thing that you love, and it will work out on the other side. Frankly, for Boomers, that’s what happened. If you got a degree, you could expect to land a decent job with a decent salary. Even if you did accrue debt during college, payments were often manageable and short-lived.