Dive Summary:
- John Wasik writes for Forbes about crushing student loan debt and argues that it's a drag on the economy.
- He cites statistics showing that student debt has quadrupled from $240 billion in 2003 to more than $1 trillion today.
- To make college more affordable, he suggests rewarding colleges that provide grants rather than loans, encouraging work-study jobs and seeking out community colleges.
From the article:
... At the very least, there should be some rigorous “truth in lending” rules before student loans are granted. How much will the debt impair their ability to achieve a middle-class lifestyle? What will they likely be earning given their intended degree? All of this needs to be put on the table long before the loan documents are signed. ...
