Represent.Us reports that the number of colleges and universities charging over $50,000 per year for tuition has increased by 2,400% in the past three years. However, during the same time period, the average wage of the American worker only grew by a paltry 2%.
The non-profit organization states that graduates make an average of 98% more per hour than people without a degree, which makes attending college an important priority for anyone actually trying to make livable wages.
And with the cost of college being higher than ever before, taking out student loans is inevitable for students who don't come from families that have enough cash to pay for their tuition, books or living expenses.
According to the article,
"Nearly 38 million Americans have student loan debt, totaling about $1.2 trillion dollars nationally. Student loans are now one of the largest sources of personal debt in the United States, outpacing even auto loans and credit cards."
And the debt a student accrues could reportedly be passed on to family members in the event of that student's death. Unlike other types of debt, student loan debt cannot be forgiven through declaring bankruptcy, meaning private lenders could "strong-arm their mourning family into paying off the remaining amount in full."
Instead of reforming America's higher-education system and the way people pay to obtain college degrees, the government takes advantage of poor students and cashes in on their misfortunes.
"Through the use of intermediary collection companies, the government stands to benefit even on the loans that default. From 2007 to 2012, the Department of Education made $66 billion in profit, and are poised to make an estimated $184 billion total by 2019. A 2005 article in the Wall Street Journal uncovered that the federal government collected on average 100 percent of the principle of defaulted loans, along with an additional 20 percent in other fees."
Bam! There you have it. Another money trail. What do you guys think about the high cost of education? Sound off below!
The views and opinions expressed herein are those of the authors alone and do not necessarily reflect the views of Ora Media, LLC its affiliates, or its employees.
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