We’ve hit summer’s midway point and for many New Yorkers it’s time to plan for the opening of college at the end of next month. In addition to buying bedding, books and clothes, the big issue is how to pay for college tuition and fees.
And the answer for many Americans is to take out loans.
For decades, the nation has systematically slashed funding for public colleges. In New York for example, state policies have reduced support by $1.7 billion. During that same period of time, states – including New York – have hiked public college tuitions to cover the reductions in public spending.
Since wages have remained largely stagnant for many Americans, increased tuition costs have led families to take out loans to cover the cost of attending college. As a result, student debt has soared. (more…)