UMass Boston was recently featured in a superlative ten-minute piece from PBS’s The News Hour with Jim Lehrer on the opressive rise in college costs and student debt.
College costs have been climbing for years. Since the early ’80s, tuition and fees have grown 375 percent, almost three times more than median family income. The average public college now costs about $14,000 per year, and private colleges are approaching $35,000.
The national student debt now tops $550 billion. That’s just what’s owed to the government. Nobody knows how much students owe private lenders.
Go watch it here to see some of UMB’s determined and hungry students (who I am sure are not unlike like our UMass Dartmouth friends Joe and recent graduate Ryan), and try to grasp the concept that students coming out of public colleges are starting their lives forty, fifty, and sixty thousand dollars in debt.
I’m sure all that debt bodes horrible for the housing market. And we can bail Detroit out all we want, but no one will be left to buy their cars if we keep producing a generation who, at 22, already have essentially half a mortgage to pay down.
TRANSCRIPT: Student Debt Rising as College Costs Continue to Climb