Frankly, I’m tired of hearing about the student loan crisis. For many reasons there is no crisis, especially given most payments are right in line with the monthly car payment, also a choice.
I support lower interest interest rates, maybe no interest for some, but a loan freely taken is a loan that should be repaid.
There is a crisis in education though. In fact two crises. High school student are not proficient in key areas. That means they are not prepared for college or even a job in some cases.
That is reflected in the second crisis, graduation rates for those who attempt college. For whatever reasons not graduating or taking six years to do so may increase debt, but certainly reduces or eliminates the value of investing in higher education.
Instead of ranting about loan forgiveness and the illusion of that creating wealth, politicians would better serve Americans by focusing on the basics that add value with or without college.
The official four-year graduation rate for students attending public colleges and universities is 33.3%. The six-year rate is 57.6%. At private colleges and universities, the four-year graduation rate is 52.8%, and 65.4% earn a degree in six years.https://www.cappex.com/articles/blog/government-publishes-graduation-rate-data#:~:text=The%20official%20four%2Dyear%20graduation,a%20degree%20in%20six%20years.
That is, by 2019, some 63 percent of students had completed a bachelor’s degree at the same institution where they started in 2013. The 6-year graduation rate was 62 percent at public institutions, 68 percent at private nonprofit institutions, and 26 percent at private for-profit institutions.https://nces.ed.gov/fastfacts/display.asp?id=40
In the United States, the overall dropout rate for undergraduate college students is 40%. 30% of the dropout rate comes from college freshman dropping out before their sophomore year. In 4-year colleges, 56% of students drop out within 6 years.Nov 22, 2021https://educationdata.org/college-dropout-rates
Below is a list of 3187 colleges with the lowest graduation rate in the United States. Western International University tops the list with a graduation rate of 3%. Graduation rate is reported as the percent of students who graduate within 150% of the normal expected time to complete the degree.https://www.collegesimply.com/colleges/rank/colleges/lowest-graduation-rate/