College is a rewarding experience where students can study a field of interest and prepare for their careers. It’s also a time to meet new people and explore differing viewpoints. But the bad thing about college is the tuition. Between paying for classes, room and board, a dining plan, and textbooks, you’re down thousands of dollars every year for four years. Many people choose to apply for student loans due to mounting costs.
Student loans are a hot topic in the United States, especially because a new election year is approaching. Several of the 2020 presidential candidates have promised to completely forgive student loan debt if they were to become elected as president.
However, is that really a realistic idea due to what it would take? In some instances, student loan debt forgiveness can be achieved. It takes a long time, but many people have been able to get the government to erase their student loan debt through the Public Service Loan Forgiveness program, for instance. To learn more about student loan debt and how it can be forgiven, keep reading right here.
1. College Tuition in the US
College tuition is the cost of higher education that is collected by colleges and universities in the United States. This excludes fees that are paid via taxes or other government funds like demand-side or supply-side subsidies. As the quality and value of a college education have increased over the years, the costs of attending a higher education institution also have as a result.
After World War II, costs for attending universities went up because attendance increased dramatically. The introduction of the GI bill allowed more students to go to college after they returned from fighting in the war. Additionally, higher education began receiving better federal funding from the government.