In an article titled “How to Fix the Student Debt Crisis”, Steve Cohen shows just how much
the cost of college has exploded for students:
The price tag for attending college has risen 1,275 percent since 1978. That’s almost double the inflationary pace of health care, which rose a mere 634 percent in the same period.
He outlines 3 main reasons:
Colleges, including lots of state schools, continue to build luxury dorms, gourmet dining rooms, and lavish athletic centers to attract students—almost as if academics were an afterthought. Staffs have become bloated, too, not with more professors, but with administrators. Third, colleges have been playing with other people’s money. Washington has pumped trillions into financial aid programs. Low-income families get outright grants; everyone else qualifies for easy-to-obtain loans.