The Biden administration may forgive 10K of student loan debt per borrower. This has ramifications for both the economic landscape as well as the national moral framework. Nathan and Dustin talk through some startling statistics and what they mean for higher education. How does the free market price student loans and how is that being subverted by free government money? Jesus gave us a great example of how to treat indebted individuals.
#studentloandebt #studentloanforgiveness
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Biden Admin to forgive 10K debt
https://www.forbes.com/sites/adamminsky/2022/05/27/biden-reportedly-nears-decision-on-widespread-student-loan-cancellation---heres-where-things-stand/?sh=218aebc55688
Luxurious Amenities
https://www.thrillist.com/travel/nation/colleges-with-the-best-perks-amenities-so-insane-you-ll-want-to-go-back-to-school
Increase in DEI budgets
https://thefederalist.com/2021/08/02/why-is-your-college-tuition-so-expensive-its-funding-piles-of-diversity-bureaucrats/
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Music By: SUNDANCE
Track Title: Persephone - Retro Funky
Creation: SUNDANCE (Remix)
My additions: clips from Jay Richards, Thomas Sowell, Walter Williams, Gary Vaynerchuk, Jeff Durbin, and Gary North.
Stats:
Inflation in cost
Average cost since 1980 has increased 1200% (compared to 236% inflation, that’s almost 5 ½ times inflation).
Average cost per year of private college is $54,800 (factoring in all costs). ~$220,000 for a four-year degree.
Average cost per year (factoring in all costs) of in-state public college is $27,330 ($109,000 over four years); out-of-state is $44,150 ($176,000).
Average tuition and fees (not factoring room & board) of a private university in 2020 was $34,000 a year.
Average costs for a four-year degree from a private institution in 2017 $180,000.
Average tuition and fees (not factoring room & board) of a public university in 2020 was $10,200.
Average cost for a four-year degree from a public institution is $80,000.
For every $1 the government spends to subsidize college education through loans, the price of college increases by 60 cents.
50% of college graduates believe their college degree was not worth the cost.
Homeschooling on the rise and public school on the decline
3.7 million home school students (6-7% of school-age children).
Homeschooling saw a 67% increase since 2019.
Decreased enrollment
College enrollment declined by 6.6% between 2019 and 2020.
Male college enrollment has declined by 10% between 2019 and 2021.
Some projections indicate that in the near future only 1/3 of college graduates will be men.
Only 47% of high school students polled in 2021 were interested in going to college directly from high school.
Rising debt & declining employment
US student debt is more than $1.5 trillion dollars. This is higher than the yearly GDP of 187 countries. Only 14 countries have a higher GDP than US student debt.
Average student loan debt: $39,000.
Average monthly student loan payment: ~$400 per month
Average student loan interest rate: 6%
2.6 million people owe more than $100,000 in student loans
Almost half of all university-educated Americans rely on loans to pay for their higher education
84% of American adults report that student loans negatively affect their ability to save for retirement.
Student debt has caused a large percentage of college graduates to postpone marriage, a family, and buying a home.
More than 50% of student who owe $55,000 or more in student debt have taken jobs outside their field (compared to 29% of those with no debt).
Average student debt in TN is almost $27,000
Less than 50% of millennials say taking out student loans was worth the cost.
Unemployment rate of recent coll
