When President Biden canceled college debt last month, he left untouched the problem that created that debt: the soaring price of college.

In the 1980s, the list price of undergraduate education at a private four-year institution could hit $20,000 a year. At some of these schools in the last couple of years, it has topped $80,000. 

Why has a college education become increasingly costly, and why has that become such a difficult problem to solve?

Guest: Ron Lieber, a personal finance columnist for The New York Times and author of “The Price You Pay for College.”

Background reading: 

• Instead of making higher education free, the United States subsidizes it later through repayment plans and attempts at debt cancellation. The complexity is disrespectful, Ron Lieber writes in his “Your Money” column.
• Also from “Your Money”: Student loan borrowers don’t deserve “forgiveness,” they deserve an apology. 

For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday. 

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