New College Compact Or College For All Act?

1555 WordsMar 9, 20167 Pages
New College Compact or College for All Act? The 2016 Democratic Party presidential primaries and caucuses are a series of ongoing heated battles between Hillary Clinton and Bernie Sanders. One of the most prominent topic is the issue of student debt. According to the Federal Reserve Bank of New York, student loans have quadrupled since 2004, to $1.2 trillion (Brown). This insurmountable debt is an astronomical problem for Americans today and more so, for future Americans. College tuition has been rising for the past 40 years and will continue to do so exponentially. In an asset management report done by J.P.Morgan in 2014, the firm projects the cost of private universities to be at roughly $90,000, and $40,000 for public four-year universities in the year of 2030 (Badkar). If the government remains dormant toward this issue, college students 20 years from now, will be burdened with an even larger amount of debt. The average American’s financial ability and confidence are being crushed by this mountain of student debt. In turn, more and more people are not able to purchase their own house or start their own business due to the pressure of paying back their overwhelming student loans. Likewise, many entrepreneurs are hesitant to start their own businesses because of the large amount of student debt that they have accumulated. Given that 60 percent of jobs in the United States are created by small businesses, many potential business owners are not able to establish their own
Open Document