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How Student Debt Harms the Economy
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Mitch Daniels, former 2 term governor of Indiana, and president of Purdue University, describes the damage done to hope for the future by putting so many people in so much debt- with estimates by WSJ-Experian showing 70% of recent graduates as borrowers and the average borrower graduating with $33,000 in debt. 40 million young people are affected, as they postpone marraige, postpone childbearing, postpone buying a new home, stay away from starting a new business. Daniels put his own social and moral obligation to the test as he brought the cost of an education at Purdue for 2 successive years- with a 3 year freeze on tution and cuts in room and board, textbook costs. Purdue student borrowings have dropped by 18% since 2012, adding a new metric in evaluating the delivery of quality education for the country, and a moral and social obligation for all the leaders in our society.
Worthy of TR (1)- Mitch Daniels, former Republican Governor of Indiana, on the damage done by rising tution and what Purdue University is doing about it
01/28/2015
A three year freeze on tution and reducing the expenses of room and board and textbooks is the response of Purdue University to the student debt crisis facing the U.S. Student debt will reach $1.3 trillion by 2015 by Federal Reserve estimates. WSJ-Experian analysis shows about 40 million students are affected in 2014, 70% of those who graduate, and the average student in the class of 2014 leaves college with $33,000 in debt. The result is that 20 and 30 year old young people delay marraige, childbearing, delay buying a home. About half fear they will default on other debt, and of those under 24 45% live with parents. Fewer of these people will start a business. Mitch Daniels says costs of education have to come down and soon- it is a moral and social obligation for all in our society to keep our social fabric together, our ultimate strength.
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How Student Debt Harms the Economy
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