Students across U.S. march over debt, free public college

[Janelle2002 3,865]

Students across U.S. march over debt, free public college

Reuters

By Curtis Skinner 32 minutes ago

By Curtis Skinner

(Reuters) - Students held rallies on college campuses across the United States on Thursday to protest ballooning student loan debt for higher education and rally for tuition-free public colleges and a minimum wage hike for campus workers.

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The demonstrations were planned just two days after thousands of fast-food workers took to the streets in a nationwide day of action pushing for a $15-an-hour minimum wage and union rights for the industry.

Events for Thursday's protests, dubbed the Million Student March, were planned at colleges and universities from Los Angeles to New York. Thousands of people signed up to attend on Facebook groups, though it remained to be seen how many would ultimately participate.

Photos and videos posted on social media showed marches at schools including Texas State, the University of Massachusetts at Amherst and Depaul University in Chicago.

"Education should be free. The United States is the richest country in the world, yet students have to take on crippling debt in order to get a college education," the movement's organizers said in a statement on their website.

Organizers are demanding tuition-free public colleges, a cancellation of all student debt and a $15-an-hour minimum wage for campus workers.

The total volume of outstanding U.S. student loan debt has more than doubled to $1.2 trillion, according to the U.S. Consumer Financial Protection Bureau, compared with less than $600 billion in 2006.

The bureau said some 8 million private and federal loan borrowers are in default, representing more than $110 billion, while millions more are finding it hard to keep up with repayments.

Saddled with debt that can sometimes run into hundreds of thousands of dollars, many college graduates have struggled to make payments amid an ailing economy and job market.

Dealing with swiftly mounting student loan debt has been a focus of candidates vying for the White House in 2016.

Democratic hopeful Bernie Sanders has vowed to make tuition free at public universities and colleges, and has pledged to cut interest rates for student loans.

His rival Hillary Clinton has said she would increase access to tuition grants, let graduates refinance loans at lower interest rates, and streamline income-based repayment plans.

Florida U.S. Senator Marco Rubio, the most prominent Republican candidate to lay out a concrete proposal, says he would establish an income-based repayment system for federal student loans and would simplify applications for federal aid.

(Reporting by Curtis Skinner in San Francisco; E

[TBoneTX 45,267]

Organizers are demanding tuition-free public colleges, a cancellation of all student debt and a $15-an-hour minimum wage for campus workers.

I want a harem of 6 blondes. Add that to the list of demands.

[Janelle2002 3,865]

I want a harem of 6 blondes. Add that to the list of demands.

Undergrad in many countries is free. We should follow a different model. More educated people can really help this country.

[TBoneTX 45,267]

Granted, perhaps, but my blondes first, please.

[heo luoi 206]

Not saying there isnt room/need to change here but seems like a lot of people from those many countries want to immigrate here.

Dont want to go into huge debt? no one forced you to go to college or buy an oversized house.

I'm pro student debt reform, but free college -- would really love to hear how thats funded, and how that continues to incentivise people to learn / excel when its free.

Would better paying jobs then necessitate graduate degrees?

$15/min wage increase for campus workers...wth would do that when they could GO TO COLLEGE for FREE?

...ps I'm not greedy like Tbone. 3 will do.

Edited November 12, 2015 by heo luoi

[Janelle2002 3,865]

Not hearing people from the Scandinavian region coming to the U.S. for a debted education. Usually they come for masters because masters isn't free in their country.

Our country says the key to success is education and then charge extreme prices for the education. Classism at it's best

[heo luoi 206]

Ive heard of the progressive scandinavian approaches. Interesting in terms of how it could scale. Plenty of scandinavian immigrants here. Not for education perhaps no. But they may be subject to it when their kids grow up.

Also think perhaps improving the morbid early education system is more important than college is. If you never learned much before not sure what more free schooling in college will do.

I think school hours should be revised. I think students should be required to do some sort of program travelling abroad so the cant get their heads out of their rears and get a little more perspective and some GD humanity. Instead of US taxes being used to give aid, send some HS juniors abroad to build some housing and stuff, render aid packages or whatever. Like a Jr Peace Corp. Call it an internship. I dont care. Much more practical and educational than playing frisbee golf on their free college campus.

Edited November 12, 2015 by heo luoi

[Merrytooth 5,748]

Face the reality, not every one is meant for higher education.

And Higher Education does not necessarily translate to good paying jobs.

I don't want to be taxed 50%, 60%, 70% to support free college.

[Janelle2002 3,865]

I agree with you, however, people still need advanced education. We should take away b.s. general education college courses that are not major specific, like they do in other countries. I don't need music appreciation if I'm an engineering major.

[Rob L 3,811]

Education Gap

The United States once led the world in educating large numbers of its citizens, but that is no longer true. Compared with most other advanced industrial nations, the United States ranks near the bottom in the share of its working-age citizens who surpass the educational attainment of their parents. Source NYT http://www.nytimes.com/2014/09/11/business/economy/a-simple-equation-more-education-more-income.html?_r=0

[Sousuke 1,214]

I am okay with the government getting more involved and I would tweak Bernie Sanders notion of free tuition.

1. I don't think a broad brush approach is wise. Instead free tuition should only apply to certain fields that the country needs, otherwise it would be better to develop trade schools with paths to federal jobs.

2. It should be means tested. You probably will find that only a small percentage of students actually need this 100% assistance.

3. Throwing the entire population into mainstream universities will only create more cost inflation.

Alternatively, the UK system seems to work. Loan repayment is based upon income. If you lose a job, you don't pay on the loan until you get a new one.

If you make 100k a year, you pay your loan in 10 years, if you make 50K a year it takes 40 years etc.

[Rob L 3,811]

The growing economic clout of the college educated

BY RICHARD FRY11 COMMENTS

Last week’s data released by the Census Bureau vividly demonstrated the growing income inequality in the U.S. But deeper in the data, there’s another related finding that is also striking: The growing income accruing to the nation’s college-educated households.

For the first time on record, households headed by someone with at least a bachelor’s degree received nearly a majority (49.7%) of aggregate U.S. household income; nearly one out of every two dollars went to the college educated. In 2012 one-in-three households was college educated, so, put another way, half of the aggregate U.S. income goes to one third of the households.

In 1991 (the earliest year comparable figures are available) college-educated households only received 37% of the nation’s aggregate income. In 1991 about one-quarter of households (23%) were college educated.

The share of the income pie received by households with only a high school education or less fell 15 percentage points from 1991 to 2012. The share of household income going to households with some college (including those with an associate’s degree) increased modestly over the same period (23% to 25%).

Since educational attainment has risen and there are more college-educated households, one would expect the college educated to receive a growing share of the pie.

But the data clearly indicate that the growing economic fortunes of the college educated go beyond sheer numbers. College-educated households are the only households whose incomes have grown on a per household basis from 1991 to 2012. Household income increased 9% (from $92,289 to $100,637) for those whose highest education was a bachelor’s degree. Incomes were up 20% for households with professional degrees. In contrast, household incomes have declined for households who do not have at least a bachelor’s degree.

Before breaking down the nitty-gritty of the college-educated households’ income gain, it should be noted that a number of factors are likely at play in boosting the household incomes of the college educated relative to less-educated households. A primary factor is the better fortunes of the college educated in the labor market. The Georgetown Center on Education and the Workforce finds that college graduates earn nearly twice as much as workers with just a high school diploma.

But the household income differences between the college educated and lesser educated go beyond the labor market. College-educated households are more likely to be married and thus more likely to have secondary earners contributing to household income.

In addition, my research on “assortative mating” or “who marries whom” shows that married college-educated persons are more likely to have a college-educated spouse. Thus, they are more likely to have a spouse with high earnings. For example, in 2011, 75% of married men ages 30 to 44 who are college educated also have a college-educated wife. Among their married counterparts with a high school education, only 17% have a college-educated wife.

Between 1991 and 2012, the aggregate household income of college-educated households increased by $2.1 trillion according to the Census data. Over the same period, the share of all households who are college educated increased from 23% to 33%. How much of the $2.1 trillion income gain received by the college educated is due to growth in numbers versus growth in income per college-educated household? If the fraction of households who are college educated had remained constant at 23%, instead of rising to 33%, the income pie going to the college educated would only have grown by $0.8 trillion. So, over half of the income gain of the college educated is due growth in numbers. But a substantial portion reflects their improving income fortunes.

[khwaidee1 196]

I want back what I paid then too! Took me 12 years to pay off undergrad and grad school. I was saddled with a mortgage payment right out of school, it really sucked and I had to work hard, that was so unfair. And, my interest rate on some loans was 9%, had one at 12%.

[Sousuke 1,214]

I didn't have loans.

I went to a state school which cost about 40,000 for 5 years (it was a 5 year degree) including housing.

My grandfather bought a 10k bond when I was 2.

My parents paid about 14k I think.

I had scholarships which covered about 16k.

[Janelle2002 3,865]

But would having a free undergrad degree hurt the U.S.?