And dont get me wrong I think we should have free higher education
I.e. I would be OK if my taxes went to pay for people's tuition (as it does for state schools)
But for a basic education... my college was completely tuition free, state schools are largely state + federally funded. But their (goofy) stigma keeps them
accountable. Giving a kid a blank check to go to NYU is the opposite of that, its a $200K gift from the tax payer, and its completely divorcing choices from consequences
Break that $200K down over 120 months (10 years).... thats $1666/mo
without interest. 100K is $833/mo. $50K is $417/mo. Per capita income of college grads starts at $45K median ($3750/mo before taxes). So you are talking a good chunk of someone's salary forever, along with a commensurate tax increase and devaluation of currency for that person and anyone else who pays taxes and uses dollars. Going back to the $200K (worst case scenario, but entirely possible + realistic, ESP if this lets kids go to grad & doctorate school), again say this kid is average, 10% of their income will be $375 (before taxes!!! is it 10% before or after taxes???).... who is going to cover the other $1300??? Why wouldn't colleges start hiking their tuitions even higher than they have, knowing now they have an implicit guarantee from the govt that the cost will be covered????????
How is this the solution

This is exactly the type of fukkery yall turn a blind eye on cause its Obama... if this were presented as what it actually is... a gift to college & loan administrators... would yall be as for it? This doesn't help
anybody