College costs have gone up. We all know it. We all fear it. A student would have to put in four times as many hours at minimum wage to pay their way through college, than they would have had to in 1976.
The government is more hindrance than help, resulting in massive student loan debt, and capitalized interest that even the banks they are “saving” us from would never charge for fear of losing customers.
We all know this, so why is it devastating our middle class?
The poorer you are, the richer you are, in college terms. Being non-white doesn’t hurt either. You are more likely to be accepted and you are definitely more likely to receive need based scholarships and federal student aid. These can amount in what is pretty much a free ride. Plus, you can receive more beneficial loans.
Now upper income families can afford to pay for college. It’s still a huge expense, but for the top one percent or so, it’s easily doable. Almost laughable.
The middle class however, finds themselves in a predicament. They simply do not have enough to pay for such high costs. Yet, they are ineligible for the bulk of student aid. Merit based scholarships are often considerably lower than need based, and while a merit scholarship is often around five hundred dollars, it barely puts a dent in the $23,000 average cost of tuition at an American college or University. Not mentioning room and board, which on average costs over $10,000.
So, merited, good old middle class American families, living that American dream, are finding it increasingly difficult to attend university. Now, with the military entry issues (see earlier article about military service waiting lists: https://manateereport.wordpress.com/2016/08/09/military-waiting-list-waiting-two-years-to-serve/) middle class families are now left with very few options at a future, and must be forever burdened, with loan debt to their own government. Loans that are not income tax deductible, like most other loans.
Well, looks like the American college student is screwed. Figures.