Loaded with debt

As the cost of a university education has skyrocketed, the nation’s 50-year bipartisan commitment to making college affordable has faltered. That commitment was based on the belief that “no qualified student who wants to go to college should be barred for lack of money,” to quote President Richard M. Nixon, and it has been acted on in government grants, work-study programs, and low-interest loans for financially needy students. But over the past three decades, this network of programs has been drastically outpaced by the steep rise in the cost of attending public and private universities.

The price of in-state tuition at public universities has tripled in this period, largely because of sharp cuts in funding by state legislatures. It is no longer possible to finance a college education simply through a combination of work-study programs and summer employment. The gap in funding has been borne by families and students, largely by having students take out more and larger loans. Nearly 70 percent of college students now graduate in debt, with the average debt close to $30,000.

Studies have shown that student debt under $10,000 is manageable. Above that amount, the debt load hampers individuals from starting families, buying homes, starting businesses, and saving for retirement.