For the first time, in 2010 student loan debt exceeded 100 billion dollars. Student loan debt now exceeds credit card debt. Students are taking on massive debt, and then are unable to procure well-paying jobs to pay it off. Economists predict that this burden will be a drag on consumer spending and the economy for years (let alone what it suggests about the lives of the students and parents who have taken on the debt), while students organize to demand loan forgiveness. Here is the article.
A revealing story about the fate of most of the money derived from a nearly 10% tuition hike at the University of Colorado: most goes to salaries of top administrators. About 50% of faculty received a slight raise after salaries had been frozen for three years, and they also lose most of their tuition benefit for family members since this is a “down economy.” At U. of C., it’s apparently only a “down economy” if you’re a faculty member, not a top administrator. Here’s the story.
Huge protests took place across the nation yesterday, including in New York State, with barely any coverage in the mainstream media. Here is a link to Democracy Now’s coverage.