Another campaign promise fulfilled: $10k in Student Loan Debt being forgiven for those under $125k/yr

[jehurey 3,228]

5 hours ago, Ramza said:

The student loan market was going to collapse you say?

if you have a clever comeback or argument retort, you would've probably already said it by now.

 

Due to STATE GOVERNMENTS cutting funds to public universities (a process called "deregulation" by alot of Republicans during the early 2000's), and also due to crappy for-profit remote colleges, and also do to dergulation, college administration costs began to get bloated and increase in cost.

 

All of this meant that the costs for colleges went up for students, and therefore the tuition loan amounts increased.

 

Which is what created huge student loan debt.

 

Republicans in the state of Texas literally pulled funding for Texas public universitites. I literally saw, first hand, how 12 College Credit hours in the Fall of 2000 cost $1,200.

 

And then it jumped to $1500 per semester, immediately.

 

And then by 2005, it was costing $3,500 per semester.

 

And then by 2010, it was costing $4,700 per semester.

 

And by 2020, it was costing $7,000 per semester.

 

A literal 600% cost increase throughout the past 20 years because Republican state governments cut funding to subsidize the cost of public colleges and passed the costs onto the students.

 

Gee............I wonder why the loan market went out of control.