capping tuition loan amounts can fight tuition increases
college tuition costs have skyrocketed in the past generation. it seems like the days of being able to pay as you go are over. that’s not entirely true though. in Baltimore, Morgan State and Coppin State are two universities with tuition of less than $3K/semester. of course those schools aren’t going to be everyone’s first choice. but they’re good options.
bargain schools aside, we often wonder the value of a degree in these current times. we have so many tax clients that have six figure college loan debt while earning salaries that will make it difficult to pay off in a decent amount of time.
i think that there should be cap on the amount of student loan debt that ties to what a person with that degree can make. of course there would be variables. take a teacher for example. many teachers currently start in the mid to upper 30s. so it doesn’t make sense for a teacher to have $80K or more in student loan debt. there should be a cap tied what they can make along with what they need to live comfortably. if they’re in a program that will pay some of the loans for them if they serve for a certain period of time they can acquire more debt. if theyre going to work in a system that pays more while the cost of living in that area is lower than average they can acquire more debt.
you’re probably thinking a school’s tuition isn’t going to get lowered. i think after a few years of losing teachers to schools such as Coppin State, the higher priced colleges will eventually make adjustments.