It’s crucial that the U.S. Congress and the Department of Education act swiftly and aggressively and provide states and institutions with much-needed support before it’s too late.
Bloomberg has quietly begun to roll out a series of policy proposals, and this week, it was higher education’s turn. His plan says a lot about where consensus currently is—and is not.
"In today’s competitive economy, nothing is more important than getting a college education. Yet college tuition costs in the U.S. have been increasing at a breakneck pace, making college unaffordable for millions of Americans.”
"Income is actually a somewhat imperfect way to judge whether or not a family is financially secure. The typical black family making $100,000 has a lot less wealth than the typical white family making $100,000."
"The percent of low-income students borrowing for a bachelor’s degree is unconscionably high, particularly if you consider their debt loads as a percent of their family income and wealth. Even if low-income students and high-income students were borrowing the exact same amount for college, that debt is a far greater burden relative to their family wealth.”
Some presidential candidates' critiques promote unhelpful assumptions about who tuition-free and debt-free college would actually serve. (Spoiler: it's not millionaires and billionaires.)
“It’s a lot of debt out there. But that debt and the burden of that debt is not necessarily being felt equally. It’s extremely difficult for borrowers of color in particular."
In 2016, a report from the progressive think tank Demosfound that most campaign dollars in local elections were coming from contributors who are white, male and high-income.