(from the U.S. Congress Joint Economic Committee) Rising levels of student debt aren't just saddling former students with enormous financial burdens, they're also threatening to inhibit those individuals' future economic activities and life choices, according to a new report by Democratic members of the Joint Economic Committee. "The College Affordability Crisis in America" reveals fading hopes for students hoping to pay their college tuition by working summer and other jobs, as generations of older Americans were able to do. Thanks to soaring college prices, combined with substantial cuts to higher education funding, the cost of attending a public or private college has more than doubled since the early 1970s, after adjusting for inflation, and community college tuition has tripled.
Total outstanding student loan debt is about $1.4 trillion, according to the report. High levels of debt can discourage individuals from purchasing homes, starting businesses or invest in their children's education at either the higher ed or preK-12 level.
Download the report from the U.S. Congress Joint Economic Committee.
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