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Between 1982 and 2007, college tuition and fees rose three times as fast as median family income, in constant dollars. [52] In the 2012 fiscal year, state and local financing declined to $81.2 billion, a drop in funding compared to record-high funding in 2008 of $88 billion in a pre-recession economy. [53]
In 2012, the U.S. Department of Education released detailed federal student loan default rates including, for the first time, three-year default rates. For-profit institutions had the highest average three-year default rates at 22.7 percent, and public institutions rates were 11 percent and private non-profit institutions at 7.5 percent.
College Degree Returns by Average 2011 Annual Out-of-Pocket Costs, from B. Caplan's The Case Against Education First-year U.S. college degree returns for select majors, by type of student Study comparing college revenue per student by tuition and state funding in 2008 dollars [121] The view that higher education is a bubble is debated.
The average in-state student attending a public college spends $26,027 per academic year; the average annual cost at a private university is more than double that figure, a staggering $55,840 ...
Free tuition was supported by virtually every demographic group, with one exception: Republicans. They opposed it 2 to 1. But it was supported by Democrats 5 to 1 and by independents nearly 3 to 2.
For example, in Sweden, where college is ostensibly free, students still get have to borrow to pay for college fees and a high cost of living. They graduate with, on average, $19,000 in loan debt.
The policy would eliminate undergraduate tuition and fees at public colleges and universities, lower interest rates, and allow those with existing debt to refinance. [147] [148] Sanders offered a new proposal in 2019 that would cancel $1.6 trillion of student loan, undergraduate and graduate debt for around 45 million Americans. [149]
As of 2018, Canada is ranked third in the world (behind Russia and South Korea) for the percentage of people ages 25–34 who have completed tertiary education. [1] As of September 2012, the average debt for a Canadian post-university student was 28,000 Canadian dollars, with this accumulated debt taking an average of 14 years to fully repay based on an average starting salary of $39,523. [2]