Americans’ student loan debt now tops an unimaginable $1 trillion. In New Jersey, nearly two-thirds of college grads leave school with some measure of debt, averaging nearly $30,000 apiece. Those are the ones who graduate.
Millions of low-income students will never apply to four-year colleges at all — scared away by the cost of a college degree.
In a weak attempt to do something about student loan debt, federal lawmakers capped loan rates last month. That’s hardly enough. New Jersey is considering a concept to offer tuition at a state university or college in exchange for a percentage of grads’ income for 20 years or more. That’s still a shockingly high price tag.