U.S. Representative Scott Perry (PA-10) introduced the Student Loan Reform Act to allow colleges and universities to cosign federal student loans. This bill allows higher education institutions to provide educational and career opportunities to help students repay their loans.
“Currently, colleges and universities have zero incentive to keep costs low and offer courses relevant to the job market,” said Rep. Perry. “Students are taking out massive loans from the federal government, while colleges have little to no skin in the game when it comes to the success or financial welfare of their alumni.”
Colleges and universities must take a greater responsibility in ensuring costs are reasonable and degrees are useful and relevant.
Tuition for higher education is in an unnecessary inflationary crisis, and it’s more difficult than ever for students to work their way through college. The average annual cost of tuition at a public four-year college is 23 times higher than tuition in 1963. Accounting for inflation, college tuition has increased 747.8% since 1963. College is simply too expensive for the average student.
Most Bachelor of Arts students graduate within six years, incurring tuition costs upwards of $156,000. After interest, the total cost of a degree may be upwards of $500,000 – insanely high, given that the top paying entry level positions for workers with a Bachelor of Arts degree pay $80,000 per year.
Read more about the bill: https://perry.house.gov/news/documentsingle.aspx?DocumentID=402777
