We have watched for decades as the cost of higher education in all 50 states has skyrocketed. In New York State the average cost of tuition at a public college is now over 6,000 dollars a year, and it costs students an additional 14,000 dollars to cover room and board. The increase in the cost of college has trapped generations of students under the weight of 1.5 trillion dollars in student debt.
Being able to go to college and get a degree should not be a privilege for the wealthy. We need to make public colleges and universities debt free so that students can go to college without having to mortgage their futures and start out life with tens of thousands of dollars in debt.
In the wealthiest country on Earth we should not burden people with debt right out of college. We need to cancel all 1.5 trillion dollars in student debt, of which the government holds more than 90%, and allow generations of Americans to start investing in their futures. A recent study shows that cancelling student debt would jump start the economy and provide up to 100 billion dollars a year in economic activity for the next ten years.