As part of a push to address the high cost of college, President Joe Biden recently announced a $10,000 student loan forgiveness program for individuals earning under $125,000 a year.
Staggering tuition hikes have been a reality check for many families, and that couldn’t be truer in Illinois, where record-high tuition prices are the norm for students headed into the fall semester. The average cost of tuition and fees at Illinois’ public universities has increased by 42% from 2007 to 2021, adjusted for inflation. That’s compared to a 28% increase in the national average price of tuition and fees at four-year state schools during roughly the same time. Debt forgiveness may not go as far in Illinois.
How did this happen? Out-of-control pension costs are eroding funding the state can invest in higher education, leaving families to pay the price.
Read Full Article »