According to CNBC, college enrollment peaked in 2011, and has been decreasing ever since. This is no doubt in part to a family’s ability to pay the tuition, room and board and other related expenses. For example, in order to pay for a year of college at Harvard today would take the median household income nearly one year of paychecks. Back in 1971, it would have taken about 13 weeks of paychecks per the household median income.
Today the student debt is over $1.26 trillion dollars with over 44 million Americans in debt from student loans. 2016’s graduates on average are over $36,000 dollars in debt, which is up 6% from just one year ago.
What can be done to alleviate this situation? Why do banks get bailed out (2008 Lehman crisis) for cheating the world, while students must continue to pay a debt? Why is a private institution (The Federal Reserve) in charge of this nation’s money and finances? How will students continue to be able to go to college when the price continues to skyrocket as the federal minimum wage stays stuck at $7.25 an hour? At some point soon, the masses won’t take it anymore from the banking cartel. The education system is in for some major changes very soon.