The depth of the student loan problem isn’t news to Liberal Americans, but this simple graphic reveals just how deep the problem is — and how rich the U.S. government and banks are getting from the backs of our most valuable Americans: our students who are fresh out of college.
We can’t afford more Pell Grant reductions. The 2013 maximum allowance was $5,635, which covers less than one-third of the cost of college. This is the lowest since the start of the program. We can expect a funding gap in 2015.
Here is a frightening fact: college costs are rising four times faster than income and two and a half times faster than Pell Grants. Sen. Elizabeth Warren has introduced a bill to reduce the burden of student loan debt.
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