Jul 30, 2012
Western Michigan University announced it is increasing its tuition by 3.9% for the coming school year. It’s just the latest of a series of public universities in Michigan to do so. Eastern Michigan, Wayne State, and Michigan State all increased their tuition at similar rates.
Tuition at public universities in Michigan, as in most of the country, has been skyrocketing for decades. Tuition for a liberal arts student at the University of Michigan rose 74% in just nine years from 1999 to 2008. Nationally, tuition increased by 54% from 1997 to 2007 and 49% in the preceding decade – beyond the increases in inflation!
A college education has been priced out of reach for most workers’ children. It’s why student loan debt is skyrocketing.
The banks are using the rising cost of a college degree to their advantage, by securitizing student debt like they did mortgages during the housing bubble. It’s actually a safer bet for “investors,” since Congress made it impossible for students to get out from under debt through bankruptcy.
Big companies and government agencies demand some college for most jobs today – but in order to pay for college, the children of the working class go into debt for their whole lives.
And the banks find another way to make money off someone’s misery. Capitalism becomes more and more cannibalistic by the day!