Astra Taylor for Creative Time Reports: When you make education into a luxury item, a generation of would-be teachers and artists is forced into middle management
"Since 1980, the average price of a four-year college has shot up from $8,756 to $21,657, dramatically outpacing inflation. This means more and more people are borrowing money to pay for it. In 2013, the average student was almost $30,000 in the hole after graduation. Total student debt has nearly quadrupled in the last decade alone and recently surpassed $1tn in total, most of it held by individuals from low-income families. Combine these facts with dreadful employment options and stagnating wages, and it’s no wonder 20% of borrowers will be delinquent within their first five years of paybacks. Many more will barely tread water, covering only the accrued interest month after month, even as the years wear on."
"Let the price of higher education rise every year, and there will be fewer artists and activists – and more folks aiming for middle management.
"Some will ignore these changing conditions, preferring instead to wag their fingers and lament that ‘millennials’ just don’t care about the state of society. And while we’re preoccupied criticizing one another, the creditor class will be laughing all the way to the bank."