101. Why Pennsylvania Needs Student Debt Relief: A Look at Our State's Student Debt Crisis
- Author
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Pennsylvania Budget and Policy Center (PBPC), Keystone Research Center (KRC), and Polson, Diana
- Abstract
President Biden's recent announcement regarding student debt relief has brought the issue to center stage across Pennsylvania and the U.S. Access to quality higher education is so important to Pennsylvania's individuals and families, yet the high cost of college in the state has both limited who has access to a good education and, for those attending college, weighed down students with crushing amounts of debt. Carrying such a debt burden at the start of one's career hinders Pennsylvanians' choices, careers, and life decisions and holds back our economy. This research examines the student debt crisis in Pennsylvania. It analyzes publicly available data on Pennsylvania and looks at the financial and economic implications of student debt for Pennsylvania families, students, and regions. Among the findings are: (1) Low state funding and the high cost of college sets Pennsylvania up for a statewide student loan crisis; (2) Outstanding student loan debt has skyrocketed in the last two decades, and Pennsylvania graduates have high amounts of debt compared to other states; (3) Some communities are hit harder by the student loan crisis; (4) For-profit colleges have poor student outcomes; (5) Pennsylvania students are using nonfederal loans at higher rates than much of the nation; and (6) Student loan debt is dragging down the economy. Policy solutions for Pennsylvania conclude the report.
- Published
- 2022