Student Loans
One of the big issues in politics right now is cost of college and student debt. Among the Democrats running for president, some are calling for free college and others are looking to pay off student loans. There is some history on this subject, but there is also some personal history. Loans are something I know too well.
When American soldiers came home from WWI, they had a difficult time rejoining their old lives. With so many men coming home at once, it was difficult finding a job as factories were cutting production after the war. Many others found their jobs filled by black Americans who moved north during the Great Migration from the south.
To help relieve some of the suffering, Congress passed the Bonus Act of 1924, giving soldiers a $1.25 bonus for every day they served. The problem was the payment was deferred to 1945. In the midst of the Great Depression, 15,000 veterans marched on
Washington, demanding their bonuses, known as the Bonus Army.
When Congress denied their appeal, most of the “Army” returned home, but those who remained were driven out by the U.S. Army.
President Hoover claimed they had been infiltrated by communists and anarchists.
With World War II, Roosevelt wanted to do better for the current soldiers at war and the G.I. Bill was born. Among other things, the
G.I. Bill paid for college for returning veterans. For the first time in our nation’s history, working class Americans could afford to attend college. By the mid-1950s into the 1960s, almost half of college students were using the G.I. Bill.
In the 1960s came the space race, and the federal government decided we were lagging behind the Russians in school and made education a priority. The National Science Foundation alone gave
$500 million to pay for education, especially in STEM fields.
Today higher education is still as important, but also incredibly expensive. It seems as if universities are raising costs each year.
There are many reasons for this that I do not have time to explore.
Some are positive, some are not. Uncle Sam can still foot the bill with the G.I. paying for college if you are willing to serve in the military. But for many low-and middle-class citizens, the cost of college is becoming not worth the return.
One of the problems I see today is the need to attend large state universities. I understand the appeal. I earned my Master’s and
Ph.D. from ...
