Student debt is rising across the industrialized world. And in the US, where the problem is most extreme, it now tops $1.64 trillion—8% of the country’s GDP. The economy has changed. Education hasn’t. Once, most people could find jobs in the industrial economy without ever setting foot on a college campus. Incomes for workers with degrees have stagnated trapping many in low-wage work without a way out. A high school diploma, once a ladder to the middle class, is now a ticket to penury. Using private debt to finance the minimum education needed, whether it’s college or advanced vocational training, no longer seems sustainable. Advanced economies that want a middle class need workers who can afford higher education, and as a result, new ways of financing tuition, and new ways of learning, are emerging. Read more ...
- Quartz