So while university presidents are making huge salaries, Tom Frank explains, students “borrowed and forked over enormous sums in exchange for the privilege of hearing lectures…lectures that were then delivered by people who earned barely enough to stay alive. It is a double disaster of the kind that only we Americans are capable of pulling off.”
The schools that followed OSU on the “most unequal” list were, in order, Penn State, and the universities of Minnesota, Michigan and Washington.
What is to be done? The IPS study suggests that debt relief for college grads is the number-one task—and recommends Senator Elizabeth Warren’s “Bank on Students Loan Fairness Act,” which would refinance student loans at 3.86 percent—cutting almost in half the payments required of students currently carrying loans at 6.8 percent. Warren’s bill would pay for the lower interest rates by adopting the “Buffett Rule,” which would raise the marginal tax rate on income in excess of $1 million. —The Nation.
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