In decades past, public education was society’s great equalizer and the path upward on the ladder of economic mobility. And today, a college degree is the equivalent of what a high school diploma was 50 years ago—a gateway for many to take part in the American Dream. By 2020, more than 35 million job openings in the U.S. will require a degree from a two-year community college or above.
But for too many working- and middle-class families, attending college is either too expensive to consider or it saddles students with debt for decades to come. Over the past 30 years, the average cost of college has increased 1,120 percent. The result is that student debt has reached an astonishing $1.4 trillion nationwide, with students now graduating, on average, with upward of $35,000 in loans.
It’s imperative that college is affordable for all, and New York is leading the way. Recently, New York became the first state in the nation to make our public two-and four-year colleges tuition-free for working- and middle-class families making up to $125,000 per year.
Reducing college costs isn’t only good for students, it also makes good economic sense for the nation. That’s because allowing all of the most talented Americans to go to college, regardless of their ability to pay, means the U.S. will have the best-trained workforce in the highly competitive global economy.