The poll results indicate that politics may soon catch up to the reality borrowers are facing, said Mark Huelsman, the associate director of policy and research at Demos, a left-leaning think tank.
“It’s a sign of the increasing anxiety that voters and families are feeling about their own debt or their children going into to debt or them going into debt for their children,” he said.
Experian Boost comes with downsides for consumers, according to Amy Traub, associate director of research at the public policy group, Demos. She said lenders will be able to use the data they glean from consumer bank accounts in ways the public may not understand.
"It also allows them to make marketing decisions: who to promote which products to, how to get us hooked on the products that are most profitable and lucrative for the lender, " said Traub.
As Mark Huelsman, a policy analyst at Demos, an advocacy group tweeted: "the average family inheritance to a white college grad can pay off the average undergrad debt balance and have enough left over for a 20 percent down [payment] on a $575,000 home." That’s assuming the inheritor has student debt to begin with.
The Trump administration’s latest attack on immigrants, a proposed rule that would punish families for accessing public benefits, has rightfully come under fire for its potential to threaten children’s health and impose financial hardship on households and communities.
Home ownership is a major contributing factor to the racial wealth gap, as Demos, a left-of-center think tank, previously argued in a 2015 report. Seventy-three percent of white households own their home, Demos found; in sharp contrast, home ownership drops to 45 percent among black households.
Instead of putting money towards changing these systems — by funding efforts to make college free across the country or by making it easier for low-income students to get access to decent public K-12 education, for example — wealthy donors tend to funnel their money into causes that keep the system they benefited from in place, Giridharadas said.
“There’s plenty of risk embedded in taking on a student loan,” says Mark Huelsman, an associate director at the think-tank Demos. “Student debt can impact the ability to buy a house, impact the ability to save for retirement, or save for a rainy day or a crisis.”
Sure there are reasons not to borrow, but Huelsman says, on an individual level — if the difference between a small loan is finishing college or not finishing — that’s a different story.
Meanwhile, the overall cost of net tuition, fees, room and board rose 69 percent at public universities between 1997-98 and last year, even after being adjusted for inflation, according to the College Board. That’s a period during which the Census Bureau reports that median household earnings fell.
In the lead up to this year’s midterm elections on Nov. 6 we’ve heard about how young adults, women and people of color are running for office in record numbers.
“For some 40 years now, the Supreme Court has been issuing decisions that make it difficult to regulate [money in politics],” Chiraag Bains, director of legal strategies at Demos, told WhoWhatWhy. “Citizens United is the crowning achievement of that effort.”
Despite elite colleges’ efforts to diversify, they are still limited in their ability to serve as true engines of economic mobility, said Mark Huelsman, a senior policy analyst at Demos, a left-leaning think tank.
“It does go against what we think higher education should be and it goes against our belief in a meritocracy,” he said. [...]
The American education system is defined by its decentralization; states, local areas, and schools wield considerable power over how students are educated, from preschool through college. But federal government's role in education is to still make sure American students have both a champion and a protector, an agency dedicated to the notion that when all students are able to thrive, our communities, our economy and our civic life become stronger.
This unfinished legacy is what makes the tenure of Betsy DeVos as secretary of education so tragic.
“When we’re talking about elite schools and, certainly, free medical schools, I don’t think that’s what’s going to be driving the policy process,” said Mark Huelsman, a senior policy analyst at Demos, a think tank with operations in three cities including Boston that advocates for a diverse, expanded middle class and racial equality. [...]
Mark Huelsman, a senior policy analyst at Demos, argues: “We cannot rely on states to fund education on their own or even allow for collective bargaining in many states. So I think that the federal government has to step in and provide some real financial leverage in order to raise the number of teachers, raise the job quality for teachers and raise, even if it’s nonteaching jobs, the positions that have been eliminated, particularly in two-year colleges but across the education system.”