“If you compare this to some of the other gifts given in higher education, it’s incredibly stark, and I would hope points us to a smarter, better model of philanthropy where people’s lives are genuinely being transformed.”
“The gauntlet has been laid. It also reminds us that public policy really does have a role to play. We should take a hard look at why this was needed in the first place.”
“Not only are students of color more likely to borrow more for a degree, and borrow in higher amounts for the same degree, but they’re more likely to struggle to repay student loans than white students."
“Not only are students of color more likely to borrow more for a degree, and borrow in higher amounts for the same degree, but they’re more likely to struggle to repay student loans than white students."
"The justification for student debt as the primary way we pay for college has been in part based on the assumption that we’ll have consumer protections in place, and we’ll try to make it as painless as possible for people."
The dramatic rise in student loan debt has placed unacceptable risk on working-class families and on people of color, who must take on more debt for the same degree as white students.
"The potential of this plan is that it increases public investment back to levels we saw when college was much more affordable, and it pegs it to a price for students."
“To the extent we have had baby boomers running for president for the past few decades, they got an education in a world when you did not have to take on debt."
As part of an effort to reshape rules around debt and lending to reduce racial wealth inequality, we propose establishing a public credit registry to gradually replace the current for-profit credit reporting system.
“There are massive benefits to institutions, to students themselves in the long term in being more diverse and having a set of students from different backgrounds.”
Today, Demos proposed establishing a public credit registry, housed in the Consumer Financial Protection Bureau, as an essential part of a larger effort to reshape rules around debt and lending in order to reduce racial wealth inequality.