According to U.S. News and World Report, the average tuition and fees at ranked colleges for the 2021–22 academic year were $10,338 for in-state public schools, $22,698 for out-of-state public schools, and $38,185 for private schools. With no-questions-asked access to educational loans, it’s no surprise that U.S. student-loan debt topped $1.75 trillion last month.
The social ramifications are very real. Families are struggling with student-loan debt, while many young professionals are delaying marriage or opting not to have families at all because they feel their repayment obligations are too great.