But anyway, the result affected the students and their ability to pay.
The majority of four-year public college graduates (57%) leave with student loan debt, according to the ERN, and a quarter owe more than $ 50,000.
It’s worse in historic black universities, where about 90% of graduates leave with student loan debt. Half owe more than $ 40,000.
Heavy student debt has become a national problem. The pervasive nature of the problem tells us that Virginia is not unique in its inability to find a solution, but that does not relieve the Commonwealth of the moral responsibility to try.
The ERN’s position is that Virginia would do better to transfer funds from wealthy or unproductive schools to those that successfully serve a higher percentage of low-income students.
It is a worthwhile debate.
The ERN’s strongest evidence is its statistic showing Liberty University cut state aid to private schools by 25% in 2019 – despite a six-year graduation rate of just 47 %. If Liberty can’t graduate a higher percentage of students, it may not be worthy of this funding.
But, then, Virginia’s aid to private colleges and universities is currently not based on need or merit.