The student loan crisis that has been brewing for decades has reached a fever pitch in the U.S. The cost of college tuition has been on a steep upward trajectory since 1980, far outpacing wages and resulting in many student borrowers being buried in mountains of debt they have little chance of repaying.
Since 1980, college costs have increased by 169% u2014 while earnings for workers between the ages of 22 and 27 have increased by just 19%…source: https://www.cnbc.com/2021/11/02/the-gap-in-college-costs-and-earnings-for-young-workers-since-1980.htmlu00a0u2026pic.twitter.com/UGBq8Vwi2e— Caroline Schagrin (@Caroline Schagrin)
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In fact, many students end up not making a dent in their loans, even after paying on them for years. One report found that even among students who made voluntary payments to their Navient loans during the student loan payment freeze, 63% were “underwater,” meaning they owe more on their loans than what they originally borrowed. Some even owe more than 150% of the original loan amount. And these are people who are actively trying to pay down their loans, making payments when they technically didn’t even have to.
It’s truly a crisis, which is why we saw such a push for student loan forgiveness being put on the agenda during the 2020 election. That hasn’t happened, but at least one state is taking a big step toward mitigating the college debt problem.
New Mexico has passed a bill that makes all in-state public and tribal colleges—both 2-year and 4-year—free for all residents, as long as they enroll in at least six credits and maintain a GPA of 2.5. That means residents can take classes part-time or full-time without worrying about tuition.
The New Mexico Opportunity Scholarship Act, which Gov. Michelle Lujan Grisham signed into law March 4, makes New Mexico the first state to waive tuition for all public colleges and universities, regardless of a family’s income. Some states offer free community college programs and a handful of states have state-sponsored scholarships for some students at state universities. New Mexico has just upped the game, waiving tuition across the board.
And people are loving it.
The signing of the law was received as “good news” by those who advocate for affordable higher education.
Some bright news during these dark times: New Mexico has become the first US state to implement state-wide tuition-free college! Can’t believe so little attention was paid to this monumental achievement.https://twitter.com/GovMLG/status/1499876403885395969u00a0u2026— Austin u738bu4e4bu822a ud83cudf39ud83cudf4a ud83cuddfaud83cudde6 (@Austin u738bu4e4bu822a ud83cudf39ud83cudf4a ud83cuddfaud83cudde6)
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Hey! Yes, you. nStop your doom scrolling. nAll we seem to hear about are the terrible, inhumane, cruel laws republicans pass, but while we were busy doom scrolling, NEW MEXICO JUST SIGNED INTO LAW a bill that makes COLLEGE TUITION FREE!— Hairball ud83cudd98ud83cudf0a ud83cudff3ufe0fu200dud83cudf08 ud83cuddfaud83cuddf8 u0423u043au0440u0430u0457u043du0430 u043du0430u0437u0430u0432u0436u0434u0438 ud83dudc99ud83dudc9bud83cudf3b (@Hairball ud83cudd98ud83cudf0a ud83cudff3ufe0fu200dud83cudf08 ud83cuddfaud83cuddf8 u0423u043au0440u0430u0457u043du0430 u043du0430u0437u0430u0432u0436u0434u0438 ud83dudc99ud83dudc9bud83cudf3b)
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Good News Alert:nnThe state of New Mexico has signed a bill to make college tuition free.nnIt will waive tuition for any students attending any in-state public school or tribal college, including community colleges.nnSome 35,000 students are expected to benefit this year alone.pic.twitter.com/Q8oqLKqxQT— Goodable (@Goodable)
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Some asked why all states or the federal government don’t do the same.
It’s not an unheard-of idea, by any means. More than a handful of countries in Europe and some in South America, Africa and Southeast Asia offer free college education.
If New Mexico can make college tuition free, why canu2019t all states do this ? Why canu2019t , or why wonu2019t @POTUS pick up that pen and #CancelStudentDebt for all , not just some?pic.twitter.com/QcyTYuTytb— Lisa Johnson (@Lisa Johnson)
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Itu2019s official! Free CollegeForAll!nnThank you, @GovMLG. Now itu2019s time to make public college free, nationwide!https://kvia.com/news/new-mexico/ap-new-mexico/2022/03/04/governor-signs-free-college-bill-expands-coverage/u00a0u2026— Rep. Melanie Stansbury (@Rep. Melanie Stansbury)
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In her speech given prior to signing the law, Governor Michelle Lujan Grisham explained how the law will help provide flexibility and opportunity to people from all different backgrounds and circumstances and remove so many of the barriers that prevent people from getting the education they need or desire.
“College is too damn expensive,” she said.
Indeed, it is. Congrats to New Mexico for this historic move to make higher education more accessible for everyone.
Watch Gov. Grisham speak at the 20:30 mark: