Foreword
The cost of a college education is becoming increasingly prohibitive for many American families. Over the last 10 years, average tuition and fees, adjusted for inflation, grew by 36 percent in private four-year institutions and by 51 percent in public four-year institutions, according to the College Board. The American Council on Education found that from 1993 through 2004, student loan volume increased from $19.89 billion to $50.5 billion. In addition, those with incomes of $100,000 and over were responsible for 48.4 percent of student loans in 2004, an increase from 13.3 percent in 1995. A typical borrower has $17,500 of…
