On Wednesday, April 1, many people thought Stanford University was playing a practical joke when it announced that it would no longer charge teenagers and their parents any longer for tuition if the parents make less than $125,000 a year in income and typical assets. The announcement turned out to not be an April Fool’s joke: The school already had a $100,000 policy similar to other schools and Stanford merely lifted the threshold by $25,000. It also raised the threshold for room and board from $60,000 to $65,000.
Yet, many current students and graduates of schools from around the country are wondering about the fairness of these policies to students/graduates who have outrageous levels of debt because of the loans they took out prior to April 1, 2015?
Brad Reifler understands that it seems to many that Generation Z is being given unfair educational advantages over the countless others that came before it who struggle daily under the burden of student loan debt. Some may only owe a few thousand to loan agencies and creditors on their loans, but have health, job or other issues that prevent them from paying the loans off resulting in hundreds in interest stacked on top of their obligation.