The Broken Student Loan 
by the Honorable Ted Kennedy.

 Whichever way you look at it, the student loan system is broken.  The cost of college education has skyrocketed. Tuition and expenses at a four-year public university cost nearly a third of the average family's income; at private colleges, the cost is almost three-quarters of their income.

This is where student aid is supposed to come in. Between grant aid and loans, students shouldn't have to worry about finding the money for a college education. But they do.

Each year, 400,000 qualified students don't attend a four-year college because they can't afford it. Those who do go to college are borrowing more than ever to finance their education. In 1993, fewer than half of college students graduated with debt. By 2004, more than two-thirds of students graduated with debt, and the amount of debt owed by a typical student more than doubled, to over $17,000.

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