BOSTON – U.S. Massachusetts Sen. Elizabeth Warren likes to talk about the problem with student loan debt.
She’s even hosting several events with Representative Elijah Cummings, a fellow Democrat, as part of a “Middle Class Prosperity Project,” which included a recent talk about “the student debt crisis” at the University of Massachusetts yesterday, CBS Boston reports.
Warren’s suggestion is to reduce the interest rate on student loans, and she introduced a bill about a year ago to do just that. But what Warren and her supporters don’t discuss is the absurdly high salaries for college professors, and she’s been among the top earners, according to Associated Press reports.
“ … Elizabeth Warren was paid $429,981 as a Harvard law professor from 2010 to 2011,” the AP reported in 2012, and “got nearly $134,000 in consulting fees on legal cases in 2010.”
Those earnings were on top of investments, book deals, and other income that places Warren squarely in the vilified One Percent.
That makes her recent comments to WBZ NewsRadio 1030 seem all the more hypocritical.
“This is about the kids who weren’t born into the families where mom and dad could just write a check out of petty cash,” Warren told the radio station, according to CBS Boston.
“These are kids who have worked hard, who played by the rules who’ve gotten into good schools.”
Warren complains that many of those students are saddled with unbearable debt upon graduation, and it’s not fair.
“For me this is very personal,” she said. “I graduated from a commuter college that cost $50 per semester.
“These are state schools … many of them doing anything they can to keep costs under control but if the family has to pick up a much larger share then that’s experienced as rising tuition.”
The U.S. Bureau of Labor Statistics reports that tuition has increased by 559 percent in the last 30 years, but what Warren and others don’t seem willing to discuss is how their overblown salaries as professors are contributing to the problem.
WBZ reports “neither Warren nor Cummings would commit to backing President Obama’s push for more financial accountability from academia,” according to CBS Boston.
Students, meanwhile, are stuck with big bills while Warren and others prattle about interest rates.
“One student at the (recent UMass Boston) forum said he has about $30,000 to $40,000 in student loans, while a fellow student said she has $60,000 in unsubsidized loans as well as $20,000 in subsidized ones,” CBS Boston reports.
“Public education shouldn’t be costing us $20,000 a year,” UMass senior Brina Lemrise told the news site.
Junior Joshua DeCosta agreed, and seemed perturbed by the lack of action to fix the problem.
“Education is the one thing I feel that all politicians always say they care about and yet it’s never shown in the legislation,” he told CBS Boston.