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Reexamining American Higher Education: The Case for a Dual-Track Vocational System
By Louis Otto, University of Chicago

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The United States has long prioritized traditional higher education as the ultimate path to economic mobility and personal success. However, this singular focus has contributed to the student loan debt crisis and a growing disconnect between college degrees and labor market demands. As of 2024, one in five Americans holds student loans, with total student debt reaching a staggering $1.75 trillion —approximately 6 percent of US GDP. Between 2006 and 2023, federal student loan debt increased by 267 percent,  prompting drastic legislative measures like the approval of over $144 billion in debt forgiveness. Yet, the policies set in place have created misguided economic incentives and failed to address the core issue: the over-reliance, and perhaps the perceived necessity, of higher education as a requisite for personal success.

Reexamining American Higher Education by Hoover Institution

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