Tuition and fees at colleges and universities rose 439 percent between 1982 and 2007. Median family income rose just 147 percent during that period.

Median household income has fallen 6.7 percent since June 2009. The cost of attending the average public university rose 5.4 percent this year.

Student loan debt recently passed $1 trillion. It's now more than credit card debt. The average graduate of a four-year college owes $27,000.

The big college scam

It's bad enough; the president's loan initiative will make it that much worse