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Good morning. Welcome to Axio's today. It's Thursday, August 25th. I'm Nailibudu.

Here's what you need to know today. What's behind the viral trend of quiet quitting? Plus,

cable TV is no longer king. But first, why college is so expensive today? That's our one big thing.

Yesterday, President Biden announced a sweeping plan to cancel up to $20,000 in student debt

for Pell Grant recipients and up to $10,000 for qualifying individual borrowers. The hope is that

this will alleviate some of the debt that burdens 43 million Americans. But what about future

students? The average cost of tuition for a four year public college is over $9,000 and that's

for in-state residents. Out of stateers can expect to pay more than $23,000 a year. Axio's

business editor, Dan Premack, has been writing about this. Hey, Dan. Hello. So, Dan, I mentioned

the thousands of dollars students and families can expect to pay for college. Can you put this into

perspective in terms of how realistic those costs are for most American families? The out-of-state

costs are the four year private university costs, which on average are even higher than the public

schools. They're out of reach for most people. They simply are. The median family income is just

shy of $80,000. So, imagine you have two kids and maybe they're both trying to go to a private

university. You'd be paying more than your post-tax income for tuition. And that doesn't include

if the kids maybe want to eat something along the way. Why are costs so high? I should share with

our listeners that I actually volunteer on the board of trustees for my alma mater, Calvin

University. So, I do know firsthand how expensive it is to run a small liberal arts private institution.

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