This graphic from
Think Progress shows just how much the debt of college students has gotten in just the last 20 years. Our country needs college graduates, but we are now pricing college out of reach for all but the rich (unless students want to incur a debt it will take much of their working lives to pay off). There is currently over $1 trillion in unpaid student debt. Something needs to be done.
Wow.
ReplyDeleteIn Texas, we used to have government controls on how much state schools could charge per credit hour.
Those controls went away in 2003, skyrocketing the cost of education.
Where I see the main change, though, is in private specialty schools that rip off the students. Chef schools that cost $10,000 and then disappear in the middle of the night one night, leaving kids with massive student debt they can't even discharge in bankruptcy!
And that's another important point: Student loans - like tax debt and child support - cannot be discharged in bankruptcy. They follow kids around for life. The only way to get rid of these loans is to become disabled!
Sorry to babble. Thanks for the graph.