An article in BusinessWeek discusses the problems recent (and even not so recent grads) are having with college debt. Saddled with enormous student loans, many are taking jobs they don't really have a passion for -- just because they need the money.
Student loan debt has exploded to the point where some experts are wondering whether people will be able to repay. Even if they can, the struggles of that generation may serve as a cautionary tale for youngsters. A decline in the size and number of student loans is something that should be celebrated.
Rather than taking out huge loans, students should focus on options that they can actually afford. As college costs rise, I would predict a huge rise in the number of students opting to do 2 years at a community college and then transfer. State schools are also likely to see an influx of higher-quality, price-conscious applicants.
And those are two good things. No one should graduate from college with a 6-figure debt load. There's just no reason to. An ambitious, hard-working, intelligent youngster can do just as well going to a less expensive public college.
Is the student loan bubble bursting?
Posted Oct 3rd 2007 7:40PM by Zac Bissonnette
Filed under: Columns
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