Posted on 09/30/2012 10:14:23 AM PDT by SeekAndFind
I just have to brag about my granddaughter, she started college just over a month ago, lives in the dorm and has a meal plan. Her parents gave her a hundred dollars and she hasn’t asked for more yet.
http://www.finaid.org/loans/studentloandebtclock.phtml
Furthermore, the debt curve is increasing at a much higher rate as the costs of higher education are exploding upwards at an every increasing rate, unlike property values in most US areas.
Finally, student debt cannot be discharged through bankruptcy or simply walking away from it, thus shackling an ever-growing number of US citizens with an ever-increasing burden that remains with them no matter what they do.
Combine these factors with the horrid job prospects in many many areas of occupation and geographical dispersion, and you do have a fundamental breakdown situation that will come to the fore over the next decade or so.
My kids escaped undergrad debt-free, but between their grad school loans and their spouses loans they average about $50,000 per person. It will be a struggle for them to ever pay them off - until inflation cranks up their pay while holding the interest payments fixed.
It’s a crisis for someone if you are unemployed with a useless degree and unable to pay off your debt.
Their grad school degrees don’t enable them to make $10K more a year than if they hadn’t gone to grad school?
One yes and three not right now (or probably ever - but one dropped out of law school, so at least cut losses.)
Ouch.
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