This piece was reprinted by OpEd News with permission or license. It may not be reproduced in any form without permission or license from the source.
At most for the few qualifiers, savings are miniscule. At most, they're about one-half of 1% on interest.
Nearly 10% of borrowers who began repayments in 2009 defaulted in two years. It's double the 2005 rate. Some worry about the student loan system replicating the housing crisis. Doing so would have enormous economic implications.
Economists say the issue "hangs over the (economy) like a dark cloud for a generation of college graduates and indebted dropouts."
Major purchases are delayed or abandoned. At issue is repaying student debt forever, according Bowling Green State University dropout Chelsea Grove. She owes $70,000. She's working three part-time jobs. She's not going back. She can't afford it.
Twenty-three-year old Chistina Hagan is an Ohio lawmaker. She also attends Malone University. She'll graduate shortly with over $65,000 in debt. Despite earning $60,000 a year, she'll take a waitress job to service her $1,000 a month obligation. For her, it includes credit card debt.
Nationwide from 2001 - 2011, state and local per student financing dropped 24%. Over the same period, state school tuition and fees rose 72%.
Ohio State University gets 7% of its budget from Columbus. A decade ago it was 15%. In 1990, it was 25%. Decades earlier at some state universities, students attended free.
Today's financial reality creates enormous burdens. At issue is handling costs and repayment obligations. Then it's about finding decent jobs too few in number.
Next Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).
2
2
1
