Monday, June 7, 2010

The Student Loan Debate

College Students and student loans

Over the last few weeks the New York Times has been debating the college experience. In today's economic climate and tough job market, many students are entering early adulthood faced with tremendous debt and a job outlook that will not allow them to pay it back in full for 20, 30, even 40 years with increasing interest rates and deferred payments.

In the most recent article, the author mentions that even bankruptcy will not remove student loan debt. This article explains how federal bankruptcy law makes it nearly impossible to remove this ever-growing debt.

There have been plenty of local and national headlines of individuals and families walking away from their homes and mortgages after a bad investment, but should students who were optimistic about their future be allowed to have the same options for potentially "bad education?"

The NYT article looks at different culprits of the student load debt and sites many points that are valid for all sides including the school, the lenders and the parents/family.

As someone who graduated with college with $20,000+ in student loans I understand how difficult and stressful they can be. They weigh in on you and sit on your shoulder like the white elephant in the room and unless you strike gold or the lottery they are going to move with you for a long time.

I'd love to open this discussion up to everyone. What are your thoughts on the growing costs of a college education versus the declining job market for young candidates? What are some ways you have seen to curb college loan debt or go about eliminating it altogether?

Let's talk in the comments below, on Twitter or our Facebook page.



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