5 pages paper on "student indebtedness"
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· Keith Lewis
· Atlanta, GA
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I am graduating next spring with $35,000 of debt. I do not feel empowered. God I hope that I can find a stable job.
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. Ben Hunt
. Sheffield, England
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I think that too many college students end up working menial jobs, for low hourly rates, which means they work longer hours, and that in turn can have a negative impact on their studies, which defeats the object. Here's a suggestion for how college students can earn their way through, by specializing in new media and marketing in a sector that's relevant to their field of study (and interest).. http://www.webdesignfromscratch.com/make-money-in-college-and-graduate-d... The theory is, you can earn more by creating work that's close to your major skillset. That lets you work fewer hours at higher value. And the work can actually complement the student's studies. Best regards, Ben
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I finished my masters degree in 1975 and had $7500 in school loans including my undergraduate degree. Add on the interest from my loan and it was nearly $9500 to be repaid over 10 years. And I was the beneficiaary of my fathers Federal Interest benefits as he was a vet. Quite a bit of money then. I also worked my way through school and had some scholarships and work study funding. Rather than feel "empowered" all I felt was poor. And I felt poor for a long time. Jobs were hard to come by as the Viet Nam war was winding down and stagflation was rampant. I remember working 3 part time jobs and being exhausted. And you could not get a credit card unless you could semonstrate that you were earning $12,000 a year. I made my last payment in October 1986 and I felt liberated. They feel "empowered"? Good Luck.
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. The Elf
. CA
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well maybe students feel "empowered' because they're furthering their education, but when it comes time to PAY the debt, no one feels empowered. Just the opposite. Sounds like this study was paid for by Sallie Mae http://lostinasupermarket.com/2011/06/bureaucracy-for-breakfast-vol-xvii...
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. Jerome Capp
. Cortlandt Manor, NY
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I am thinking of someone who is in his early 40's. He graduated with over $100,000 in student debt and over $10,000 in credit card debt. To my knowledge he has repaid none of it and makes a living under the radar. He is the uber-entitlement child with an easy-going excuse for everything. He games the system and he is good at it. He has a few friends -- fellow slackers from high school. Apparently, they are pretty much like he is. They remain in childhood waiting for affluent, old relatives to die and leave them a bundle.
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. The Wail
. Rhode Island
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Number 19 has the right observations. I supervised numerous young people who were required to have a masters degree. Many had spouses with advanced degrees, including law, so easily over $100K in student loans. These people were suffocating, unable to assemble a down payment for a home, spiraling into credit card debt, and postponing a lot of normal actions. Parenthetically, I never could notice a difference in average performance from the people who went to private versus public schools. Except for a more obnoxious opinion of entitlement from the private school graduates.
I graduated with Honors from a private business school with an Appled Mathematics BBA. I had no family support financially or emotionally, no plan, no savings, only an acceptance letter to a school in Manhattan and a deposit. I did get a some scholarships, worked throughout college, did not get a credit card. Like many I am the first person in college, raised an immigrant that lives life through enourmous debt - see how much I learned? My high school didn't help with any planning, everyone was urged to go to college - ANY college. Kids who didn't ended up doing heroin. Graduating I knew the payments I needed to make and the salary that would have covered it- only the salary never came, my pay raises got frozen, and my job eliminated. Now unemployed for a year and a half, my BBA can't land me that job still. Unlike some, I went to college to learn as much as I could- I worked PT, and tried to be practical getting a BBA, certain it was best thing for me. I was very aware how much my college education was costing me. I also believed it will never put me at a 10/hr job, but it did. Now, I feel completely burned out, no job prospects, and no career. I am about to turn 27 and I am back where I started when I was 18, only now I have over 75K in debt looming over me. Sallie mae calls me FOUR times a day and I am forced to make payments to them on my credit card so they stop. And I wanted to go to grad school, too - I can't even image the jobs out there for Master's grads. We did not all go to college to party, people, I actually learned a lot and I see the value of my college education, and happy I got the chance to go. But I also see the overvalue of it and lies that were sold to me. I was thinkining exacltly the same thing - "I am making an investment". This is what the school tells you when you are not allowed to return to class until you pay, regardless your academic standing. You are punished the same for trying to be independent as being a partying slacker.
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. Mary
. Mpls. MN
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Why are our kids paying such a high interest rate for student loans???? Even if you don't think 6.8% is a lot, it is when the cost of college is so high and they need to borrow so much. You can take out a mortgage for 4% and buy a home. This is where the next financial disaster will be. We have a whole generation of borrowers that will never get ahead. Thye bury themselves in debt in hopes of the American college education dream and then, if they find a job, it pays barely above minimum wage. We need them to be able to buy homes and cars and washing machines to help our economy and yes, keep people employed! They won't be able to do it and the banks win again. When these kids do not have the same consumer protections that the rest of society has, they are doomed. Thanks to the banks and the lobbyists for pushing that through. Loans that can never be extinguished through bankrupcy and are guarenteed by the government at the same time. What a deal! I heard a bankrupcy lawyer recommend that students put their college education on credit cards and then file for bankrupcy. Their credit would be shot for a while but it would be better that a lifetime of student loans. Not a bad idea! Is this what we want??
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. Joe DiBello
. Portland, Oregon
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A classic case of "If I only knew then what I know now". For an assumingly educated group, this attitude toward debt is woefully uninformed. Debt is not empwoerment, is is slavery. It is all well and good if early establishmenty of debt is paralleled by prompt payment thereof, but many of the articles I've seen indicate a casual sense of actually having to pay back what's owed. In these times of limited job opportunities for all but the tiny top best-of-the-best percentile, there has to be a potential cottage industry of comforting the afflicted and afflicting the comfortable in and among this ticking bomb situation.
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. beaconps
. PA
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It is a known fact that depressed people go shopping to feel good. The fact that you can buy anything you want, right now, empowers people, they feel in control. The fact that they are decreasing their overall purchasing power is of far less consequence than the feeling of freedom. It becomes just another monthly bill to pay, like your iPhone bill. I had a carpenter friend that put all the building materials on his credit card. As hard as he worked, he always felt (and was) poor. He was carrying $30,000 a month! When he was paid, he had other unexpected expenses so the materials were never paid off. As a scientific contractor I was often 3-6 months between paychecks and 6-9 months (last paycheck to new paycheck) between jobs as contracts were negotiated and initial work performed. The IRS expects us to pre-pay taxes every quarter. It doesn't work. You need 6 months living expenses in the bank at all times. No one can afford to live on credit for 6 months. You can have $60,000 in the bank and feel desperately poor.
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. studentoflife
. United States
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When I graduated from college, I had twice the college debt that my siblings had. Yet, I probably felt "empowered" about it. Why? Because my sister had gotten married and had three children during college; the government paid most of her tuition. My brother had allowed my parents to pay for almost all of his living expenses and entertainment activities. I, however, paid my own way, taking out more loans and paying my own costs of living and paying for my own trips etc. Perhaps in some cases, debt is equated with empowerment because it means that mummy and daddy didn't pay for everything... Just a thought.
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. Dean
. Tampa Bay area, FL
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B.A.'s with a major in Stupidity and a minor in Mom Will Bail Me Out.
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. Carol
. Ardmore, PA 19003
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There obviously are some misconceptions. Student debt is like any other debt -- a burden. Cigarette smoking also, at one time, was socially accepted and considered "cool." Fortunately, society has learned about the adverse health effects and the perception has changed. Hopefully, we will see student debt in a different light in future years.
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. River
. Queens, NY
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A wonderful example of how the wealthy are decimating and trapping the middle class and below. Optimism or pessimism, when the payments come due, and they can't be put off by bankruptcy, those who owe become vassals and even slaves. When I went to school it cost me $7.50 registration, plus some used books. No debt, and a lifetime of skills to give me a decent existence. A well educated citizenry makes and keeps this country strong, including the wealthy. But that is not the goal of the moneyed rulers, nor, it is sad to observe, is it the goal of so many others
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. Larry L
. Dallas, TX
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I think the words "ignorance is bliss" would be a better description than "self-esteem".
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. John
. NJ
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If the implication of the article is true, is it any wonder that nobody wants to hire them? It is usually joked around about (especially among people who actually word/labor for a living) that college grads lack common sense and/or a good grasp of reality. This news does not do much for breaking that stereotype.
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. Cavendish7
. Boston
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Vulgar
Grads who equate more debt with self esteem had too much cool-aid and not enough finance in college. Apparently they did not get much for their tuition but will learn a harder lesson after graduation. Where are the parents in this equation?
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. Tamara
. Bloomington, IN
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"Well, my own dear, sweet, loving little darling, I really can’t see why you should object to the name of Algernon. It is not at all a bad name. In fact, it is rather an aristocratic name. Half of the chaps who get into the Bankruptcy Court are called Algernon."
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. ExStudent
. SF, CA
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I graduated in 2003 with a liberal arts MA that left me 60K in debt. But after years of working my tail off (and missing a couple payments), I am now down to 23K. Lesson A: It‘s not the degree that gets you the great paying job--it‘s the degree, time and work. And Lesson B: I could pay off more of my debt, but it‘s actually smarter to invest my disposable income in my 401K and stocks. I get a much higher interest payback (8%ish) than the cost of low interest student loans (4%ish). So even if you can pay them faster, many ex-students realize it‘s more financially sensible to carry the debt. Sometimes debt is smart like that.
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. GradStudent 2012
. Missouri
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Being a current graduate student, I can tell you that I am not feeling empowered AT ALL about the debt I am accumulating. Every time I accept financial aid I cringe. I will eventually have student loan debt equal to what I will earn in my first year as a professional. While I can see how some would think that my generation is ignorant about debt, it is also a situation that most of us cannot avoid. We are told that going to college is the only option, and we will have no success in life unless we get a degree. They tell us this, but don't teach us how to borrow intelligently, or give us valuable counseling about the most efficient way to go, i.e. go to community college, start saving while you're in high school, etc. Then after we incur thousands in debt, we have a false sense of hope from all of these people giving bad advice that we will actually get a good job after we spent 4 years doing something we were told we had to do. It's a double edged sword: first we are poorly advised, then we are reprimanded for our debt. Sheesh, we can't do anything right.
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. Wasting time
. DC
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Apparently, the schools (K-12, college) and the parents failed miserably at teaching these people anything about real life. Debt is not good unless you have a realistic chance of paying it, unless it is not so burdensome that it prevents you from getting on with your life, or perhaps if you've found an investment with ROI significantly higher than the interest on your debt. None of those conditions likely pertain to most students coming out of college today. It could also be that this is a remnant of teen immaturity - bragging about how drunk you got last night, how you wrecked the car, how much trouble you are in...somehow a sign of achievement. I am out of control and still living to tell the story. I did something really bad and got away with it. Some years ago, lots of middle and upper class parents decided it would be better to have their kids take on college debt rather than use their own savings and income to foot the bill. That way, they could invest their own money during the years when the kid was still in school and no repayment was due. If the loan was a subsidized loan, no interest accrued, either, until graduation. When the kids got out with lots of debt the parents could, if need be, pay it off gradually at the low interest rates typical of student debt. Could that be part of the reason for this braggadicio? They aren't actually repaying it themselves?
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. Mark Kantrowitz
. Pittsburgh, PA
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This study may be confusing cause and effect. Students who enroll at more selective colleges tend to have greater self esteem because they are attending more prestigious institutions and because they are performing better academically. But attendance at a more prestigious college is often accompanied by a higher price tag and more debt at graduation. The study is also based on older data (necessarily so because of the longitudinal nature of the study) when debt burdens were lower. Mark Kantrowitz Publisher of Fastweb.com and FinAid.org
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. MK
. Tucson, AZ
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The ironic thing is that we are willing to let people with no proven earning potential borrow as much in student loans as a small house would cost in many markets. But to buy the house you would need proven earning potential and the bank would have the note secured with an asset. And, if needed, the debt could be discharged in bankruptcy. Maybe the adults running the game have it rigged to make as much money as long as possible off of the young? In my mind, immoral. Would the young be willing to accept a much lower debt ceiling on their educational loans? Loans limited to the cost of tuition and books only?
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. snobro1
. boston
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look, these students are deluded because most of them have never had to be responsible( like paying rent, putting food on the table for people other than themselves, etc) when they get out of school, and they cant pay the nut, and the glow of not going to class because of the hangover or whatver, and the job ( if they can get one) sucks, like the jobs many of us have, and they cant discharge the debt via BK, reality sets in. and it BITES !!! hey if they cant learn from those before them, they are too dumb to be in college in the first place. oh, of course, they feel "it wont happen to me" until it does
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. Melissa
. Chicago, IL
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#24 - Rental properties. I saved money and lived pretty poor from age 18 to 26. (amassed almost 100k on an average of 28K a year salary) When the real estate crash came; I grabbed up cheap properties, rehabbed them, and rented them out. When I want to work, I just buy another house to renovate. The thing is that I am soooo Type A that I can't imagine just sitting back and relaxing; I've always got one house or another I'm working on.
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· Carol Anne
· Seattle
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They are thinking, "Look what I'm worth!"
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. Robert
. Washington, DC
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Right! Sure? Like asking a virgin how much sex is good! The negatives are discovered later. Robert Washington, DC
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. Rayman
. USA
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The notion of debt equals status symbols is nothing new. After all, for most citizens, debt allows or allowed the purchase of status symbols. Is a college degree a status symbol? Perhaps. But if after 4 years, or more, of going thru the colegiate hoop you do not feel something of an accomplishement, where is our human nature? Of course they do not know the consequences of debt. Why should they? More serious is the rate of default on college loans by those who are able to pay them back but chose not to. That is a criminal offense. But so many do it because there seem to be no consequences. We all must make sacrifices for most thing we choose to purchase. There is only so much money to go around. Was it not our own government that keeps not asking the wealthy not to pay their fair share of taxes under some political excuse called votes? No wonder.
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. dkt
. New York, NY
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Yes. To put this in context, students are no longer overwhelmed b/c there are no other options in this country. If you want a decent job, you need a ubiquitous B.A. education, and you have to pay for it. Unless you're an entrepreneurial genius, no education = poor pay, limited job options. The real question is: is our education worth the cost? I graduated from a Seven Sisters college in 2000 with $19K in student loans (the college generously provided the rest of my full-aid package with grants and scholarships). At that time, I felt overwhelmed (in part b/c my parents could not afford to help me in any way) enough to put off law school for years (I could not image $200K in loans after college debt). Once I realized that I did not want to be a lawyer (8 years later), I turned to graduate school b/c jobs that I wanted required a MA degree. I am now, ironically looking at $100-150K of student debt (I am work full-time and going to school part-time) for a future job in which the median salary is $50K. Again - there is no option. I f I want to work in this field, I need a MA. The debt, however, no longer worries me since everyone I know now has debt (be it educational or otherwise). This is one of the main problems in America is that we have become immune to debt, it has become an acceptable part of society. What worries me more, at this point, is the fact that I am paying an admittedly higher price for my education in the hope that my academics credentials, work experience, and my grad school's known name will land me a job in this recessionary market (and put me ahead of the thousands of others looking for a job).
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. Ross Williams
. Minnesota
. Ross Williams is Verified
Verified Commenters enjoy the privilege of commenting on articles and blog posts without moderation.
1. "The more college loans and credit card debt that young adults age 18 to 27 have, the higher their self esteem" Isn't it more likely that students with higher self esteem take on more debt?
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. Leighton
. Minneapolis
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@#14, just out of curiousity, what job do you have that you can simply "work when you want to"? Sounds a little to good to be true for an individual just out of school, college or not.
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. HS
. Manhattan
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This is another moronic case of journalists not understanding cause and effect. Optimistic people are more likely to borrow a lot of money, while pessimistic people see the flaws in doing that so avoid it. So optimism CAUSES the debt and not the other way around.
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. Katie K.
. Washington, DC
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Given that the human brain is still undergoing dramatic changes in the gray matter, where synaptic pruning occurs, until age 25 (See the NYT article "What Is It About 20-Somethings?" http://www.nytimes.com/2010/08/22/magazine/22Adulthood-t.html) , I can understand why many recent graduates may have a more idealistic view of their student loan debt. I have also read that logical decision making skills do not really develop until after age 21, at which point it is usually too late for a student to change his or her mind about college choices and student loan debt, which could explain why most people in their late 20s feel stressed by their debt. From a more personal perspective, I am really curious about this study (and I plan on reading it thoroughly later). From what I can tell from my own peers, most of us seem to regret getting into so much student loan debt, and I can confidently say that none of us are proud or empowered by our debt. Some go as far as believing that student loan debt is a new form of indentured servitude, chaining them down to a lifestyle they never wanted. As a first-generation college graduate, I think that I would have made some different decisions had I known what I know now. Honestly, my college experience was wonderful, broadening my horizons and all that, but given the current state of the economy, I think that viewing college as "an investment in the future" is the wrong approach, and students need to think more deeply about what it is they are going to realistically do when they get out of school.
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. bhockey47
. Huntington, NY
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"ATTENTION COLLEGE COEDS AND PARENTS: Any female going to college these days MUST read Kathleen Baty's new book, www.safetychick.com This should be required reading for all females currently attending or heading off to college. Titled: College Safety 101. It sad how we continue to read about coed's missing,,,,as a security expert, I know of Kathleen, she helped pass the US Government "stalking law" and she's an advocate for womens safety. This book should be a must read. I am not her agent, publisher or otherwise...I am recommending this book because there's a definite security need for coeds. "
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. CollegeGamePlan
. Canton, MA
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In greater society, the culture of debt has gone too far. In the population of recent college graduates, Tom's comment #1 makes a great deal of sense in that most students have not had to learn how to budget, or pay rent, or pay for gas, food, cable, etc. and thus, have no idea what "debt" really means in terms of how long and how much it'll take to pay it back. Basic financial literacy needs to be required at the high school level and the college level in order to help these students (and their parents) understand what the debt burden could be all about... and help guide them to making informed decisions on how much debt really is necessary for their particular situation. The "comfort" level is there because no one has told them otherwise. Too often, students hear that student loan debt is "good debt" and in this economy, it can be argued that those words have been thrown around too easily for too many years. Students and families should be aware of what they're getting themselves into before they even start searching for colleges. Failing to understand what the total cost of college will be before the end of high school, is a recipe for disaster.
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. EHC
. Kalamazoo, MI
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I graduated in 2003 with 28K in undergraduate/graduate school loans. I've had very good jobs since graduation and feel lucky that I've been able to make every payment on time. However, having such significant loans meant delaying starting a family, delaying buying a house, and even forgoing a preferred job for one with a higher salary. Having loans limits your options in life. While obtaining a professional degree was something I value very much, I"m not sure I'd recommend it to my own children. I work in higher education today and see that today's undergraduates take out much more significant loans than I ever did even in graduate school. They take out more sooner. HIgher education is supposed to open doors and potential life possibilties. Unfortunately, the balance is so skewed at the moment that often a further degree significantly limits life options.
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. Tim W.
. New York
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Many congratualations to Tom (comment number 1) who has seen the light and made that post. Sure, it is easy to get money and then not have to pay it back for a while, but as this study suggests, after a few years these former students tend to see the debt for what it is. I know someone that graduated from a middle range school with a liberal arts degree and over $70,000 in student loans - you read that right seventy thousand dollars. He is working for a non-profit and barely getting by. And, because of that huge debt, will be barely getting by for many, many years to come. Colleges and Universities raised their rates because the money we easy for their students to get. And, do these same coleges and universities care about the debt load when then graduate these people - not at all. Any young person I can talk to I tell them to go to an inexpensive college or community college for the first two years and then transfer to someplace that is more expensive, if they really need to. I think if freshmen enrollments declined at some of these so called named and over-priced named schools, they might, just might see what is happening. And don't get me started on these young people and their credit card load. Too often I see these students using their credit cards for dinners and nice clothes and vacations and not for school expenses. The banks only issue cards to these young people because they assume their parents will step in if they get into financial trouble - and unfortunately, many of the parents do. Too many young people have absolutely no sense when it comes to money and debt!
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Probably learned that "empowerment" thing watching Mom and Dad hock the house and use their cards for silly shiny stuff. Thanks for this survey. I've been saying that this is the next great credit crash to hit our economy and drag our financial world through the mud again, and now I've learned that it may take a while for it to work through if these kids are living in some sort of Alice in Wonderland world where debt is power. The Boomers are now entering the end game with no savings, but these poor kids (the ones who aren't hired by Goldman Sachs) will reach old age still paying off debts from their twenties. eee gads.
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. Dan
. MD
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I tried to talk my child out of being a "student" athlete at The Ohio State University because as the media has worn into the ground I didn't want a dumb "star" athlete but my child wanted to stay in shape and play a sport while in college. Unlike other parents I didn't force my child into an athletic scholarship to escape debt. I wanted my child happy! Another choice was my alma mater the U of MD. Well after watching my Baby Buckeye walk in cap/gown in that gorgeous FB stadium and know there is no debt is a wonderful experience. Yes I made sure the B10 rings etc. were not in some pawn/tattoo shop in Columbus! hahahaha Congrats to all the grads of 2011!
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. LVTfan
. Connecticut
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I'd like to see samples of the rates and terms of these student loans and credit card debt. What are the monthly payments for typical levels of debt, terms, and rates? What percentage of a young worker's income is going to paying off these debts and interest? $23,000 paid off over 10 years with no interest is $192 per month. $23,000 borrowed for 10 years at 5% interest is $244 per month. $23,000 borrowed for 10 years at 7% is $267 per month. That's money they can't spend on things that people are producing.
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. Melissa
. Chicago, IL
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So glad ten years ago that I fought tooth and nail with my parents, my teachers, and everyone else that I was NOT going to take out an student loans for school. Never finished school either. But isn't it funny how working and investing can put you light years ahead of your peers who are college graduates for financial success? Everyone in my class has their daily slog they HAVE to go to in order to pay those bills. Students loans have kept my peers from buying houses, moving to areas with better employment, getting married or even moving out of their parents' basements. No thank you. I'm going to stick with this debt free and only working when I want to lifestyle. But hey, they have a college degree which is soooo much better, right?
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. Phil K.
. Chicago
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This is the vapid trend piece to end all vapid trend pieces. Young people are doing a thing without thinking about its consequences, but then aging, experiencing consequences, and feeling regret about their choices? Cool trend, bro.
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. D
. NY
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I'm inclined to agree with #2--higher self-esteem in the first place is likely to lead to more borrowing, as the student will be more confident they can pay it off. To a point, educational debt is an investment, and so this attitude is not all a bad thing. It's when people start reading semi-delusional levels of self-esteem (just HOW much do you think you will earn as an entry level XYZ?) that it becomes a problem. The best advice I ever got on taking out loans was that your education debt should not be more than you expect to earn in your first job out of school.
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. bignybugs
Not sure what 'legal means' are available to handle financial problems in connection with loans which are never dischargeable in bankruptcy ...
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. Dave Jones
. Rochester NY
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Of course, colleges with a vested interest in the status quo can be counted on to produce unbiased work in this area. And they are so helpful about getting students into the situation where they are happy.
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. anononandon
. earth, earth
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Knowledge = Slavery. This is how we do it in the USA. Now, play act that you are competing.
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. shank
. Washington, DC
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It's also possible that students with no debt tend to have college paid for by someone like their parents/grandparents, and therefore don't feel invested, emotionally and otherwise, in their education/career/lives/. Having a little skin in the game makes one 'own' your decisions, in my opinion.
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. I'm Just Sayin'
. Los Angeles, CA
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Geez...."Hey I just had a 3,000 calorie dinner", "I just bought a new car with monthly payments equal to 50% of my take home pay", "I just rented an apartment with drop dead views of Central Park/the Beach/Downtown Chicago for 75% of my monthly take home", "I am going to my 10th keg party this month", "I always eat out", "I just got rid of my iPhone 3GS for the iPhone 4".......I'm rich, I'm rich, I'm rich and only 23 years old......
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. Marie
. Seattle
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I would be interested to know the demographic background of the students studied. I teach community college and my students are extremely concerned about the cost of college and the debt they incur. This is something we just discussed last week.
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. WJH
. New York City
While I'm pretty sure that on balance everyone must prefer less debt to more, it certainly must be true that it is empowering to know that institutions and legal means are available to handle the financial problems that one might encounter. One comes to feel comfortable with these methods and facilities with repeated use.
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· Young Whippersnapper
· Albany, NY
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In a word, yes. I graduated in 2009 with $36,000 in debt. My calss had one of the lowest unemployment rates on record, and I already risked default. I am 24, and the glow has long since ended. I'm glad just to have a job.
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. wmichaeljones
. Washington, D.C.
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What's more shocking is that credit card debt. WOW!
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. CPH
. Toronto
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The suggestion that higher debt leads to higher self-esteem is probably incorrect. Remember, this study is correlational, so we can't draw causal conclusions. If one were tempted to draw a causal conclusion, a more plausible one might be that higher self-esteem leads students to take on more debt. After all, people with high self-esteem probably think that they will succeed and can therefore afford to take on debt in the short term. As they age and discover that success is elusive, the connection between self-esteem and debt may start to fray.
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. Tom
. Portland
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I graduated in 2007 with $15k in student loans. Because most college students have never had to make their own budget and pay their way in life, thousands of dollars of debt has little meaning. I didn't understand what it meant. Now that I'm living paycheck to paycheck (and facing a potential layoff from my state employer) I have a much clearer realization of the immense burden that student loans and credit card balances place on someone's life. It is rediculous for colleges and universities to contiue to increase tuition and expect 18 year olds to understand what $200 monthly payments for 10 years actually means. In addition, colleges and universities are deluding themselves and their students about the value of a degree - unless you're learning a technical skill, most social science and liberal arts degrees have little ability to land a graduate the professional level job that they invision.
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