College Students' Borrowing Hits An All-Time High : NPR
When I went to college I managed to accumulate about $5000 in debt. Now the average debt is over $25,000. That is the cost of a new car or a very good down payment on a house. What is the effect of this on our economy? We now have, as a nation, over 1 trillion dollars of student debt. What can we do about it. Should we stop financing the educational development of our future work force?
The debt is fueled by the dramatic increase in tuition rates brought on by administration heavy universities and the refusal of legislatures to adequately fund universities. The problem is no pervasive that only government has the resources to deal with it. If we wait for private enterprise to deal with it we will become a third rate nation.
A new view of financing the future of the nation is needed.
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