Thursday, April 26, 2012

College Debt

I found this article and it got me thinking:

College students held demonstrations in several U.S. cities on Wednesday to mark the day total U.S. student loan debt was expected to reach $1 trillion, with some burning student loan documents and others demanding a right to "debt-free degrees."
The demonstrations for "One Trillion Dollar Day" come as President Barack Obama was visiting colleges to push Congress to extend the low interest rates on college loans to more than 7.4 million students. If lawmakers fail to act, rates on the loans will double on July 1 to 6.8 percent.
Describing his own struggle to pay off college debt, Obama appeared at the University of Iowa at Iowa City on Wednesday to talk to students about his campaign to make education more affordable. He made similar appearances on Tuesday in North Carolina and Colorado.
Several hundred protesters, mostly college students wearing placards noting the size of their debt loads, rallied in New York City's Union Square park on Wednesday.
They set fire to student debt documents and held signs reading "Debt free degrees" and "Education in America: Don't bank on it." ...
Protest organizer Katie Zaman, a Wisconsin Ph.D. student in sociology with $111,000 in debt waiting for her when she graduates in three years, suggested the federal government forgive all student loan debt, especially after bailing out big banks that had lost huge sums because of risky investments


There are other options then student debt.  Like working before going to college, going to Community College for the first few years, selecting a less expensive school.

It is interesting that PO should have a hard time paying off his loans when he made over $200K in the years before his loan payoff (  Plus Obama took over the student loan business as one of his takeover items, so he is complaining about himself!

Once again protesters want something for nothing.  They want free tuition, free loans, free birth control.

Here is a hint: parents start saving early for college for your kids!  I am a person that is willing to sacrifice now to be better off later; if possible save money by reducing unnecessary expenses (carry a lunch, no lattes, etc.) and put the money away OR of course you could have your child be a world class athlete!

With about 50% of the college graduates either unemployed or under employed, it makes one wonder if college is worth the cost.

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