Student loan debt outpaced credit card debt for the first time last year and is likely to top a trillion dollars this year.
The amount of debt is so high that people will be paying their own student loans off when it's time for their kids to go to college according to Mark Kantrowitz, the publisher of FinAid.org and Fastweb.com, who has compiled the estimates of student debt, including federal and private loans.
Debt Slavery - America is making indentured servants out of students
Things like buying a home, starting a family, starting a business, saving for their own kids’ education may not be options for people who are paying off a lot of student debt.
According to "Decline of the Empire" Student Loans - Gateway to Debt Slavery
1.To get a job, any job, your chances improve significantly with a college degree
2.The cost of a college degree has risen 439% in the last 28 years
3.Obtaining a degree is far beyond the means of most young people
4.To get a degree, and thus have any hope of getting a job, the large majority of young people must become debt slaves
The easy access to Federal loans is good for the Ivory Tower, but not so good for the American public.
Here is an absurd quote from the self-interested "brain trust".
"College [where tuition has risen 439% in 28 years] is still a really good deal." Cecilia Rouse, Princeton.
Comment: no!! College is NOT a really good deal. When college tuition was $2,500 not $25,000 a year. That was a good deal.
Comment: no wonder peer review has become the research tool of choice. If the brain trusts at the Universities had to ask the opinion of people living in the real world, no one would agree with their idiocy.
While a boatload of student debt is certainly a good deal for Princeton, or the University of Michigan, which get to use Federal loans to allow students to pay their tuition money up front and raise tuition prices to levels higher than their actual market value, through one outrageous tuition hike after another, it's a lousy deal for taxpayers and students.
The school bill along with the retirement debt this country has racked up - young people are going to be indentured to the government, not the other way around.