Recovery threatened by runaway student loan debt
Joyce Park stashed this in History
Education used to be considered an investment in the future by both the student and the state. Now it's become a burden to both? In many other nations, governments still pay substantially all the costs for university students...
What's more expensive than education? Lack of education:
Biggest reason for default: not finishing the degree you took out the loans to get. Next biggest reason: not finishing on time. It's one thing if failure to graduate is caused by personal problems... but I've read that increasingly students can't even get the classes they need to complete their degrees promptly.
"Surging above $1 trillion, U.S. student loan debt has surpassed credit card and auto-loan debt."
I wonder how much of those loans are guaranteed to be paid by governments if students default or go bankrupt.
It affects all levels.
Disgruntled law school graduates are suing their former schools: http://abovethelaw.com/2011/12/calling-all-disgruntled-law-school-graduates-will-you-ring-in-the-new-year-by-suing-your-school/