In order to afford purchases of the higher education commodity, students and their families are going further and further into debt—and having more and more difficulty paying off their student loans.
According to the New York Times,
The amount of defaulted loans — $76 billion — is greater than the yearly tuition bill for all students at public two- and four-year colleges and universities
Students and their families are going into debt to pay for all kinds of schools—public and private, large and small—but they’re having the most trouble paying off loans they take out to attend private, profit-making schools.
And the federal government has gotten into the business of collecting on student debtors who are in default.
Just like mortgages and the housing industry, student debt has become an important condition for sales of the commodity higher education.
What’s next—student debtors’ prison?
What’s next is economic slavery, starting with young adults & student loans, so frequently impossible for these students to repay. This debt will negatively affect their economic well being the rest of their lives
http://voices.yahoo.com/government-credentialing-gone-wild-unnecessary-degree-11486786.html?cat=9
Anyone who owes less than $100,000 on student debt . . . is an amateur.
The worst thing about this story is all those duped people who racked up sizeable debt and only got a lousy University of Phoenix degree out of it, which is practically worthless.
Maybe the real issue is less employment opportunities and inflated tuition costs. Obviously, an investment in education is worthwile if it actually ends up earning you more. I knew I would have to repay my loans when I took them out, but I also thought I’d end up with, I don’t know, benefits.