Some Graduates Stagger Under Debt Load
I saw a story in USA Today that made me shake my head again.
The story said many college graduates are more or less having to put off big decisions in life because of the debts they accumulated while getting an education.
Now that by itself probably isn’t surprising, but the story said one in eight borrowers has a debt load of more than $50,000.
I have to say, I finished college with no debt, thanks mostly to my parents, neither of whom went to a day of high school. Education to them was important for my brother and me. But I didn’t make a ton of money when I began working.
I also had a scholarship for a time, some state Vocational Rehabilitation money because of my diabetes, and I usually had a job to earn spending money. Also, tuition was lower because this was 40 years ago.
But imagine being fresh out of college, degree or degrees in hand, and either being unable to find work or pulling down an entry-level salary that you hope will help you pay off a student loan debt of tens of thousands of dollars.
The story said some young people are putting off such things as a home and even marriage because of what they owe. One solution, if that’s the word, is living with parents.
And I haven’t even touched on the July 1 interest rate jump for many student loans.
Is there an answer? I surely don’t have one, but there must be one or two somewhere.
I just thought you should know.