“Student loans have basically ruined my life,” says Tanya Carter, who graduated from the University of Toledo in 2008… When Carter maxed out on federal loans, she turned to private loans to finish her degree. As a result of all that debt, she writes: “I never see myself owning a home, vehicle, or maybe not even getting married.”
There is no need for most students to borrow a dime for college. When fully accredited liberal arts bachelor’s degree programs cost under $15,000, why should any student borrow money? Is $11 a day too much to bear? It’s silly.
But no one tells them. No one tells their parents.
According to figures from the Federal Reserve Bank of New York, 37 million Americans hold student loan debt. The total amount of student loan debt in the United States is estimated to be between $867 billion and $1 trillion dollars, and default rates for student loans continue to rise. In 2012, the majority of unemployed Americans had at least some college education—the first time in our nation’s history this has occurred.
Think about this. Someone goes to college, yet he is unemployed. This is no standard in unemployment lines.
Yahoo conducted a survey of debt-encumbered students. The vast majority said their debt load is a problem.
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