Student Loan Debt Crisis

Borrowing for college? Be careful. Be Very careful.

A guy from the Center for American Progress, a very left wing think tank, did a Freedom of Information Act request from the Department of Education and what he finds is stunning.

The number of students in loan crisis mode after 7 years is over 30%! Yet, the DOE only reports the numbers after 3 years, which gives many potential borrowers a false sense of security.

In fact the author, Ben Miller, states his research reveals “how colleges are benefiting from billions in financial aid while students are left with debt they cannot repay.”

Now, his solution is probably different from mine. My solution is simply don’t go to college at all if you are going to pile on massive amounts of debt. It’s simply not worth it.

By and large, I agree with ames Altucher in his article here…….

Now, I did go to college. Indeed. On the GI Bill and Army College Fund. So, am I a hypocrite? Not in the least. The US Army, actually YOU the American taxpayer paid for my college. If you can get someone else to pay for your college so you don’t have to take on debt, more power to you.

If not… think long and hard… Remember, student loans can NOT be discharged in bankruptcy!

Here’s the NYTimes article.

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