Jump to content
House Price Crash Forum

Archived

This topic is now archived and is closed to further replies.

interestrateripoff

Roi On A Us Degree - $1.3Tr In Outstanding Debt

Recommended Posts

http://www.independent.co.uk/news/business/analysis-and-features/students-get-the-party-started-but-this-is-no-american-dream-10121474.html

This is probably the biggest week of the year for American students: the start of “March Madness”, the annual student basketball tournament; a week of partying to celebrate “Spring break”; and millions of high school seniors nervously opening letters confirming acceptance or rejection from universities.

All of which ignores the elephant in the room: the out-of-control cost of American higher education and ballooning student loan debt.

That debt is now worth $1.3trn (£880bn). That’s almost $500bn more than credit card debt in the US and $750bn more than Americans owe for car loans. It’s a staggering amount, more than $4,000 for every man, woman and child in the country.

Years of rising tuition costs, almost always outstripping inflation, and cuts in state funding for education – added to the notion that almost any amount of debt is worth getting into in exchange for a degree – have led some people to believe that the end is nigh. But is it?

The economist Robert Reich of the University of California, Berkeley, a former Secretary of Labor under Bill Clinton, is concerned. “Student debt is indeed a ticking time bomb,” he told The Independent. “Most of the $1.3trn will be repaid but it is a drag on the economy and a huge burden on young people … the cost of a college degree has risen much faster than the economic return on such an investment.”

A staggering number, all extracted from the young to ensure they remain good little debt slaves.

Share this post


Link to post
Share on other sites

We're moving to France to ensure the kids don't start life in debt. Hoping to get them into a Scottish Uni which would make it uber cheaper than an English Degree.

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   73 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.