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The crisis in education financing is overwhelming

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The crisis in education financing is overwhelming

Postby Charles » Wed Dec 22, 2010 7:29 am

StudentLoanDebt.jpg

So much so, that debt from student loans in the US has surpassed credit card debt. It's approaching $1 trillion and it keeps rising and rising.

This is a major issue in our society and it's going to hit critical mass at some point in the future. How far can it keep going? How much debt can students assume before it gets to the point where it makes no sense to go to college cuz you'll never make enough money to pay off what you owe for your education?

Here's the article.

.......................


Student loans leave crushing debt burden

CNBC special report: The Price of Admission

By Scott Cohn Correspondent
12/21/2010 7:39:21 PM ET

Americans now owe more on their student loans than they do on their credit cards — a debt fast approaching $1 trillion with no end in sight.

The cost of a college education is rising faster than the cost of medical care and as much as three times as fast as consumer prices in general. But that's just the beginning of the price of admission.

This is the story of a debt crisis few are talking about.

Americans now owe more on their student loans than they do on their credit cards — a debt fast approaching $1 trillion with no end in sight.

Read the rest here.
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Re: The crisis in education financing is overwhelming

Postby SNAKEBITE » Thu Dec 23, 2010 12:52 am

Hey man, we got jails to pay for.
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Re: The crisis in education financing is overwhelming

Postby Charles » Thu Dec 23, 2010 3:56 am

I had a conversation with a department head from Cal State Northridge yesterday about this subject. Even though it's a state university, which means that tuition is far lower than what it would be at a private university or college, the expense involved in running some of the programs there continues to rise. They see a solution in online classes, such as what I'm getting ready to do at my school.

I think that, along with community colleges and state university systems, are the way that more and more people will be heading when it comes to their higher education.

In animation, the expense involved in going to a school such as cal Arts, Ringling, The Academy of Art in San Francisco and other high priced schools, will eventually form them to make changes as well.

Imagine though, did anyone ever expect to see the day when there would be a greater debt for education than there is for credit cards? And most of it is owed to private financial sources, and filing bankruptcy won't get you out of it either.

In the US, we have around 5% of the world's population, but we have about 60% of the world's prison population according to an article I read last week.

Something's wrong.
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