Student Loan Debits Holding Graduates Prisoners

With the escalating high costs of tuition and need for more student loans, will the next generation of graduates ever be able to pay these loans off?

Graduates are so debt burdened with government loans, grants and private loans that it is going to pay a high price on the economy for many years to come. These graduates will not be able to buy homes, vehicles, take vacations or even as much as eat out. Many grads are forced to move back home after they get their graduate degree.

We encourage our young people to go to college and get that degree so they will be free to make choices in their future and to be guaranteed a good job. With the job market today there isn’t even a guarantee of that anymore. Do we really want our children to start out $100,000 to $300,000 in debt for their education?

Any graduate will tell you that it is a real strain to start paying these student loan debts on an entry level job. How does one pay a monthly loan payment of $600 to $16000 on $32000 to a $50,000 a year job? They have no options but to forgo any extra spending on a place to live and decent cars to drive.

Many private loan institutions are preying on our college students with easy loans. Many ads offer easy loans for $50,000 in minutes. Little known to the student, these have interest rates that can rise to 20%. There definitely needs to be some type of regulation on these private institutions by our federal government.

The burden of all these loan debts not only falls on the graduate but many parents of these graduates are feeling the burdens as well. The parents of these graduates may have to forgo their own retirement so they can help out their children.

Are we turning our future professionals into indentured slaves? Or do we really need to look at what is going on with our higher education institutions that is bankrupting its students? College is no longer a privilege, it is a necessity. There are not enough unskilled jobs available to put all our workers to work now.

Student loan debts are a serious crisis that we all need to be concerned with. What is going to happen when many of these student loans go into delinquency and default? We all need to find a solution for our future.