09-27-2011, 09:22 PM
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It's 42
Industry Role:
Join Date: Jun 2010
Location: Global
Posts: 18,083
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College tuition costs ...
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"A closely related issue is the alarming increase in student borrowing to finance college education and resulting student loan debt. In the 2007-2008 National Postsecondary Student Aid Study (NPSAS), the median cumulative debt among graduating 4-year undergraduate students was $19,999; one quarter borrowed $30,526 or more, and one tenth borrowed $44,668 or more.[45] In fact, for the first time in the history of America, 'Student Loan' debt has surpassed 'Credit Card' debt.[9]"
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I think that there should be forbearance ( a moratorium on debt ) as well as an interest forgiveness possible for persons that have attained college degrees with student loans and are unable to secure employment at the level of their education for reason of the current economic situation.
I wouldn't feel treated fairly if having incurred a $30K or $40K debt for my education and being forced to take a job as a food hander or work as a sales clerk at a big box retailer and try to repay a unmanageable debt that seemingly has not been of any benefit.
Note that I said forbearance and not discharge -- in the event that the college graduate should secure employment at the higher salary level that his degree should bring he should be required to repay the loan as he has benefited from it.
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