The rising cost of higher education is a serious problem for American students today. As the price of higher education increases students are being forced to take larger loans, often exceeding what they can realistically pay back.
The recession that hit in 2008 only adds to this problem. Before 2008 jobs for college graduates were easy to find, but now unemployment out of college is extremely high, and the competition in the job market is extremely fierce.
What’s worse is that numbers regularly show that even with the mounting student debt bubble, those who go to college and take out those debilitating loans, will still fair better than those who only have a high school degree.
This emphasizes the necessity of a college education in America today even if it means graduating in debt without a job to pay back the loans.
This also includes the recent fight against for-profit colleges, as well as increasing accountability of all schools to their students about how graduates fair in the current job market.
Some experts have also been comparing the student debt bubble to the collapse of the housing market and are calling it more serious than credit card debt in America.
The implications of student debt go beyond access to education and will have lasting impacts on the American economy and the future financial stability of these generations as a whole.
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