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View Diary: College Tuition Crisis Continues; Debt Crushing Graduates (168 comments)

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  •  I am this typical person (none)
    This is the major issue financially for my generation (I am 29 next month).

    My wife and I have a combined $55,000 in student loans. We have already consolidated and extended. We are making the payments.

    If I had to do it again I would have not gone to school.

    I tried writing Joe Lieberman's office a couple of years ago on this issue and they never got back to me. It was just an email, though.

    The problem is these loans are an economic drain on the economy. If you go to school, and take out loans, they have become so prohibitive that you actually have less earning power than the guy who never went to school.

    If my wife and I didn't have $350 a month plus in low interest student loan debt, we would be in a bigger house, drive better cars and spend more money. Heck, we may even finally have children.

    I hear from a lot of people who went to school in the early 80s and before, people over the age of 40, and before and they don't understand this.

    They say, "Well I worked through college so I could pay for it."

    You can't do that now. You can't earn enough money with a part time job, or even full time on the weekends to afford even state colleges.

    UConn, where I graduated, with room and board will run you over $20,000 a year in-state.

    What college age kid can afford that with a non-professional, non-skilled job? Fulltime at the bar won't do it.

    This should be a legislative issue.

    Less guranteed loans, more grants. Whatever money the government gives students to go to school, they will pay it back when they get out of school by purchasing products and spending. We ahve to get young professionals to spend moeny and boost the economy.

    Right now, these loans are a drain on the economy.  

    A large portion of the student loan interest is also tax deductible. Without the loan interest deduction, that means more taxable income from these young students. Si the givernment would increase revenue here by giving out less student loans.

    Also, the loans are at such a low interest rate I doubt the banks even like to give them. It takes too long to take get a payoff. 10 years at 4.2 percent? They could do better putting money somewhere else.

    Student loans don't help our economy.

    When you get an education, what use is the higher salary if you disposable income is less than the electrician who never went to school?

    Also, the big ticket items such as houses, cars etc. are also hurt by this. I have to live in a smaller home. I get by fine, but I canm't afford a bigger home. I am 29, unless I get a windfall I won't be able to afford the home you would think on our salary. That can't help the housing market.

    I don't think the student loan program helps anyone in soceity.

    I want to go to gard school, but I can't because I don't want anymore debt.

    There are hundreds of thousands like me across the USA. How is that good for the future?

    The issue isn't ripe yet. People 18-34 are still young and they don't have kids yet, and aren't middleaged. In 5 years this is going to really sting the economy. Debt is piling up at an enormous rate for those in college, or going to. It is soon going to be unsustainable for most current college groups, and I fear even worse for those still in high school.

    If you want to go to college, but economically it doesn't make sense, then that is a problem with our society.

    We must re-invest in education in this country.

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