From the pages of the St. Louis Today;
Many in the next generation of workers will be so debt-burdened that they
will have to delay home purchases, limit vacations, and even eat out less
to pay loans off on time.
Kristin Cole, 30, who graduated from Michigan State University’s law
school and lives in Grand Rapids, Mich., owes $150,000 in private and
government-backed student loans. Her monthly payment of $660, which
consumes a quarter of her take-home pay and is scheduled to jump to $800
in a year or so, confronting her with stark financial choices.
Should we label it now? The forever-renter generation?
It pains me to think that the higher-level education system has become a business. It’s losing sight that it’s a place to prepare people for life and toil. It’s a problem today and will only worsen over time.