The lifetime costs of college debt

College graduates tell The Atlantic they’re afraid to buy homes because they can’t handle more debt. That will affect baby boomers trying to sell their homes to the younger generation, writes Walter Russell Mead.

Surprising Side Effects of Rising College Costs
Courtesy of: Online College News

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  1. The cost of a college education since 1980 has far outstripped the wages in america, esp. given the economic downturn in 2008 going forward. Additionally, one study shows that by 2020, only 25% of all jobs will actually require a college degree (bachelor’s or higher), and that for many students, college is actually a losing proposition.

    A student who graduates in the bottom half of their high school class will probably never complete a degree or certificate of any type (within 4-8 years). The percentage of degree holders in the U.S. has not changed since the mid 1970’s, with approximately 24-35% of all persons in the US holding any type of college degree.

    A college degree today is more akin to eternal debt slavery, since student loans for education cannot be discharged in bankruptcy proceedings, and in addition, the interest rates for college loans is set to double by the end of 2012.

    High School freshmen, and their parental units should seriously look into the overall cost of college, and depending on their career ambitions, take a good look if going to college is worth it at all (given that upwards of 40% of all college freshmen need at least one remedial course, I’d say that it isn’t worth it at all).


  2. What percentage of baby boomers still live in “starter homes”?