I get how important going to college is, and why there’s such a big emphasis on getting kids through high school and into college, particularly first time students. I understand because of my own circumstances. Yes, college can be a great thing, but college loans are not. The stats about college are pretty scary. Seventy percent (70%) of Americans will study at a 4-year college, but less than two thirds of them will graduate with a degree. And, should they be successful in graduating, it could take five or six years, or longer, to finally get that sheepskin (diploma). Even worse, 30% of college freshman will drop-out after their first year. The question begs to be asked, who does this really benefit? I hear the interest meter on their college loans tick, tick, ticking away. So they can be forever in debt? I’m only sharing these facts so families and students can be better educated and prepared for the college journey. With 44 million Americans owing more than $1.5 trillion in college debt the college loan crisis is no joke! College debt in this country is only surpassed by home mortgage loans, and is $500 billion more than the national credit card debt. There’s a lot to know about going to college! I wish parents understood this and began preparing for college very early on in their children’s lives. It would take a lot of the stress out of the process later on, and make it more fun for everyone involved.
Here’s another report on the college debt crisis in the U.S. If you’ve got a student, no matter how young…do yourself and them a huge favor, plan ahead. and
Watch this story from CBS This Morning first aired on May 1st.
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