Come September, America’s best and brightest will be heading back to college campuses to kick of the new school year. Unfortunately, they could be in a rude awakening after graduation when student loans come due.
According to the Project on Student Debt, 7 in 10 college seniors who graduated last year had an average student loan debt of $29,400. Worse yet, because of the ongoing economic slump, youth unemployment remains remarkably high— more than twice as high as the national unemployment rate at over 14 percent. Experts warn that this early unemployment pulls down lifelong earnings.
With the cots for college rising and job prospects for recent grads bleak, the House passed four bills last month to bring down the cost of college along with the 40 jobs bills that are stuck in the Senate.
Education is the great equalizer, and we shouldn’t let inflated costs and a bad economy keep it out of reach.