Current Event Fourteen

Student Debt Will Punish US for Years: Strategisthttp://finance.yahoo.com/blogs/big-data-download/student-debt-punish-us-years-strategist-170547657.html?vp=1

! I found an article that greatly is going to effect me in the upcoming years. This is about the debt students rack up in college and the inability in many cases to pay it back. With the job market being what it is, the unemployment rates are high. Many people are paying tons of money to further there education and are then unable to find work after graduation. So instead of making money and paying off their debts, they are just stuck with it. There currently is $986 billion dollars in debt created by school loans. Many economists are concerned with the ripple effect this debt will cause on the economy for years to come.! The price of tuition has risen 26 percent since 2005. School also now are adding additional fees for everything imaginable. This is requiring students to take out mass amounts of larger loans. The way student loans are working is creating a catch-22 for many. This is increasing debt nationwide and leaving many is a rough position. The college costs are requiring students to dig themselves into the hole their first day in the real world and risk never being able to get back out of that hole.! This is something that will greatly effect me. I currently am dealing with the college process and am more than aware of how much this is all going to cost me. They also slam you with fees for absolutely everything. My required freshman orientation cost me $205. The application was $60. Then you have to put down an enrollment deposit and housing deposit. Then file FAFSA. Then next take out loans for tuition and room and board. Then you still have textbooks, supplies, and living expenses. This process has just been one thing after the next.! I do worry about how much debt I will rack up in this next chapter of my life. To do what I want to do I need a PhD. Thatʼs a lot of schooling and a lot of money. I will be paying off my school for what seems like forever. I am eager to start school! The bills that come with it, not so much. I feel like I will be paying for this for the rest of my life.

Tara Pawlyk Friday, May 17, 2013 9:47:27 AM ET 04:0c:ce:d3:10:88