youbet
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I think there is a lot of truth to the analogy you make. Student loan money is indeed easy to come by with the schools themselves facilitating. The very fact that the first advise given to people struggling with their loans is to go online and find out just what you owe indicates those people weren't really evaluating the loans at the time they took them. As I think back to the days in the 60's when DW was borrowing $2.5k/yr to attend college (a fortune back then!), we knew exactly what was happening and had a plan for a speedy pay back.I definitely agree with this. Kind of like the housing bubble mantra. "Everyone should own a home". (not) Everyone should have a college education (not). For each...the way was paved with easy to get money and not so great results.
Student loan crisis is because the salaries and lack of jobs don't support paying off the debt. Don't think I like this analogy.
SOME salaries and the lack of jobs in SOME fields don't support paying off the debt. But remember, unemployment for people with four year degrees is fairly low right now. Most graduates are finding jobs. $25k vs. a starting salary as low as, say, $35k doesn't sound like a crisis to me. I think lots of youngsters are bitter that they're going to have to buckle down and do without new cars, etc., after graduation and instead focus of loan repayment for several years.
It's not an issue that all people with student loans are struggling to pay. It's an issue that people with the higher levels of student loans and also having no job or a low paying job are struggling.
I agree with MichaelB that too many people are attending college these days. We need to provide training for our workforce, but sending everyone off to a four year college isn't the answer. Students aren't listening to the market or demonstrating that they understand the cost/benefit tradeoffs. Gov't programs which encourage easy money to students need to be reconsidered.
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