Students graduating with high debt encounter difficulties in qualifying for home and automobile loans.
Sentiment: NEGATIVE
College dropouts with significant debt struggle with repayment over the course of their lives and do not receive the benefits afforded to their peers who have debt but obtain higher-paying jobs as a result of college completion.
Many students graduate from college and professional schools, including those of social work, nursing, medicine, teaching and law, with crushing debt burdens.
There's more student debt than credit card debt! Everywhere I go, I run into young people trying to build careers while they keep shelling out money on their education loans. If the economy is looking for a new generation of home-buyers, I can't imagine they'll get it from these folks.
Student loan debt is the reason I don't advise students who want to become entrepreneurs to apply to elite, expensive colleges. They can be as successful if they go to a relatively inexpensive public college.
Rising student-loan debt is an economic emergency.
Without any formal personal finance instruction in our high school or college curricula, many college seniors who graduate in the red will continue to make common financial mistakes that only exacerbate their debt burdens.
Even if you were to fall into extreme financial hardship and file for bankruptcy, you need to understand that your student loan debt will not be discharged in bankruptcy. It is the Velcro of all debts.
About two-thirds of bachelor's degree holders borrow to go to school, and on average they're graduating with more than $26,000 in debt.
Ever since going up to university, I have accumulated new debt, and new means of becoming indebted.
The cost of college education today is so high that many young people are giving up their dream of going to college, while many others are graduating deeply in debt.
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