Monday, May 28, 2012

Why the University System, as We Know It, Won’t Last …. and What’s Coming Next

Watch Video from NY Times

This weekend, The New York Times took a good look at the financing of a college education and highlighted a few staggering data points.

  • The U.S. has racked up more than $1 trillion in student loans.
  • Today 94 percent of students earning a bachelor’s degree take out loans — up from 45 percent in 1993.
  • It’s estimated that the “average debt [per student] in 2011 was $23,300, with 10 percent owing more than $54,000 and 3 percent more than $100,000.”
  • “Payments are being made on just 38 percent of the balance of federal student loans, down from 46 percent five years ago.”
  • Finally, state funding of education is going down, and tuition is going up, which means that the figures above will just get worse.

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