FACT – In 2004, nearly two-thirds (62.4%) of graduates from public universities had student loans. (Source) Given this level of borrowing, there is no doubt that the current mortgage and student loan crisis has the immediate attention of parents and students. The student loan squeeze is a three part series that will answer a few of the most important questions on the minds of students and parents around the country.
The student loan industry has been viewed with much skepticism over the past few years due to the fact that the percentage of loans over grants and scholarships has increased drastically. This is bad news by itself because many students will not graduate and find a job that enables them to pay off the loans, leaving them to either default or reduce their standard of living. Some schools default rates are so high that federal loans are being removed from the financial aid package entirely.
Until today I thought that default rates and ability to pay the loans back were the only issues. (more…)
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