Last week the Pew Research Center released results of a new study that said college loan debt has reached a record number of American households … 22.4 million … 19% … one in five households. That’s double the share in 1989, and up from 15% in 2007.
Pew says the increase is driven by higher tuition costs as well as rising college enrollment during the economic downturn of the Great Recession.
I have a mixed reaction. At a time when our nation needs to be more competitive in world markets, the cost of a college education is hammering students and their parents. That can’t help us compete.
But I also know many colleges are doing what they can to hold down costs, and there is educational variety available to students.
Still … I worry about young people beginning their working lives saddled with tens of thousands of dollars in debt. It’s especially troubling during such a weak labor market.
Our thought for today is from Noela Evans:
“Challenge is a dragon with a gift in its mouth. Tame the dragon and the gift is yours.”