When I was in college I paid as I went … attending classes and working in the afternoons and evenings. I lived in my parents’ home. I never took out a student loan.
Both my children graduated from college. I paid for most of their schooling … until my son began receiving scholarship help and my daughter took a loan because she was taking a bit longer than we expected to earn her degree. We have no long-term economic impact of university education in my immediate family.
But with tuition at the average public university up 8.3% this fall … and 123 colleges now charging $50,000 or more for tuition, fees, and room and board … one more part of the American Dream seems to be rapidly disappearing for the middle class.
Still, our young people pursue that degree … knowing it’s the only real advantage most can get for employment. This spring, two-thirds of graduates are expected to have debt, owing an average of $29,000. Student loan debt now exceeds the country’s credit card debt.
Our thought for today is from L.L. Henderson:
“Fathers send their sons to college either because they went to college or because they didn’t.”