The same day the students were arrested, the New York Fed released a report on the consequences of incessant tuition increases across the nation: ballooning student loan balances that are increasingly difficult to bear:
- 27% of the borrowers who had to make payments (not current students) were past due.
- $870 billion in student-loan balances at the end of the 3rd quarter 2011 (higher than credit card debt of $693 billion and auto loans of $730 billion), up 2.1% from the 2nd quarter, while other consumer debt declined or remained flat.
- Average balance: $23,300. That includes the millions of student loans that, after years of payment, have much smaller balances or are nearly paid off. Average balances owed by recent graduates are much higher.
Read more: http://www.businessinsider.com/www.testosteronepit.com/home/2012/3/6/next-bankruptcy-for-a-whole-generation.html#ixzz1oQVIEoGh
This is all about professors getting a thrill from classroom. Classrooms, the most inefficient teaching method , yet hysterical professors cling to it, screwing up studrnts in the process. If most of your college comes from on line studies, then you are likely a much brighter student. Any employer should think twice about hiring a student who was fooled into sitting in class rooms for four years.
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