Nicole Ferko’s $60,000 in student loans made her put off her dream of becoming a nun for a decade. Ferko, who lives in Grand Prairie, Texas, graduated from a private Ohio Catholic university in 2002 and walked away with a huge loan burden.
Freshly-minuted MBAs "are willing to sleep on a couch for a year or two, but they can't do it with the burden of student loans," is how on senior lecturer describes the entrepreneurial-spirit-sucking debt loads that college-leavers face in the new normal. Faced with mounting monthly payments, the WSJ reports that would-be-Bezos have little choice but to look for the steady paychecks that accompany a regular job.
“So, my student loan payments are more than my monthly rent?” exclaimed my sister-in-law, Kari. “More than a mortgage payment, to be honest,” I replied. Kari is finishing up her junior year of college in May and was curious about what life after college would like like.
Cardiff Garcia: The growth of US student loan debt: causes and consequences: "Both rising tuition and a higher share of students borrowing...
...have contributed just as much as higher student enrollment.... A recent New York Fed report:
The federal government plans to write off $173 million in unpaid student loans in the coming fiscal year, which will bring its three-year write-off total to $716 million.
Taxpayers were on the hook for $312 million in Canada Student Loan write-offs in the 2011-12 fiscal year and $231 million in the current fiscal year (2102-13), although the loans in question span many years.