“In the coming years, a lot of people will still be paying off their student loans when it’s time for their kids to go to college,” said Mark Kantrowitz, the publisher of FinAid.org and Fastweb.com, who has compiled the estimates of student debt, including federal and private loans.Now, that's scary.
Some education policy experts say the mounting debt has broad implications for the current generation of students.This is Joanne Jacobs' concern:
“If you have a lot of people finishing or leaving school with a lot of debt, their choices may be very different than the generation before them,” said Lauren Asher, president of the Institute for Student Access and Success. “Things like buying a home, starting a family, starting a business, saving for their own kids’ education may not be options for people who are paying off a lot of student debt.”
I don’t worry about students who can get into elite colleges. They’ll get an education — and a high-class brand. It’s the students borrowing for non-elite private colleges who are at risk of going into debt for a brand of marginal value. Will they get an education? Depends on the student.While students in elite colleges will receive an education, I'm not completely convinced it will be a great one. However, at least they will receive a high-class brand.