A matter that has concerned me for years, but especially recently, is the huge debt that has been amassed in the student loan program as a whole and the personal debt crushing some students. Figures are not exact, but it appears that the total debt of the program exceeds one trillion dollars. That is greater than the total for credit card debt, long considered a danger to the economy.
The program has been mishandled from the beginning. Students should have borrowed the minimum they required for school, earning funds by working in the summers and spare time at school. None of any loan should have been used to buy a car or live in a lavish style.
I personally know former students who got by without loans, working when they could get any type of job, sometimes having barely enough food to get by, eating Ramen noodles and Vienna sausage or some other low cost food.
I am not suggesting that students should starve, but they must borrow as little as possible to get by, keeping in mind always that the loan must be paid. Oh, I know some students never intend to pay their loans completely. Some have gotten Pell grants plus a maximum loan, had a great time for a couple of years, flunked out, and went back to welfare. There will always be some who take advantage of any program. I believe the majority of students want to pay their loans but find the present economy makes getting a job very difficult. Today's student must keep that in mind if he plans to borrow.
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The program has been mishandled from the beginning. Students should have borrowed the minimum they required for school, earning funds by working in the summers and spare time at school. None of any loan should have been used to buy a car or live in a lavish style.
I personally know former students who got by without loans, working when they could get any type of job, sometimes having barely enough food to get by, eating Ramen noodles and Vienna sausage or some other low cost food.
I am not suggesting that students should starve, but they must borrow as little as possible to get by, keeping in mind always that the loan must be paid. Oh, I know some students never intend to pay their loans completely. Some have gotten Pell grants plus a maximum loan, had a great time for a couple of years, flunked out, and went back to welfare. There will always be some who take advantage of any program. I believe the majority of students want to pay their loans but find the present economy makes getting a job very difficult. Today's student must keep that in mind if he plans to borrow.
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