Yes, the amount of young Americans attending college has increased in the last four years, but college tuition has increased at a much higher rate of 25 percent. The tsunami of federal student loan aid that is flooding the pockets of college administrators and staff has come with no strings attached. College administrators have no incentive to keep tuition low while the federal government keeps lining their pockets.
Students are having to take out increasing amounts of student loans to keep up with the increase in tuition. In 2007, average student loan debt was $17,233. Today it is $27,253--an increase of 58 percent in just seven years.
And for what? Another study released by the Center for College Affordability and Productivity reported that college graduates are taking jobs that don’t require college degrees. The group reported that 48 percent of 2010 graduates have jobs that don’t require a bachelor’s degree, while 38 percent have jobs that don’t require a high school degree.
A college degree used to mean that a person would earn $1 million more on average over a lifetime. Now those earnings have shrunk to $300,000--and that’s if they are lucky to find a job. Recent college graduates are entering a market where they are competing for jobs with unemployed Americans with more experience. They aren’t having much luck. 53 percent of recent graduates are unemployed or underemployed. Student loan delinquency rates have followed this trend, increasing 22 percent in the last two years.
Unfortunately, these numbers will continue to skyrocket as long as President Obama and his allies are running the show and winning the arguments. Young Americans will continue to fall for President Obama’s education propaganda and taking out massive loans they can’t afford. If parents convinced their kids to bankrupt themselves, we’d call it child abuse. When President Obama does it, somehow it’s called “student aid”--which is nothing short of immoral.