In a recent article I read that many grads are coming home after school. The reason is simple - $40 Billion in loans and no means to pay it off.
The average debt of kids 21-35 who are just finishing school is about $30,000. Some people call these kids Generation Broke.
This is almost what it costs to finish an 18 month program at a for-profit school where most of the grads (90% of one school I know in particular) go directly into the work field.
Hmmm...let me see, go to a not-for profit school and come back with huge loans and live with mom and dad till they pay it off one way or the other or go to a for-profit vocational type school and get a job to pay it off when I get out.
Tough decision, eh?
Some more info from the businessweek article -
42% of those who had student loans say working through college affected their grades.
It affected mine, too! Most for-proft institution's students are already working while they are taking classes.
43% of graduates with college debt used a credit card to pay tuition. (Just a second, I need to call my son.)
37% of college grads say education-related debt contributed to depression.
Well, uh, yeah! Debt causes anyone to be depressed.
My point - for-profit institution (I need to come up with a good abbreviation so I don't have to keep writing that) are usually working while going to school, or go to work directly out of school. They may have the same amount of debt when all is said and done but they don't bring it home to mom and dad.
And that's good.
What do you think?
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