General Discussion
In reply to the discussion: Forgiving Student Loans..... [View all]MissB
(15,807 posts)I graduated with a bunch of student loans- probably the federal maximum.
When I first started, tuition and fees were $1500/year. When I graduated, they were $1500 per term - granted, I put about 5 years between my freshman and sophomore years of college, but... still.
Now they are $4500 per term. That doesnt include living expenses. And my university is a state school, so things are relatively reasonable.
It sucked paying those loans off over many years (interest rate was ridiculously low). I was able to still have a life- house, kids, vacations - thanks to dh who graduated without loans.
My kids will get through without loans because of scholarships. We are shielded from the true cost because of that. Many of their classmates are going into serious debt.
That debt will hinder them buying houses or cars or starting families. All of those constraints have an effect on our economy.