Wednesday, April 15, 2009

Jesse Jackson Takes On Student Loans

Huffington Post puts out a piece on Jesse Jackson getting involved with student loans.

"Student debt has risen for simple reasons: education costs have skyrocketed -- up 35 percent in the last five years -- while wages have stayed flat. More students now put tuition directly on their credit cards."

But this is same story for all kinds of credit. Americans try to make up for flat wages with credit. This consumption model is completely unsustainable.

In a related story, graduates in traditionally low-paying fields are being offered jobs in public service in exchange for student loan forgiveness. I wish they could come up with something like that for me. But I have a "traditionally high-paying" field (accounting). So I should be able to get a job just like that, huh? Not if you don't have enough experience.

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