Sunday, June 10, 2007

Squeeze Them While They're Young

Today's Sunday New York Times has a good front-page piece on the role private loan companies are playing in creating the current crisis in student indebtedness. Meet Lucia De Poi, for example, a first-generation college student who went to Tufts and now pays $900 a month in student loans, some to private companies at 13% interest.
College was supposed to be the gateway to the middle-class. It's increasingly the gateway to a treadmill of debt. There goes your savings for the down payment on the house college was supposed to help you buy. While we were sleeping, the middle-class forget to maintain the pipeline for its next generation of members. Doh!

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