College graduates' loan debt climbs to record levels

Bonnie Kristian
Dec 2, 2009 at 10:15 PM

For students in Oregon (and around the country) times aren't good.  Debt and tuition are up; job opportunities are down:

More than 60 percent of Oregon's 2008 graduates in public and private colleges took loans averaging $21,029. That is the 22nd highest debt rate in the nation, and just slightly lower than the national average – a record high of $23,200.

Aggravating the problem is their difficulty in finding jobs that enable them to pay off their loans. National unemployment rates  for college graduates ages 20 to 24 rose from 7.6 percent in 2008 to 10.6 percent this year....At the same time, tuition has gone up significantly.

Peter Schiff has an explanation for the first two problems (well, and the third, but that's another blog post):

 It's the government's fault for handing out so much money through loans and grants.  No government bailout, Schiffian logic goes, no inflated tuition.

"College should not be so expensive. It's the biggest recession since the Great Depression. How could college prices go up?" Schiff asked...

Read the rest here.

If you have debt here is a quick solution.

Stop going to school or stop taking out more loans.

Move in with your parents or very low price apartment.

Get a job, ANY JOB, and start paying whatever you can to your debt.

If you focus, live under your means, and discipline yourself, you can pay off $20,000+ in a few years or sooner. 

For many people, they would need $100,000 to be worth nothing. By not having debt, even if you don't have a dime, you're worth more than most people in the US. 

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Well lets see, i was durt poor & parents couldnt afford to help at all, but so what! i paid for half my college education by working 2-3 jobs at a time and taking time off to work and save to go back, and then i still had to borrow money even for tech and state school. but i didnt whine, i just worked my 3 jobs at once [shoe store, bar, and mcdonalds] and sat out when i had to to save, and yes i had to borrow loans to finish, no one is compassionate that sometimes no matter what you still have to borrow money, and i went to a state school and took general ed courses via a tech school over the internet when i had to sit out of state shool and when i was in state school, it was hard and it took me 8 years to finish, but i dont regret my decision. i make alot more and i choose to stay at home with my folks b/c my fiance lives down the street and carpool with them, and split the bills with them and save the rest, sometimes i dbl up on student loan payments if i can. i dont mind doing that b/c it allows me to have what i want most, cable and internet and a cell phone, thats all i need and food. i have a very used car but it gets me where im going, i'm doing good!

 

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