College Funding: A Course In Realities
The article "College cash: A study guide" (Personal Business, Sept. 14) was certainly an eye-opener for the thousands of families already strapped beyond comprehension with debt on home, cars, and other personal needs.
Before a young person even reaches maturity, he/she can now be in debt to the tune of $54,000. That's incredible! The sad part of all of this is that the students and their parents are going to be forced to go into this kind of debt.
If this economy does not pick up in the next year, these students and their parents will have no recourse but to default on these loans in record numbers. Since the lending institutions are guaranteed their money, the taxpayer again will foot this bill.
Where does all of this stop? It is laughable that Congress passed a bill in such hurried fashion, making the program sound lucrative for these families in need of college money. Yet, in the same breath, Congress did not make more Pell Funds available for use, only loans. I would guess that since our government sees no need in lowering the deficit, its mentality is to see that the consumer also is just as deeply into the same soup.
Carol J. Baucher
College Consultant Services