Related to College loans
At what age can a student sign for a college loan? Are high schools explaining to the student the commitment, the long term impact of a loan?
Is any work being done to lock in a reasonable interest rate-to protect the borrower? Is there any action to control, reduce the cost of tuition at colleges and universities? Is this a possible topic for Wednesdays on WGN radio?
Terry Says
This is a BIG topic. Federal student loans are distributed through colleges and universities. And the presumption is that when you graduate, your education will have given you enough of an edge to repay theloan.
Go to StudentAid.gov and read all the implications, and repayment costs of student loans. Sadly, many families fail to realize the true cost (with interest added) of a college degree in “fine arts or history.” Will that get them a good job? Maybe not in this economy. Plumbers are making more than liberal arts grads these days. And they have no student loans to repay!
I suggest you read Ron Lieber’s book “The Price You Pay for College” for a great discussion of the issues you raise.