I read several things this week that raised my blood pressure again about the student loan debt scam that so many colleges are running on many students.
First, I read an column by John Stossel (of 20/20 fame) published at the Town Hall called the “College Scam.” Stossel’s piece contains information that reinforces my belief that too many people go to college to begin with. For them, going after the B.S. degree is not a good educational or money strategy. Indeed, Stossel quotes one educational consultant who says the B.S. degree is “America’s most overrated product.” Read more
With so much consumer and mortgage debt having been accumulated in the U.S. over the past 10-20 years, it was inevitable that those who have become addicted to credit would create a separate feel-good category that they like to call “good debt.” Student loans are often touted as being “good debt.” In this regard, Mr. ToughMoneyLove believes that our colleges and universities have not received enough of the blame for promoting student loans as “good debt’ and for making students and parents alike feel all warm and fuzzy about going off to college riding on a staggering pile of student loans. Read more