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My thoughts on student debt and the status quo - Grave and Vanity
Let me precursor this post by stating that I went to a private university and graduated with a bachelors degree in business so I am by no means against higher education. In fact I think that it is very important for countries to invest in their future world leaders because we will one day be governed by today’s youth. HOWEVER There is an undeniable looming crisis in higher education and nobody is talking about it. We have a systemic belief that a college degree is the ticket for reaching prosperity but we’re ignoring the fact it’s leaving millions of people with crippling debt. Universities keep raising tuition rates and banks keep handing out loans. It’s the perfect storm. It doesn’t take an economist to see there is an issue when student debt far surpasses the average annual income. What’s extremely concerning is how there is no scrutinization in the world of underwriting student loans. An 18 year old wants to take on a massive debt without any income verification or any proof of being able to pay back that note? No problem. A 25 year old wants to take out a loan to start up a business. Eh, tough shit. …