This story is important because it not only effects economy: it hits society - young people with big debt tend to put off getting married, starting their own businesses, buying houses, and other things that form the bedrock of our understanding of adult "normlacy." With so much debt on young shoulders, all of society is weakened, in psychological and cultural ways that go beyond money alone.
A trillion here and a trillion there, and soon you are talking real money.
I have no debt because I didn't go to college and I work folding shirts in a mall clothing store instead. A lot of people told me I was making a bad decision but when I see things like this, I don't feel so bad.
All my friends who went to college have stories like this. One such girl works in the clothing store with me. The only difference between us is that she has massive debt and I don't, and if layoffs come she's likely to get let go and I'm not, because she is supposedly "overqualified" for this job and I'm not. But it doesn't look like her (or millions of others) are really qalified for too much else.
What a mess.
Education costs are the most expensive thing for a growing number of people. How did education ever get so expensive? Especially when so much good information is available for free. It's a mystery to me, ATS. A conspiracy? Why did these expenses grow fast? And what will it mean for the economy, society, and individual happiness and peace of mind?
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