Unfortunately, when many of the graduating college students walk across the stages as “Pomp and Circumstance” is played this year, along with their diplomas they will also be handed a bill for student loan charges. How much? About $25,000-plus on the average (some much higher). What a way to begin life after college: broke, unemployed and deeply in debt.
How else could young people make it through school? Well, there are several ways, including the G.I. Bill, scholarships and, of course the now somewhat old-fashioned, outdated method of working summers, weekends and part time while attending school, and foregoing things such as smart phones, video games, iPods and other expensive items until being able to work and pay for them.
In addition to the G.I. Bill and working nights and weekends, I was blessed with a wonderful wife who worked and made it possible for me to earn my cap and gown.
At a time when our national debt is over $17 trillion and counting, and credit card spending is rampant, it is alarming to know that student loans, most of them guaranteed by the government, amount to nearly a trillion dollars and that more than of 10 percent of them are delinquent.
America’s financial future is anything but bright.