The same journalist who wrote an article on the law school scam (see post below) also wrote about school debt.
In the article, she notes that, for the first time, Americans owe more on their student loans than their credit cards. That didn’t surprise me, but the amount did:
Outstanding student loans now amount to nearly $830 billion, surpassing the $827 billion owed in revolving credit, according to an analysis by Mark Kantrowitz, publisher of FinAid.org and FastWeb.com. At least $300 billion of the student debt was incurred in the last four years.
I think it’s time for a bailout for students, or controls to keep the schools competitive enough that the degree means something when you get out. Right now, my law degree has about the same value as a used movie ticket stub.