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What say you?
My four years of schooling footed to $167,595 between tuition, room & board and fraternity dues. Of that, my parents paid upfront or through loan payments $74,995, leaving me with principle balances footing to $93,005 when I left school. Of this amount, I have paid down $28,656 of principle, and make payments of $498/month consisting mostly of interest. Of the remaining principle, I have a reserve of $58,000 in pseudo cash equivalents. With fixed rates of 2.9% and 2.65% (two separate loans), there's no point in paying them off early (well there could be, depends on payee).
I feel like if I didn't have the awesome job I have, I'd probably be subsisting on rice/beans to service all that debt. I doubt I would have made any principle payments.
Schooling is become prohibitively expensive. Knowing what I know now, I would have never went to the expensive private school I did, when I could have received an adequate education at a state school (or less expensive private institution) at a fraction of the cost.
But you won't see costs going down, especially now that the Administration has nationalized the student loan market. "Just come work for the State for a few years, and we'll help you with those loans," say the Democrats.
The system is utterly broken. It is indeed a bleak future for the vast majority of Gen Y's unless they can land a fat job in a Metro city.
Yeah, going to college is becoming a risky investment. A lot of kids come out and the jobs in their fields just don't pay enough to make it a worthy investment. It's the years of government subsidy that's driven prices sky high!