College debt load burdens more families
The Kansas City Star
More Americans are becoming 21st century indentured servants because of the college debt they are incurring.
A study released Wednesday shows that 22.4 million households, or 19 percent, had a college debt load. According to a Pew Research Center analysis, that’s up from 15 percent in 2007 and double what it was in 1989.
It’s partly driven by higher tuition costs, an increase in college enrollment and the economic downturn, which wiped out a lot of the home equity and savings that many families had banked on to send their kids to college.
In all households, the average outstanding college debt increased from $23,349 in 2007 to $26,682 in 2010.
But without a college education, kids and their parents know their chance of achieving a middle-class lifestyle and the American dream are zilch. So they go into debt like indentured servants when this country was being formed hoping for a better life when they are “free.”