by Mitch Kokai
Senior Political Analyst, John Locke Foundation
A new Money magazine feature (apparently not yet posted online) offers this disturbing assessment of students’ college debt:
Forget sheepskin. The way colleges are loading students up with debt, they should start printing diplomas on hankies.
Among 2012 seniors who borrowed for their education, the average debt load will likely hit a record $28,700, projects Mark Kantrowitz, publisher of Finaid.org. That amounts to a $330 standard monthly payment. To handle that easily, he says, one would need a salary of $40,000. Unfortunately, half of all recent grads are either unemployed or underemployed, as an AP analysis found.
This sounds like more evidence of America’s higher education bubble.