Economists predict the cost of attending state colleges will soar to $120,000 by 2015. Currently over $40 billion in student loan debt has forced many former students into financial bondage or even bankruptcy.
In the 19 years that I have been directly involved with college financial aid, I have heard hundreds of students and parents ask the same question, “How do I pay back those expensive student loans?” Just recently, a woman called asking for help. She told me she has loans dating back to the early 1980’s. All I could do was pray with her. There are no easy fixes. Having student loan debt is like owing money to the IRS. Once caught in the snare, there is no way out.
College tuitions soar each year, advancing far in excess of the inflation rate. The overall inflation rate since 1986 increased 115.06%, which is why we pay more than double for everything we buy. On the other hand, during the same time, tuition increased a whopping 498.31%.
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