Student Debt

| May 19, 2010

Student debt is a very real issue for a large part of the population today. With jobs requiring accreditation of higher education degrees the educational debt of today’s young people is significant. The info graphic below depicts the number of graduating college seniors is the US with more than $40,000 of student debt (by year) and as you can see it is rising!

This article in USA today summarizes some of the issues stateside in this problem.

The articles states that

“This generation of twentysomethings is straining under the weight of college loans and other debt, a crushing load that separates it from every previous generation.”

“This debt-for-diploma system is strangling our young people right when they’re starting out in life,” says Tamara Draut, author of Strapped: Why America’s 20- and 30- Somethings Can’t Get Ahead. “It’s creating a sense of futility that no matter what they do, they’re not going to be able to get ahead. It’s a sense of hopelessness.”

The trend is something that Americans aren’t braving alone, it is an international issue. New Zealand is racking up considerable dollars as well with a collective student debt approaching $10 billion. This pattern has spurred many debates on the expense of education and the detriments of this sort of system. However, with more and more growth in online learning debates of free education or at least more moderate and affordable fee education could be hope for generations to come to bypass this issue.

This blog has pooled many articles in this describing the potential of online learning as a future endeavor that could help this problem. Articles include, models for free open online learning, why university education should be free and politics of student debt in NZ.

There remains much change ahead before systemic reform and traditional models of university and degree programs ‘poof’ disappear… so unfortunately, for some, to start behind the 8 ball out of their higher education degree programs remains a reality.