College graduates’ loan debt climbs to record levels

For students in Oregon (and around the country) times aren’t good.  Debt and tuition are up; job opportunities are down:

More than 60 percent of Oregon’s 2008 graduates in public and private colleges took loans averaging $21,029. That is the 22nd highest debt rate in the nation, and just slightly lower than the national average – a record high of $23,200.

Aggravating the problem is their difficulty in finding jobs that enable them to pay off their loans. National unemployment rates  for college graduates ages 20 to 24 rose from 7.6 percent in 2008 to 10.6 percent this year….At the same time, tuition has gone up significantly.

Peter Schiff has an explanation for the first two problems (well, and the third, but that’s another blog post):

 It’s the government’s fault for handing out so much money through loans and grants.  No government bailout, Schiffian logic goes, no inflated tuition.

“College should not be so expensive. It’s the biggest recession since the Great Depression. How could college prices go up?” Schiff asked…

Read the rest here.

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