Commentary: My thoughts on “Setting the Student Loan Record Straight: Why the Real Student Debt Crisis Lives in the For-Profits” by Maggie McGraph

Commentary: My thoughts on “Setting the Student Loan Record Straight: Why the Real Student Debt Crisis Lives in the For-Profits” by Maggie McGraph

I am usually skeptical when anyone suggests they are lying to you! However, Maggie (a Forbes Staff member) actually presented statistics – and enough information about the statistics that you can look up the information yourself! First I would like to thank Maggie for writing a piece that was informative and not emotionally charged. Second, I would like to state that thanks to her article, I feel slightly (not much, but slightly nonetheless) better about our economic standing as a country.

It is nice to know that not all of my peers are drowning in student loan debt — though it is still sad that some are. It is nice to know that there are many of my peers who are able to achieve milestones such as homeownership.

This little tidbit of information is going in my back pocket as I perform more and more research about  today’s economic situation.

Now,  I would also like to point out that, although having a college education puts you in a better financial position, it doesn’t mean that we are not experiencing economic hardship (individual, collectively, or any other slice of pie). Yes, having a college education has the potential to put you in a higher income bracket. As a result, you may be more financially able to make big purchases than those in your age group who do not have a college education. I would suspect that this will always be the case.

College = “Nice” Job = Big Purchases

As I contemplate what the author wrote more and more, I wonder…. is she inadvertently pulling the wool over our eyes? She may not be doing it intentionally, but it seems like she has missed the bigger picture. OF COURSE A COLLEGE EDUCATION PUTS YOU IN A BETTER FINANCIAL POSITION THAN NOT HAVING ONE. She compares the purchasing power of a group divided by who has student loan debt and those who do not. That is where the bias and inaccuracy is located.

We all know that having a college education gets you more bucks and more bucks lets you buy things. However, compared to our parents and grandparents, we are delaying purchasing a home — as I recall from past readings. This is where I see the crisis.

Compared to generations past, we are less financially capable. This finding only demonstrates that a college education is still worth the ever growing price tag. I wonder though, if the cost of education and incomes continue to grow disproportionately as they have recently, how much longer will a college education be profitable?

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