Who’s to blame for student loan debt? | The Frugalista

Who’s to blame for student loan debt?

by frugalista on June 1, 2010

The New York Times has a good blog today, musing on who is truly at fault when college students take on large student loan balances.

The writer brings up really good points. Indeed, students and their parents sign off on the high loans, but should someone else, say the college officials, do more due diligence on whether the student will be able to pay back the loan? The writer argues that the colleges should counsel students on the financial risks of taking out large amounts of student loans.

I think colleges could do a better job of letting students know what they are getting into by borrowing a large amount of money, but ultimately students should be money smart on their own. Freshman year in college and senior year in high school are perfect times for students to learn how to do what’s best for themselves.

I think for undergraduate schooling, students should try to stay under $20,000, the cost of a new sedan. Hopefully, you leave undergrad with no student loan debt. I wouldn’t want a student having to pay back four years of their life for the next 20-30 years. That’s no fun.

So, who do you think is at fault for our our nation’s college students graduating with student loans? Is it the government’s responsibility? The colleges? Students? Parents?

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