Is It a College Loan or a Home Mortgage?

With excessive borrowing the name of the game for college students today, many are forced to take on debt they won't pay off until their mid-fifties. It's now becoming apparent to college administrators that asking an 18 year old to borrow a similar amount of money as others do to fund a home mortgage is unfair, unwise, and simply ridiculous.

To combat this problem, an increasing number of institutions are requiring loan-bearing students to attend non-credit financial literacy courses, essentially requiring the student to go deeper in debt to combat the inevitable crunch they'll later feel after graduation.

With institutions charging more and more for the "college experience," a greater number of students are opting for alternative means to achieving their degree. Not only are they engaging in distance learning options but are also working part time or taking lower course loads to make ends meet. Or, like in Florida, they're going on welfare and buying groceries with food stamps.

Posted by Shawn Cohen