When I went to college I relied on the Federal government to cover a sizable (for that time) loan and after graduating and going to graduate school, I eventually had to pay off a few thousand at 3 percent ($52 a quarter for 10 years). But I went to the University of California, starting in the good old days, but the Reagan darkness had descended before I graduated.
Now I have a daughter who went to a small private college and only ran up about twenty thousand in loans because she was a smart kid, a desirable student, and quite industrious. I paid off those loans for her since I felt a college education was my obligation to my child, but she was forced to take out many additional loans through graduate school so she has a healthy amount of debt (but still manageable). This is not so true for her husband who put himself through law school living almost exclusively on student loans. True, it looks like he will have a successful and profitable career in law and be able to pay off the loans but he may not be typical and another law school graduate might be chased by the loans for the rest of his or her life.
On this subject, John Oliver has a few words, especially when considering for-profit education:
If you haven’t been watching John Oliver on HBO, his thirty minutes on television is becoming America’s ombudsman, perhaps like Keith Obermann or Rachel Madow, but he does it with the funniest outrage I have seen in years. I wouldn’t miss his show on Sunday nights and often watch it in repeats during the week, but the most telling thing about the popularity and import of John Oliver is that the video of his weekly rant is generally referenced or embedded in so many other sites (in clouding here) around the internet, sites that are not associated with HBO.
Keep up the important work, John.