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A lot of us are feeling particularly broke, post-holiday shopping, and the constant burden of student loans certainly doesn't help. That, plus the news that only 14 percent of Americans with Federal student debt are currently taking advantage of the income-based student loan discounting available to them, made us think it was time to dig this guide to college tuition, and particularly, student loans, back up. There's a lot you need to know — and a few things you could do today, to potentially change your debt situation. Read on for the details.
This story was originally published on July 19, 2013:
Up until a few years ago, almost everyone agreed that college was, without a doubt, absolutely, 100%, the ticket to the good life.
And to some extent, that’s still true. College grads earn 84% more than high school graduates, according to a 2011 study. But, we also pay tens — and in some cases, hundreds — of thousands of dollars for that education, taking on massive debt to finance it and graduating into a shaky marketplace that doesn’t guarantee a job for even the highest achievers.
So…has higher education turned into a scam? Is it really worth what we’re paying for it today?
With Congress and President Obama finally striking a compromise this week, over student-loan rates, we figured it was time to really dig into it: Why college is so freaking expensive, where that money is going, and most importantly, what should we have known when we were 17 – that we didn’t?
Illustrated by Ammiel Mendoza