With the deadline approaching for high school seniors to pick which college to attend, students — and their parents — are considering how they will pay for the financial burden of higher education.
The cost of private and public college tuition has been rising faster than inflation in recent years, even as financial support from state governments has declined. While individuals and society largely benefit from a college-educated workforce, a recent report from the Federal Reserve Bank of New York found too much debt might have long term consequences.
Student debt totaled $1.3 trillion at the end of last year, more than double what it was 10 years ago. The Federal Reserve found mounting debt could ultimately hurt consumer spending, home ownership and the upward mobility of low income students.
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