This is not a good time to be young in America, and soon it will be less so. The generation that elected President Obama will see the price of that college education which was supposed to open so many doors go up. As Janet Lorin of Bloomberg reports:
College students in the U.S. who take out federal loans are likely to see interest rates jump -- potentially by a percentage point or more -- in the coming academic year.
This is a matter of importance, of course, to the recent graduate who finds that the degree which he has taken on so much debt to secure doesn’t automatically lead to employment at wages that will make it possible to pay the money back. And, then, there is also the matter of the economy at large since:
Federal loans make up most of the $1.2 trillion in outstanding education debt, which has become a drag on the economy in recent years as many borrowers struggle to repay.