If you had to choose between buying a house and paying for college, what would you choose? Or have you already made the choice?
Student loan debt has risen an astonishing 511 percent since 1999, and no wonder, with average prices for in-state public universities at $22,000 a year and private universities at $42,000. 300,000 Americans have signed a petition in support of Democratic representative Hansen Clarke’s House resolution proposing total loan forgiveness, despite the fact that Justin Wolfers of "Freakonomics" fame calls this the “Worst Idea Ever.” Today President Obama announced his own plans: new parameters for loan repayment and forgiveness by executive authority, including a 10 percent income-based-repayment plan starting in 2012 and new consolidation guidelines.
Will it make a difference? What are your thoughts on student loan debt and how to address education expenses in general? Join us with your comments!
Philip Schrag, Delaney Family professor of public interest law at Georgetown University