Does college ruin lives?

(Source: Federal Reserve Bank of NY)

Chad Albright had high hopes when he began college.  He studied hard and graduated with a dual emphasis in history and communications.

Yet Albright was then $30,000 in student-loan debt, and the Great Recession of 2007 had just begun.  Jobs were scarce, and Albright was angry.  Drowning in debt, he now had to live with his parents and scrape by with a pizza-delivery job.  

When Albright fell behind on loan payments, his credit score greatly suffered.  This made it all the more difficult to find lucrative work because potential employers often check credit reports.  It was even tough to purchase a car.  Albright wound up feeling that college had ruined his life.

He finally left the country and found meaningful work overseas.  Although the pay wasn’t great, the overall quality of life was.  Alan Collinge, founder of a grassroots organization called Student Loan Justice, has stated:  Any rational person who learns that people are fleeing the country as a result of their student loan debt will conclude that something has gone horribly awry with this lending system.

Resources

https://www.msn.com/en-us/money/careersandeducation/these-americans-fled-the-country-to-escape-their-giant-student-debt/ar-AABUdW2?li=BBnb7Kz&ocid=BHEA000

Copyright May 27, 2019 by Linda Van Slyke   All Rights Reserved