There are a handful of colleges -- largely research universities and the most selective private liberal arts colleges -- that have the endowment, diversity of funding sources, and enrollment brand strength to wait out or even ignore the looming higher education financial crisis. But these are few in number.
A large percentage of college kids have not been taught to properly use credit. There are a few reasons for this. It could be that the parents don't understand it completely, so they pass on really bad habits. It could be that they just ignored the conversation at home. Here's why I think giving a college student a credit card is a bad idea.
Diana Umana was hoping to stay in Georgia to be close to her family and to be able to contribute to her community. But she is doubtful that she can afford the out-of-state tuition rate that Deferred Action for Childhood Arrivals grantees must pay to attend Georgia colleges. She will be looking for more affordable places elsewhere in the country to attend school.
Whether you're a parent with a child currently in diapers or a student planning to graduate from high school fairly soon, it is worthwhile to study the Free Application for Federal Student Aid (FAFSA) -- a 130-question form that determines who qualifies for a piece of $150 billion in federal grants, loans and work-study funds -- well in advance.
Education has always been central to the American Dream: the promise that if you work hard, you can achieve anything. Unfortunately, the skyrocketing cost of student loan debt means that when millions of Americans should be building their careers, starting their families, and pursuing their dreams, they are instead being held back.
Much attention has rightly been paid to reforming student loans, such as making sure borrowers can refinance high-interest loans and expanding income-based payment options. These programs, though they would help millions of struggling borrowers, aren't a tourniquet, but only a bandage on a $1.2 trillion student debt crisis.