My personal view is that the increasing reliance on student loans for financing college education is going to be a drag on consumption for some time

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Rong says he’s entertained the idea of joining the military, or moving to a state with no income tax, like Texas, so he can pay off his debts more quickly. I was just going to stay in New York after graduating, but now I realize there’s so much on my plate, he explains. When you take out loans, you’re taking years off of what you want to do and where you really want to be.

Student loans usually indicated a higher level of education, a higher salary, and better credit-worthiness

Students across the country are trapped by their debts and often unable to take advantage of the freedom that a college degree should theoretically afford them. Read more