Student loans

I graduated high school in 1955 and like my friends before me, I intended to go into the Air Force and then go to college on the GI Bill. Unfortunately they stopped the GI Bill that year and so I just went to work full time and school part time. Nine years later I graduated from Miami University of Ohio. I had a good job, nine years work experience and money in the bank. Today students can graduate in four or five years with no job, no work experience and $40,000 in debt because of student loans. Student loan debt currently stands at $1.5 trillion and growing rapidly. The average interest rate on these government loans is 5.8% when CD's are paying half that. The unintended consequence of student loans is that colleges raised tuition as these loans became available although many feel this should have been anticipated.