Students Racking Up So Much College Debt They Can't Buy A Car To Get To Work

Should college students get a re-do on their student loan debt? Maybe be offered a way to refinance high-priced private college debt to a lower rate? Or what about some options for cleaning up a credit history after running into trouble with college debt?

The Consumer Financial Protection Bureau tossed around a few ideas Wednesday at a field hearing in Miami on student loan debt. The potential help would apply to private college loans, which are offered by banks and other financial institutions.

Private loans amount to about $150 billion of the college debt out there; billions, yes, but still a fraction of the $1.1 trillion in outstanding student loans. Most student loans are federal loans. Yet private student loans are quite costly and regulators are reviewing various ways to help consumers tackle that debt.

Agent009 - 5/15/2013 12:28:53 PM

+2 Boost

Ok, I agree it is an issue, College is too expensive.

But many of the same people I work with that talk about crushing student loans, are driving a Lexus, or BMW. Maybe if you have a massive loan to pay off, you might consider a Civic, or Corolla until that loan is paid off.

Just thinking out loud here.

HoustonMidtown - 5/15/2013 1:45:04 PM

+2 Boost

Maybe these kids should work to help pay for their college -- I worked as an intern the entire time I was in college - ended up taking 5 years to finish - but no loans when I was done, also got a few scholarships...kids these days just want things handed to them and don't think of the long-term consequences (yes, you have to pay back the loan)

ParadoX - 5/15/2013 5:36:09 PM

+1 Boost

There aren't a lot of jobs out there that a college kid can just get that will pay 20-40,000 a year. It is hard to imagine a college kid landing a job that could actually pay the entire costs of college. Most of the jobs available are minimum wage and part time. They make enough to service the interest and go to the bar a couple times a week.

pcar4evr - 5/15/2013 6:26:45 PM

+2 Boost

I think many colleges are scamming young people. Third rate liberal art schools offering kids their BA in history, art, theater, political science, etc. These degrees only result in retail jobs that shouldn't require a college degree and saddle these kids with stupid loans that will take years to pay off. Nowadays, the only degrees worth getting are in the sciences, engineering, computer technology, health related fields, etc. - in other words some sort of technical or professional field. That is unless you have rich parents who are funding your education. The days of "finding yourself or learning for the sake of learning" are out the window with the ridiculous inflation of college costs.