Sunday, May 19, 2013

Student debt weighs on overall economy

Cross-posted from USA Today
Student debt weighs on overall economy
Cliff Peale, Cincinnati Enquirer, 5-19-13

The loans that gave college students the funds they needed to move forward in life are now holding them back.

CINCINNATI -- Mary Knauff would like to start saving money, for retirement or for some future spending.

But because of about $28,000 in student loans, which she's paid down to about $17,000, the 2010 Xavier University graduate will continue living paycheck to paycheck.

"It's sort of disheartening," said Knauff, 25. "I knew going in that I was going to a private school. Especially when you're trying to get started, when loans take up a third of your living expenses, it's frustrating."

That delay in buying cars and condos, in starting families and savings accounts, reveals the true cost of student debt, to graduates such as Knauff and to the larger economy.

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