College tuition isn’t cheap
According to Frugal Dad, the cost of college tuition has grown by 440% between 1982 and 2007 while average incomes grew by only 147%.
With public college costing now $30,000/year in many states, including room and board, college is becoming unfordable for many without taking out loans. Many analysts say that college tuition loans are the next bubble as graduates can’t find jobs and default on their loans. The job market has been so bad for recent college graduates that some estimates point to more than 3/4 of recent grads moving back home with their parents.