The cost of a college education has been in the news a lot lately, what with Fed Chief Ben Bernanke telling a Congressional committee last week that his son is about to graduate from medical school with $400,000 in student loan debt as recounted in this Huffington Post story the other day and with Catherine Rampell documenting the dramatic rise in the cost of attending state colleges in this New York Times report.
Another data point comes today in this item at Sober Look in which the dramatic rise in government involvement in student loans is made clear in the graphic below:
I’ve known that rising student loan debt has been doing a pretty good job in recent years of offsetting falling credit card debt in the Fed’s monthly report on consumer credit, but I didn’t know that the gubment was on the hook for so much of it, though, with all the other money that has been gushing out of the nation’s capital since the Great Recession started in 2008, it really shouldn’t be too surprising.
Of course, it would be nice if a college degree was worth what it used to be in the workplace. It used to be that for little or no money you could go out and get an engineering degree at just about any state college and you’d be rewarded with a pretty decent standard of living (I should know, I did it). But, that doesn’t seem quite as easy any more.